UK Brexit Slump Continues – border friction to hit food supplies

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Brexit jitters and global trade warring were already throwing the UK into a Growth Recession last year, before Brexit even went into effect -and now- with the added bonus of coronavirus. Financial Times details:

Consumers face higher costs and reduced availability on the four-fifths of food imports that come from the EU, according to the British retail industry body as it renewed its call for Britain to strike a deal with the bloc which cuts red tape and border friction. Cabinet minister Michael Gove last month raised concerns among manufacturers and retailers, warning that a new EU trade relationship would involve increased costs and extra bureaucracy at borders. He admitted that a new “smart” border to cut trade friction would not be ready until 2025. The British Retail Consortium said consumers will face higher costs and fewer goods without efforts to reduce the burden at borders. Almost 80 per cent of food that British retailers import comes from the EU, mostly through the ports of Dover and Folkestone, which handle almost 7,000 lorries every day. The warning from the BRC comes as new data shows that manufacturers saw a slump in export orders for the second consecutive quarter at the end of last year […]

Emphasis ours

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