Brexit: NI protocol issue could negatively affect Irish economy
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UK ministers are expected to unveil a new £1trillion-a-year export target by 2030, the Financial Times reports. The move is believed to be a part of Boris Johnson’s plan to renew the UK’s export strategy after severing close ties with the European Union in 2020.
London’s international trade and investment event will start on Monday and is the first to be held since the UK left Brussels’ single market and customs union.
The broadsheet reports many businesses are complaining they are facing extra costs and red tape following the UK’s departure from the EU.
However, the UK has managed to sign 69 agreements since leaving the customs union, including bespoke trade accords with New Zealand, Australia, Japan and the European Union.
While a member of the EU, Britain was unable to forge its own independent trade policy.
The “made in UK, sold to the world” campaign is expected to be launched alongside other plans to boost trade through financial support.
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This could include through export-linked loans and access to expertise and advice.
It has also been reported UK Export Finance will double the repayment period from five to 10 years for so-called “green” exporters.
A UK trade official told the Financial Times: “This is the first time we have had an export strategy since leaving the EU.”
“By increasing exports this is going to help Britain level up,” he added.
The source also pointed to data which shows only one-in-ten UK companies sell overseas and claimed exports support some 6.5million jobs.
The Financial Times report highlighted how the £1trillion-a-year export target had been adopted by David Cameron back in 2012, when the Government set their sights on a 2020 completion date.
In 2019, before the coronavirus pandemic reached British shores, the UK managed to increase overseas sales by £689billion.
Following a shock poll indicating Brits would support rejoining the Brussels bloc by 53 percent to 47 percent, ex-UKIP and Conservative MEP David Campbell Bannerman called on the Government to lay out the benefits of Brexit.
Writing on Twitter, he said: “The Government and Brexiteers need to do much more to lay out the many benefits of Brexit.
“We have only just started getting the powers back and handling Covid, but now is the time. @BorisJohnson @RishiSunak.”
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During the height of the UK’s vaccine roll-out, support for Brexit was said to have reached a post-referendum high with some two-thirds of UK adults claiming exiting the bloc had helped Britain’s jab programme.
However, Labour’s shadow trade secretary Emily Thornberry called on the Government to fix the Prime Minister’s Brexit deal to reach the export target.
“Mending our trade with Europe must be the priority,” the Remainer said.
“That target cannot be achieved unless the Government gets its head out of the sand, fixes the holes in their botched Brexit deal, and helps our exporters recover their trade with the UK’s biggest market.”
Ms Thornberry’s comments come despite the failure by Mr Cameron and his successors to meet the target while the UK retained unfettered access to the single market and remained a member of the customs union.
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