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Britain: Brexit has made trade more expensive, according to a parliamentary committee

Britain’s exit from the European Union has so far made trade much more expensive due to delays and bureaucracy, and there may be further border problems as passenger traffic recovers after the COVID pandemic, the Public Accounts Committee announced today.

Proponents of her case have been working to make the actual transcript of this statement available online. Proponents of her case have been working to make the actual transcript of this statement available online.

Opponents of Brexit have warned, however, that leaving the EU looks like a self-inflicted injury that will make the UK poorer, poorer and more isolated.

While trade was under pressure due to the COVID-19 pandemic and other restrictions on global supply chains, the parliamentary Public Accounts Committee concluded that “exit from the EU had an impact and that the new border regulations added costs to business”.

“One of the biggest promises of Brexit was the release of British companies, which would give them the opportunity to maximize their productivity and their contribution to the economy,” said Meg Hillier, head of the commission. “However, the only impact that can be identified so far is increased costs, bureaucracy and border delays.”

Proponents of Brexit have said that in the short term there will be additional costs as the UK adapts to the new situation, but that in the long term there will be significant political and economic benefits from leaving the European bloc.

The Committee on Public Accounts has warned that the government has significant work to do to make cross-border trade easier for businesses.

In November, Britain became the last country from the Group of 7 (G7) to see its product exports exceed the average level of 2018 after the outbreak of the pandemic, a fact that reflects its poor commercial performance in international terms.

Source: AMPE

Source: Capital

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