Brexit negatively impacted UK trade volume

Brexit negatively impacted UK trade volume

LONDON, Feb 9: A report by a British parliamentary committee, Wednesday, revealed that the Brexit situation had negatively impacted UK trade volume, warning that the might worsen this year with more customs regulations coming into effect. The Public Accounts Committee (PAC) in the House of Commons showed that British companies were faced with various difficulties due to the increase in costs and complications connected with official documentation amongst others.

The PAC indicated that COVID-19 also played a part in impacting the trade volume, expressing fears that returning to pre-coronavirus passengers and cargo transportation levels might lead to more unnecessary bureaucratic procedures and more loss. The committee considers the 2025 new borders system, set by Prime Minister Boris Johnson, as a bit of optimism when looking into the current situation. The EU’s new biometric passport system this year will also add to the UK woes, added the PAC. Britain officially exited the EU in January of 2021. There are still some issues of contention between the two sides namely the border issue between Northern Ireland and the Republic of Ireland, an EU member, with the latter country being the only land border point between the EU and the UK.(KUNA) –

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