Some UK companies are benefiting from the Brexit trade deal.
(Photo: DPA)
London According to a recent survey, only one in eight British exporters has benefited from the country’s Brexit trade deal with the European Union. In a survey by the British Chambers of Commerce Association published on Thursday, only 12 per cent of exporting firms said the trade agreement helped them grow their business – 71 per cent did not.
Most of the more than 1,100 entrepreneurs surveyed said higher costs, more bureaucracy and delays have made the UK less competitive.
“Almost all companies in this survey have fewer than 250 employees, and these smaller companies are feeling the most of the new hurdles from the trade deal,” said association chief William Bain in a statement. Companies have neither the time nor money nor enough employees to meet the additional expenses. The Association therefore called on the British Government to engage in further negotiations with the European Union for simpler controls and easing of regulations, particularly in the food sector. In addition, British companies need more support to meet the new challenges.
The last-minute trade agreement between Brussels and London has been in effect for a good year now. Although this allows goods to move largely duty-free, trade between the EU and the UK has become significantly more complex and has therefore declined.
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