Brexit leaves UK trade unscathed, finds new IEA report

Nov 20, 2023 | Blog, Economics

This should silence all those doom and gloomers anti-Brexiteers once and for all, along with pulling the rug under any future plans they were making to try and rejoin the EU. This is what happens when a sovereign nation removes the chains from centralized control, because if being captains of your own ship isn’t as good enough reason to leave the EU, then I don’t know what was.

From the Institute For Economic Affairs latest report – https://iea.org.uk/media/brexit-leaves-uk-trade-unscathed-finds-new-iea-report/

The UK’s trade patterns with the EU fail to show a Brexit effect, either since the referendum or the end of the transition period.

Trade continued to grow between 2016 and the conclusion of the Brexit transition in 2020, indicating that Brexit uncertainty did not reduce UK-EU exchange.

UK goods exports rose by 13.5 per cent to EU countries and 14.3 per cent to non-EU countries between 2019 and 2022, before and after Brexit. This indicates no impact of Brexit on goods trade.

UK services exports rose by 14.8 per cent to EU countries and 22.1 per cent to non-EU countries over the same period. Varying demand levels for different products across countries, rather than any consistent Brexit impact, explains this finding.

UK trade patterns compared to other G7 countries have not changed since Brexit.