Brexit has hit UK trade less than many forecasters predicted thanks to larger companies adapting to red tape at the border, according to research by the London School of Economics.
Researchers estimated UK worldwide goods exports and imports fell 6.4 and 3.1 per cent respectively between 2020 and 2022, compared to the levels predicted for the country remaining in the EU, according to analysis of company-level trading data from HM Revenue & Customs for the first two years after Brexit.
The report by economists at the LSE’s Centre for Economic Performance concluded that while the EU-UK Trade and Cooperation Agreement signed in 2020 “undoubtedly decreased trade”, the decline was “at least in the short run, smaller than forecasters expected”.
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