Trade between the United Kingdom and Europe is being “stifled” by Brexit, and the situation is becoming worse.

Trade between the United Kingdom and Europe is being “stifled” by Brexit, and the situation is becoming worse.

A recent report reveals that the UK-EU goods trade is experiencing.

Deep and persistent stifling implications” as a result of Brexit.

Further highlighting the economic damage caused by Britain’s exit from the world’s largest trading bloc.

Aston University in England has estimated that between 2021 and 2023.

The UK’s annual exports of goods to the EU would have been 17% lower had Brexit not occurred.

According to the study, exports have decreased across most industries since 2021.

The study suggests that the negative ramifications of (Brexit) have grown over time.

With 2023 demonstrating more drastic trade declines than earlier years.

The researchers wrote in the journal published on Tuesday.

This suggests that longer-term, deeper structural changes that are probably.

A trade agreement between the two parties was eventually signed on December 24, 2020.

Sealing Britain’s exit from the EU after a controversial vote in 2016.

The outcome underscores the danger that Brexit poses to the Labour government’s top focus since taking office in July.

Which has been to accelerate economic development.

Although he has ruled out measures that could help with that goal, such as rejoining the EU single market or customs union.

UK Prime Minister Keir Starmer said this week that he would prioritize economic development in the government’s 2019 budget.

Official statistics show that exports—roughly equal parts services and goods—account for about one-third of the UK’s GDP.

With 48% of the nation’s exports of goods going to the EU.

According to the research released on Tuesday, “the UK-EU trade relationship remains vital for both parties.

” And it also “underpins” economic growth and stability.

The study reveals a sharp decline in the range of British items shipped to the EU.

With small companies in sectors like apparel and food frequently ceasing exports as a result of rising expenses and bureaucracy.

Prof. Jun Du, the study’s principal author, claims that trade between the UK and the EU has been

“Introduced major impediments” by the post-Brexit trade agreement.

The researchers advise the government to prioritize “sector-specific” agreements in industries like agriculture.

Use digital technology to expedite customs processes.

“The UK’s economic standing and presence in the global market will continue to decline without immediate policy reforms,” Du stated.

This paper represents the most recent research highlighting the detrimental impact of Brexit on the economy of the United Kingdom.

Brexit UK economy between 2% and 4% of GDP between the 2016 referendum and July of last year.

According to the UK in a Changing Europe think tank.

The government’s economic forecasting organization, the Office for Budget Responsibility.

Predicts that the new trade agreement will eventually result in a 4%.

Decline in British output relative to what it would have been had the country remained in the EU.

The Resolution Foundation’s lead economist, Sophie Hale, stated in a post on X on Tuesday that the Aston University study demonstrated .

“The economic case for a rapid but ambitious UK-EU reset.”

“We will acknowledge that there will be no return to the single market, customs union, or freedom of movement,”.

A spokeswoman for the UK government said.

Adding that “we will try to improve our trade and investment relationship with the EU and break down unnecessary trade barriers.”

The government reports that while goods exports to the EU have declined.

Services exports to the bloc hit a record high of £172 billion ($227 billion) in the year that concluded in March.