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UK Brexit costs reach £11.7bn annually in lost exports
New data indicates that Brexit is costing the United Kingdom approximately £11.7 billion annually in lost exports. According to Logistics UK, this loss equates to roughly £400 per household each year. Since the 2016 referendum, UK goods exports by tonnage have decreased by 20.7 per cent, with export volumes to the EU falling by 15.9 per cent and exports to the rest of the world dropping by 37.2 per cent.
While the UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following ratification by Canada, critics argue the move will not mitigate the economic impact of leaving the EU. The CPTPP is projected to provide a £2 billion annual boost, but the European Movement UK notes this is significantly lower than the Office for Budget Responsibility's estimate that leaving the single market costs the economy 4 per cent of GDP, or roughly £120 billion per year.
A business survey by the European Movement UK found that 72.8 per cent of firms report a negative impact from Brexit on their operations, while 98.2 per cent of those surveyed expressed a desire for the UK to rejoin the EU single market.
Entities
CPTPP · European Movement UK · European Union · Logistics UK · United Kingdom
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] UK goods exports by tonnage have fallen 20.7 per cent since the 2016 referendum. peterblack.blogspot.com
- [○ 1 SOURCE] 98.2 per cent of surveyed firms want the UK to rejoin the EU single market. peterblack.blogspot.com
- [○ 1 SOURCE] 72.8 per cent of firms surveyed say Brexit has negatively impacted their businesses. peterblack.blogspot.com
- [● 2 SOURCES] The UK's full membership in the CPTPP took effect on September 1 after Canada's ratification. ca.news.yahoo.com · www.independent.co.uk
- [● 2 SOURCES] The OBR estimates leaving the single market costs 4 per cent of GDP, or roughly £120bn annually. ca.news.yahoo.com · www.independent.co.uk
- [● 2 SOURCES] The CPTPP is expected to provide a £2bn annual boost, which is insufficient to offset Brexit losses. ca.news.yahoo.com · www.independent.co.uk
- [○ 1 SOURCE] The loss in revenue is equivalent to £400 per UK household per year. peterblack.blogspot.com
- [○ 1 SOURCE] Brexit costs the UK £11.7bn annually in lost exports. peterblack.blogspot.com