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BREXIT MEANS BETTER TRADE

Summary:

In the year to March 2022, the UK trade department managed to resolve 192 tariff barriers across 79 countries. Just 45 of those 19 barriers were estimated to be worth an extra £1 Billion a year to UK businesses (around 0.03% of GDP in 2022).


Explanation:

In the year to March 2022, the Department for International Trade (now renamed the Department for Business and Trade or DBT) resolved 192 trade barriers in 79 countries.

Just 45 of these alone were estimated to be worth around £5 billion of savings to businesses across the UK over a five-year period. That’s an additional £1bn a year of extra revenue for UK businesses, just from these 45 trade barrier removals, thanks to leaving the EU. That would be around 0.03% of GDP in 2022.


Reference: https://questions-statements.parliament.uk/written-questions/detail/2023-03-30/177789/


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