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Brexit shrank UK services sell out for $ 110bn, students have found

Brexit has disrupted UK exports to more than $ 110bn over four years, a new study shows the commercial impact of Britain’s decision to leave the EU.

Researchers at Aston University in Birmingham found that UK exports from 2016 to 2019 were worth $ 113bn less than if the UK had not voted to leave the EU in June 2016.

The researchers calculated the figures by describing how the industry from the IT and finance industries would grow if I continued in their previous ways, comparing them with the changes they have made since voting for Brexit. The difference was £ 113bn.

“These findings raise serious concerns about the deterioration of retail space in the UK and the potential for economic and job-related losses,” said Jun Du, a professor of economics at Aston Business School.

These findings highlight the difficulties that UK employers face in securing trade with the EU after the end of Britain’s post-Brexit agreement with Brussels.

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The alliance has little to do with economics and professionals – the industry that is central to Britain’s economy. In 2019 UK earned £ 18bn in trade activities with the EU, as opposed to a $ 97bn decline in exports.

Much of 2020 was not included in the Aston study because the epidemic has severely damaged the economy. Du told the Financial Times that the system of companies moving to the UK could be rushed due to the spread of the epidemic.

“Covid’s era has created a crisis in moving business and people [which] has delayed this transfer process. . . now it picks up, getting worse as businesses see that there is not much going on in the UK-EU negotiations. I think this is just the beginning, ”he said.

Export operations were the hardest hit, financially, as banks, insurers and property managers moved thousands and billions of people from City and Canary Wharf to new locations in Frankfurt, Paris, Amsterdam and Dublin to sell seamlessly to customers. after Brexit. Some of the areas most affected in the UK include business activities, travel, transportation and IT, Aston research found.

“Behind the effects [from leaving the EU] it is clear, “said John Springford, deputy director of the Center for European Reform, citing his research and statistics from the Office for National Statistics, the London School of Economics and the Tony Blair Institute for Global Change. EU collapses fifth because of Brexit.

“Brexit has already made Britain poorer compared to the old branch in which Britain remained in the EU – or in a single market,” he added.

The extra jobs in Ireland deployed from 2016 to 2019 were worth £ 126bn more than estimates based on what happened until 2016. Aston professors say this is because Ireland has won UK business after Brexit. Irish economists disagree.

“Export operations in Ireland are particularly evident in terms of ICT deployments (Facebook, Google and others),” he said. Conall Mac Coille, chief economist at Ireland stockbroker Davy, in terms of the field of information, communication and expertise. “These companies were already operating in Ireland before the referendum and have been growing since then.”

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