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Brexit
Quote:New post-Brexit trade restrictions have pushed up the cost of parts and raw materials for two thirds of small British manufacturers surveyed last month, and a majority reported some level of disruption. The survey of nearly 300 firms, conducted by consultants South West Manufacturing Advisory Service (SWMAS), adds to an existing picture of disruption from new customs checks that came into force on Jan. 1 for goods trade with the European Union. “Price hikes in the supply chain have been immediate, and we are hearing tales of lead times being extended on raw materials,” said Nick Golding, managing director of SWMAS. Some 65% of manufacturers reported higher costs, and 54% said they had greater difficulties exporting goods to the EU.
 
Brexit causing supply problems for small UK manufacturers: survey | Reuters
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Quote:Emily Thornberry has accused the government of failing to carry out an economic impact assessment of Boris Johnson’s Brexit deal, after two key government departments told the shadow international trade secretary they had no such document. As official figures showed a 40.7% decline in exports to the EU in January, Thornberry wrote to the international trade secretary, Liz Truss, to ask why she had published assessments of many much less significant deals, but not the crucial Christmas Eve trade agreement with the EU. 

When Thornberry challenged Truss in the House of Commons to produce economic analysis of the deal in January, the minister referred her to the EU taskforce in the Cabinet Office, which spearheaded the fraught negotiations. But when Thornberry made a freedom of information request to the Cabinet Office, she was referred to the Treasury, which replied that it “does not hold a specific document meeting the terms of your request”. Johnson’s spokesman had previously said the government would not be publishing its analysis of the economic impacts of the deal, but Thornberry has now written to Truss to ask whether the government failed to carry out an analysis at all.

“For an agreement of such immense importance for our country’s economy, business, jobs and trade, that is utterly staggering. And when we compare it to the approach taken to the assessment of every other UK trade deal signed over the last two years, it makes no sense whatsoever.” She gave the example of the department’s recent publication of analysis of the deal struck with Albania, a country with which trade was worth £45m in 2019. Trade with the EU is worth 15,000 times as much.
 
Labour suggests ministers failed to do analysis of Brexit deal | Brexit | The Guardian


Sooo:
  • The government didn't provide any impact analysis on the biggest trade deal change in the country's history (since joining the EU) while doing so on every other trade regime changes. 
  • And here's why, because they knew the outcome would be every bit the disaster it has turned out to be.
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Quote:A dramatic 41 per cent plunge in exports of goods to the EU in January is the first official indication of the profound impact of Brexit on UK trade. But the effects for businesses were clear before the new year as they struggled with a mountain of extra paperwork, electronic forms and safety checks. While the government sought to downplay alarming trade figures on Friday, claiming that the record fall was due to temporary factors including Covid-19 lockdowns, firms across the country tell a different story. Some of the effects are probably short-term, and trade experts are expecting a partial recovery over the coming months but businesses are now burdened with significant extra costs and some feel guidance from the government has been severely lacking.

But the impact of Brexit is undeniable. Official figures show food and live animal exports to the EU fell by 54 per cent in January compared to 12 months earlier. Fish and shellfish exports plunged 83 per cent from £92m to £16m. That was despite Boris Johnson’s government making fish a totemic issue during negotiations with the EU.

Ian McCulloch founder and managing director of gin maker Silent Pool Distilleries says “nothing positive has happened yet” for his company as a result of leaving the EU. “We have increased export paperwork, cash is tied up in raw materials from the EU as we have to hold greater stocks; there has been a massive increase in shipping costs, driven in part by the government using containers as temporary storage at ports,” he says.
 Brexit: UK businesses battle with red tape and higher costs as trade with EU plunges | The Independent
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Quote:More than 440 financial firms have shifted thousands of jobs and £1 trillion of assets out of the UK and into the EU because of Brexit, with more pain still to come, according to new research. A study by the New Financial think tank indicates that Brexit has hit the City of London harder than first thought and the impact is likely to grow.

It found that banks have shifted around £900bn of assets from the UK - around 10 per cent of the total assets held by the UK banking system. Insurance firms and asset managers have moved a further £100bn"The worse news is that this analysis is almost certainly a significant underestimate of the real picture," the report said. "We are only at the end of the beginning of Brexit,”
 
Banks and insurers move £1 trillion of assets out of UK due to Brexit | The Independent
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