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A drop in business investments since the EU referendum three years ago has cost the UK economy £20bn, according to new research. Findings published in the National Bureau of Economic Research has found that Brexit has resulted in a 11% drop in investment whilst also claiming that productivity has taken a 5% hit as a
Increased demand for tankers to ferry oil to Asia from the Gulf Coast has seen shipping prices skyrocket. Less than a month following the drone attack on Saudi facilities at Abqaiq and Khurais which halved oil output from the region, prices had begun to settle somewhat. However, increased shipping costs are keeping prices high. The
The government has launched a new online tool to help identify barriers for UK exporting businesses. The aim of the platform is to help the government’s own trade experts spot potential legal, regulatory, labelling, licensing or any other unnecessary barriers to trade which can then be worked on with countries around the world. Once a
Brexit is once again supposedly just weeks away. Whether it’s the new Prime Minister’s insistence that the UK will depart the European Union with or without the deal on 31st October, or the fact that Brexit Day now somewhat fittingly falls on Halloween, it could be that the months of uncertainty for businesses will be
The number of permanent staff hired by UK companies has dropped at the quickest rate in more than three years. Research by the Recruitment & Employment Confederation, alongside a report from KPMG, has uncovered that the number of full-time recruits fell for six consecutive months to August, suggesting that ‘many firms [are] delaying hiring decisions
The Department of Agriculture has suggested it expects the pattern of trade to change following Brexit and warned that ‘not all exports can comply with new post-Brexit rules’. Businesses exporting agri-food products into the EU which are not member states will require an Export Health Certificate – an official document which carries an authorised signature
The CBI has launched a report with some 200 recommendations and actions for businesses and governments to take as the likelihood of no-deal Brexit increases. The report, titled ‘What comes next?’, unveils a detailed analysis of advice for its members and the wider business community, covering everything from the movement and regulations of goods to
UK businesses are stepping up Brexit preparations and looking to prove their exporting credentials as the number of AEO applications surge. Authorised Economic Operator (AEO) status shows that a businesses role within international supply chains as being secure – compliant and up-to-speed with customs controls and procedures. UK firms have lagged far behind in AEO
The pace of the government’s legislative preparations for Brexit has surged in the first half of this year with four times as many Brexit-related bills passed compared to H2 2018. Thomson Reuters reported that 488 legislative pieces were passed from January to June, compared to 112 in the latter stages of last year. The first
Irish exporters to the UK are facing a ‘severe threat’ as sterling hit a two-year low. With the arrival of new Prime Minister, Boris Johnson and a more steadfast approach to 31st October as Brexit day, the pound saw its value slide with the possibility of no-deal becoming increasingly likely. Marry that with comments from
An alarming number of UK businesses reliant on imports from the EU to operate are falling behind in their Brexit planning and would not be ready for a hard exit from the European Union, with a leaked Cabinet note warning it would take ‘at least four to five months’ to improve the readiness of British
New data has shown that 66% of the UK public supports free trade deals, with just 3% opposing them. That’s the findings of the Department for International Trade’s first ‘public attitudes to trade’ tracker, a survey of 2,400 people across the UK that aims to calculate people’s changing attitudes to trade over time. Giving reasons
The performance of UK exports and goods over the last twelve months has continued to rise, reaching a new record high despite a challenging global trade environment and impending departure from the European Union. In the 12 months to May 2019, overall exports increased by 4% to £647.1 billion with goods exports alone increasing by
After two decades of negotiation and amid a growingly protectionist political backdrop, the EU and South American member states of the Mercosur economic bloc have signed a trade deal that by some metrics is the largest ever agreed. The deal, which will see tariffs cut or removed on goods and services between both countries, will
The Institute of Directors has warned businesses to pick-up the pace of no-deal Brexit preparations, saying British businesses have made little progress in planning for a hard exit this October. The group said that businesses ‘cannot afford to put their faith in politicians to produce a Brexit resolution’. A survey conducted of its members found
The Society of Motor Manufacturers and Traders has issued a stern warning against a hard Brexit, suggesting border delays alone could cost the sector £50,000 a minute. The prediction was published as part of the trade body’s report into the car industry – the country’s single biggest exporter of goods. It warned that shipments of
The value of goods exports has increased once again across all four regions of the UK as demand for British products continues to grow overseas. Through the 2018/19 financial year, Scotland recorded the highest growth, whilst Wales and Northern Ireland also returned strong international trade increases. England continues to deliver the highest trade value with
International sales of Scottish food and drink have surged to a record-breaking £1.4 billion in Q1 2019. A healthy increase of 14% since last year, latest figures highlight strong demand in particular for Scottish salmon and, of course, whisky, which accounted for three-quarters of all export sales last year. On the latest figures, Food Minister
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This month, Go Exporting’s Mike Wilson and Laura Brocklebank of Enterprise Ireland discussed the changing structures of UK local authorities, the key investment areas for councils and the opportunities for Irish suppliers. Watch the full webinar below: Watch more webinars from Enterprise Ireland as part of Evolve UK here.
It is widely acknowledged that Brexit is going to present significant challenges for British international trade, irrespective of whether we reach a Free Trade Agreement with the EU before the end of the transition period. That in itself is looking an ever more remote possibility with both parties playing hardball and the UK Government’s unprecedented
The Department for Business has confirmed that the UK will follow World Trade Organisation (WTO) rules regarding subsidies following the end of the transition period, replacing EU state aid laws from January 1st. The rules will cover financial assistance granted by governments and public bodies to businesses, something which has become a sticking point during
Opening a world of opportunities for businesses with ambitions to export.
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