BREXIT MEANS BETTER TRADE
Summary:
In the year to March 2022, the UK trade department managed to removee 192 tariff barriers across 79 countries. Just 45 of those 192 barriers were estimated to be worth an extra £1 Billion a year to UK businesses (around 0.03% of GDP in 2022).
Explanation:
In response to a written question in March of 2023 the Department for Business and Trade (DBT) revealed that, in the year ending March 2022, its team had been able to resolve 192 barriers to trade in 79 countries – barriers that had been highlighted to them as a priority by UK businesses.
Of those 192, 45 of them were called out specifically as having significant value to UK businesses – estimated to be worth £5 Billion over a five-year period. That would mean an additional £1 Billion per year of extra revenue for UK businesses, just from these 45 trade barrier removals, due to having left the EU – as international trade policy is a reserved competence of the EU.
In 2022, an additional £1 Billion would be equivalent to around 0.03% of GDP.
Reference: https://questions-statements.parliament.uk/written-questions/detail/2023-03-30/177789/