Our next government will have a hell of a lot of work to do, trying to repair some of the Brexers' damage.
Britain’s goods exports are lagging all other G7 economies, according to an analysis by the Financial Times, which trade experts said provided more evidence of the impact of Brexit.
Quarterly figures published by the Office for National Statistics in March showed that in the last three months of 2022, UK export volumes, excluding precious metals, were more than 9 per cent below the 2019 pre-pandemic average.
Analyses by the Bank of England and the Office for Budget Responsibility, the UK fiscal watchdog, show that the country’s exports may be even weaker, with the OBR predicting that the underperformance will continue for the next two years.
Sophie Hale, trade economist at the Resolution Foundation think-tank, described the UK’s performance as “a disaster”. The drop in goods export volumes marked “a quite substantial fall and it really leaves the UK at the bottom of the G7 pack”, she added.
The ONS data shows the UK had the weakest export performance in the G7, and compares with double-digit rises in Italian and Japanese exports, 4 per cent growth for the US and 2 per cent for Germany.
The findings come as the IMF predicted that the UK economy would be the worst performing in the G7 in 2023, contracting by 0.3 per cent."
FT.com
"UK’s goods exports lowest in G7 following Brexit, study finds
Valentina Romei in London 6 HOURS AGOBritain’s goods exports are lagging all other G7 economies, according to an analysis by the Financial Times, which trade experts said provided more evidence of the impact of Brexit.
Quarterly figures published by the Office for National Statistics in March showed that in the last three months of 2022, UK export volumes, excluding precious metals, were more than 9 per cent below the 2019 pre-pandemic average.
Analyses by the Bank of England and the Office for Budget Responsibility, the UK fiscal watchdog, show that the country’s exports may be even weaker, with the OBR predicting that the underperformance will continue for the next two years.
Sophie Hale, trade economist at the Resolution Foundation think-tank, described the UK’s performance as “a disaster”. The drop in goods export volumes marked “a quite substantial fall and it really leaves the UK at the bottom of the G7 pack”, she added.
The ONS data shows the UK had the weakest export performance in the G7, and compares with double-digit rises in Italian and Japanese exports, 4 per cent growth for the US and 2 per cent for Germany.
The findings come as the IMF predicted that the UK economy would be the worst performing in the G7 in 2023, contracting by 0.3 per cent."
FT.com
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