Difficulties for more than 60 per cent of UK firms
More than three out of five UK firms (61 per cent) are reporting difficulties due to*Brexit, resulting in rising costs, higher prices for consumers and reduced competitiveness, according to a new report.
Almost a quarter (24 per cent) of exporting firms reported that Brexit has caused sales to the EU to fall, while one-third said that imports from the continent were down.
Crucially, the study by the London School of Economics drew on real-time business survey data from the CBI
stretching right up to April, well beyond the “teething problems” associated with the 1 January transition out of the single market and customs union.
The study by the LSE’s Centre for Economic Performance found that 37 per cent of UK firms were reporting delays as a result of Brexit.
And*Dr Dhingra added: “The evidence in our report shows that Brexit played a role in the sharp drop in UK trade in 2021, with a sizeable share of firms experiencing issues in trading with the EU such as delays at the border and burdensome administrative costs. This has translated into rising costs, higher prices and reduced competitiveness.