UK Economy: A Sober Assessment Four Years After Brexit

Negotiations with Canada Stalled as EU Exporters Face New Costs

Overview

Four years after the United Kingdom's departure from the European Union, the UK economy is facing a complex and challenging landscape. While some sectors have adapted successfully, others are struggling amidst a backdrop of ongoing negotiations and policy changes.

Trade Negotiations with Canada on Hold

Negotiations between the UK and Canada over a trade deal have been suspended. This development adds uncertainty to the UK's trade prospects, as Canada is a significant export market for British goods and services.

EU Exporters Face New Fees

EU exporters to the UK will soon be required to pay additional fees, including certification costs of up to £145 and customs clearance fees of up to £182. These fees are expected to further increase the cost of importing goods from Europe.

Government Delays Border Checks

Despite initial plans to implement full border checks on goods entering the UK from Europe, the British government has repeatedly delayed their implementation. This delay has been met with criticism from businesses and trade experts, who argue that it is creating uncertainty and hindering trade flows.

Michael Gove's Departure from Government

Michael Gove, the former Levelling-Up Secretary, has resigned from his position in the British government. Gove had been a vocal advocate for a hard Brexit and his departure has raised questions about the future direction of the government's Brexit policy.

Conclusion

The UK economy is at a crossroads, with its future performance heavily dependent on the outcome of ongoing negotiations and policy decisions. While some sectors may continue to thrive, others are likely to face challenges as the UK adjusts to its new relationship with the EU and seeks to establish new trade agreements globally.