The UK’s withdrawal from the European Union (EU) has made trade costs more expensive due to delays and bureaucratic regulations, according to a parliamentary spending watchdog.
The Public Accounts Committee (PAC) found that Brexit had had a major impact on the country and the new border arrangements caused costs to businesses to increase.
Brexit supporters see the UK’s exit from the EU allowing Britain’s independence from the European single market and lagging far behind major powers such as the United States and China.
One of Brexit’s big promises before this, was to free up UK businesses to provide key space to maximize their productivity and contribution to the economy.
However, the only impact that can be detected so far has been increased costs, paperwork and delays at the border.
The situation was exacerbated by the Covid-19 pandemic and other global supply constraints, causing UK trade to perform poorly since it left the EU.
In November, the UK became the last G7 developed country to see its exports of goods surpass the 2018 average since the pandemic began to hit, marking weak trade performance globally.
