Trade
Brexit Has Had ‘Significant Adverse Impact’ on UK Trade, Fiscal Watchdog Says
- OBR says Brexit had ‘significant adverse impact’ on trade
- New poll shows 56% now think it was wrong to leave EU
A container ship docked at the Port of Felixstowe in Felixstowe, UK.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The UK’s fiscal watchdog said the decision to leave the European Union meant the country’s trade intensity was likely to be 15% lower in the long run than if Brexit had never occurred.
“The latest evidence suggests that Brexit has had a significant adverse impact on UK trade, via reducing both overall trade volumes and the number of trading reationships between UK and EU firms,” the Office for Budget Responsibility said in an outlook prepared for the government as it announced its new fiscal plan.