Lower Thirds:

0:03	Report by Alexa Meyer
0:25	William Bain, British Chamber of Commerce
1:46	William Bain, British Chamber of Commerce

((Anmod: The EU and the UK want to improve their trade and cooperation agreement at their meeting.  And discuss the possibility of the UK joining the Pan-Euro-Mediterranean Convention.  This would allow British companies more duty-free trade. Since Brexit 5 years ago, they have suffered from exporting significantly less to the EU. According to a study, the sectors most affected include agriculture, wood and paper production and the clothing industry.))

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Burberry, AllSaints, Vivienne Westwood, Stellla McCartney: these British brands, and many others, are popular abroad. But exports of clothing and shoes from the UK to the EU have dropped significantly since Brexit.

Overall, exports of non-edible goods to countries in the EU single market have fallen by almost a fifth since the UK left the EU in 2023.

TC: 00:24 O-Ton TC: SOT William Bain, Head of Trade Policy, British Chamber of Commerce (English):
“Growth in good`s trade has been a l ot less since 2021. Even allowing for the effects of the pandemic and the war in Ukraine.  And that`s due to the additional trade barriers which bussinesses in agrifaires, chemicals, automotive and other sectors have faced in terms of getting goods across from GB into the European Union.”

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Overall, the value of British goods exports to the EU fell by 27% between 2021 and 2023 ... the years immediately following the UK's exit from the EU customs union and single market. The value of imports fell by 32%.

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In addition, the number of British exports has fallen, according to researchers. Each EU country now imports at least 1,600 fewer British products. 

This is due to new tariffs and bureaucratic hurdles ... which has spurred some companies to relocate production to a country inside the EU.  While others, particularly small, British exporters, have stopped trading with the EU altogether.

Sluggish trade has had consequences on daily life in Britain. Many things are simply more expensive.  The Office for Budget Responsibility (OBR) expects Brexit to cost four percent less economic growth in the medium term.

TC: SOT William Bain, Head of Trade Policy, British Chamber of Commerce :
“We want to see a high ambition reset of our trading terms with the European Union. So an end of safety and security declarations on goods moving from Great Britain to the European Union.  Improvements in our VAT arrangements with the EU. Looking at being part of European supply chains with rules of origin that reflect that. And, of course, a youth and business mobility deal.”

Currently, strict visa restrictions make it difficult for young people to complete internships or work in the UK.

Nevertheless, while some sectors have suffered after Brexit, others are doing well. Sales have increased in the health and beauty sector for example.  And contrary to all the warnings in the run-up to Brexit, services - such as banking transactions - have also increased. London is still the most important financial center in Europe.