Brexit Britain misses World trade upturn [L.E]

[r00fie1]

'It’s beginning to look a lot like Brexit': Britain has missed a World trade upturn

"As far as trade is concerned, things are panning out in the manner once stupidly dismissed as “Project Fear”."

www.thelondoneconomic.com

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‘It’s beginning to look a lot like Brexit’: Britain has missed a World trade upturn​

"As far as trade is concerned, things are panning out in the manner once stupidly dismissed as “Project Fear”. And we will be poorer as a result."​

by Jack Peat
2022-04-04 11:23
in Business and Economics

The UK missed a strong World trade upturn ahead of the Russian invasion due to a “disengagement from international” commerce, the Times has reported.

A £129.4 billion deficit in trade in goods widened to £155.4 billion last year – ten times what it was a quarter of a century ago – and one that is likely to grow given the surge in oil and imported gas prices.

Worries over the UK’s “disengagement from international trade” have also been highlighted by the Office for Budget Responsibility (OBR).

While every other big economy member of the G7 has seen a recovery in trade intensity — trade as a proportion of GDP — from the low point of the Covid pandemic in 2020, the UK’s trade intensity is now down even from that nadir.

World trade in goods and services grew by a hefty 9.3 per cent in volume terms last year, according to the International Monetary Fund.

Yet UK exports of goods and services fell by 1.2 per cent on a balance of payments basis.

As such, the OBR is still sticking to its view that Brexit will result in a 15 per cent drop in the UK’s trade intensity.

Commenting on the results, David Smith said: “I do not blame Britain’s exporters for this malaise.

“We have some superb exporting businesses, but they are operating with one hand tied behind their backs and with notably less government help and support than competitor countries.

“I don’t think a new royal yacht, which the government is proposing to use as part of future export drives, will change that.

“It is too late to do anything about the main cause of this malaise: an economically damaging Brexit done in such a way that little or no thought was given to the consequences.

“As far as trade is concerned, things are panning out in the manner once stupidly dismissed as “Project Fear”. And we will be poorer as a result.”​

 

[Corcaigh_the_Cat]

Dumbed down nation reaps its rewards.

 

[ForssAwakens]

I’m sure the usuals will be along in the moment telling it was 6 years ago and it’s time to move on and accept the result.

 

[r00fie1]

Its a while since I bothered with a "B" - word thread, but this seemed kind of relevant.......

 

[SmallTown]

It’s Covid, Putin, China. Nothing to do with Brexit. Obviously

 

[jam69]

The cult will continue to support the worst government in living memory because they...."got brexit done" !

 

[BiggEggo]

According to Johnson it is the fault of UK businesses not being adventurous enough to make the most of opportunities.

Had to be someone else fault of course.

Good job we now have Museum Piece Mogg on the case.

Any Brexit voters pleased with the outcome? Some I know now say that in 10-15 years it will be proven to have been the right decision. That will work well then, as most of them will be in their 70's/80's or brown bread. Collectively they cannot provide a single tangible benefit thus far. And they now prefer not to tall about it - out of embarrasment one quietly admitted!!

 

[SmallTown]

The cult will continue to support the worst government in living memory because they...."got brexit done" !

Besides, not being in the EU didn’t affect our trade in 1835 plus we didn’t have central heating. So I don’t see what the problem is?

 

[Same_as_before]

Dumbed down nation reaps its rewards.

This is where we differ. It's quite an insult to people I know who voted Brexit to be classed as dumb, including teachers and a headmistress. Or do you mean the working class?


Instead of using cowardly generalisation, say who you mean.

Its a high view of yourself, what did my mam say about self praise?


I have no issue with the point of the OP.

 

[ForssAwakens]

This is where we differ. It's quite an insult to people I know who voted Brexit to be classed as dumb, including teachers and a headmistress. Or do you mean the working class?

I have no issue with the point of the OP.

I voted brexit. Was clear around 2 years after the vote it was the wrong decision. People who voted brexit who have half a brain cell realise this

 

[SmallTown]

This is where we differ. It's quite an insult to people I know who voted Brexit to be classed as dumb, including teachers and a headmistress. Or do you mean the working class?

I have no issue with the point of the OP.

Yay! Our heroic class warrior is the first to defend brexit from you out of touch metropolitan elite!

Depending on whether he's blocked me or not (he claims to have yet suspiciously know everything I do) it'd be interesting to see how he defends the damage to the economy, especially the fact the poor will be worse hit by this.

 

[Johnny Vincents Motorbike]

Any Brexit voters pleased with the outcome?

and dont forget the ones who didnt vote at all - sat on the sidelines - washed their hands and did a Pontius Pilate - are also now moaning about the brexit outcomes and the effects it is having on their families and society.

they bare some responsibility for the result.

 

[SmallTown]

I voted brexit. Was clear around 2 years after the vote it was the wrong decision. People who voted brexit who have half a brain cell realise this

This is a very rare and commendable comment.

Here's the thing: it's OK to admit mistakes. It's fine, especially given how both the campaigns were ran. There was very little information and just emotive language on both sides. So none of us really voted with any clue as to what we were voting for.

It's even OK to support the principle of brexit based on doubts about the EU and it's future direction.

My only concern is people defend brexit now, because they feel they have to, and fail to acknowledge that the current version of brexit is extremely damaging to our country

 

[SmallTown]

and dont forget the ones who didnt vote at all - sat on the sidelines - washed their hands and did a Pontius Pilate - are also now moaning about the brexit outcomes and the effects it is having on their families and society.

they bare some responsibility for the result.

I'm not entirely sure thats fair. Turnout was pretty similar to general election turnout so it seems a similar number of people were engaged

 

[Same_as_before]

I voted brexit. Was clear around 2 years after the vote it was the wrong decision. People who voted brexit who have half a brain cell realise this

See above I personally know a headteacher and many teachers with half a brain cell

I am more convinced that Brexit was right today than I have ever been. But that's based on half a brain cell.

 

[Colgates_shaving_foam]

I can't remember feeling as gutted as when the brexit referendum result came through.

The fact that it is playing out as I thought it would is awful. I just can't see a light at the end of the tunnel as I still see plenty of people supporting the leave vote and even worse, supporting Johnson.

What is wrong with people? Seriously, how as a country (England mostly) have we come to this?

 

[SmallTown]

See above I personally know a headteacher and many teachers with half a brain cell

I am more convinced them at Brexit was right today than I have ever been. But that's based on half a brain cell.

Even though you conceded that the economic damages are correct? Do you realise that sounds very very strange? To be happy that you country is being damaged. It seems odd.

 

[Chris_Boro]

Don't worry folks, Rees-Mogg is on the case.

 

[boroboy6872]

This is where we differ. It's quite an insult to people I know who voted Brexit to be classed as dumb, including teachers and a headmistress. Or do you mean the working class?


Instead of using cowardly generalisation, say who you mean.

Its a high view of yourself, what did my mam say about self praise?


I have no issue with the point of the OP.

Don`t think he`s calling anyone dumb

I see it is he`s saying the whole Brexit debacle is being downplayed or trivialised by those that voted for it

 

[Same_as_before]

I can't remember feeling as gutted as when the brexit referendum result came through.

The fact that it is playing out as I thought it would is awful. I just can't see a light at the end of the tunnel as I still see plenty of people supporting the leave vote and even worse, supporting Johnson.

What is wrong with people? Seriously, how as a country (England mostly) have we come to this?

Because we are a democracy and people can vote how they want. A lad wanted me banned off here because I disagreed with him.