{"id":105674,"date":"2021-01-28T08:02:31","date_gmt":"2021-01-28T08:02:31","guid":{"rendered":"https:\/\/fin2me.com\/?p=105674"},"modified":"2021-01-28T08:02:31","modified_gmt":"2021-01-28T08:02:31","slug":"first-flashes-of-brexit-trade-trouble-appear-in-uk-data","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/first-flashes-of-brexit-trade-trouble-appear-in-uk-data\/","title":{"rendered":"First flashes of Brexit trade trouble appear in UK data"},"content":{"rendered":"

LONDON (Reuters) – Early signs of disruption caused by Britain\u2019s shift to its new, less open trading relationship with the European Union are emerging in economic data.<\/p>

FILE PHOTO: Lorries queue in at the border control of the Port of Dover, Britain, January 15, 2021. REUTERS\/John Sibley<\/figcaption>

Although the biggest problem for many companies remains the COVID-19 pandemic, details of recent surveys show that Brexit is adding to the strain on the economy.<\/p>\n

Manufacturers and services firms have been hit hard by supply chain and export disruption, according to data company IHS Markit.<\/p>\n

British factories reported the steepest increase in supplier delivery times among the six \u201cflash\u201d preliminary Purchasing Managers\u2019 Index (PMI) surveys published by IHS Markit last week for France, Germany, Japan, Australia and the United States as well as the United Kingdom.<\/p>\n

\u201cThis was almost exclusively linked to both Brexit disruption and a severe lack of international shipping availability,\u201d IHS Markit said.<\/p>\n

For a graphic on UK factories see biggest increase in supplier delivery times: PMI<\/p>\n<\/p>\n

Under a deal struck last month, trade between Britain and the European Union remains free of tariffs and quotas but a new full customs border means goods must be checked and paperwork filled in.<\/p>

Slideshow ( 2 images )<\/span><\/figcaption>

Using a phrase that has angered many business owners, Prime Minister Boris Johnson described the disruption as \u201cteething problems\u201d which have been exacerbated by the COVID-19 pandemic.<\/p>\n

Trade experts think some of the extra cost and bureaucracy will be permanent. Proponents of Brexit say Britain will benefit in the long run by striking its own trade deals and forming its own regulations outside the EU.<\/p>\n

Brexit disruption in the first quarter of 2021 was likely to reduce British economic output by around 1%, International Monetary Fund Chief Economist Gita Gopinath said on Wednesday.<\/p>\n

Services companies – which account for the bulk of the British economy and generate a surplus in trade with the bloc – were hit this month, the IHS Markit survey showed.<\/p>\n

Services exports deteriorated faster in Britain than in any other of the six flash PMIs published this month, bucking a trend of improvement seen in most other countries.<\/p>\n

For a graphic on UK services export orders show fastest drop in January: PMI<\/p>\n<\/p>\n

\u201cThe service economy was hard-hit by restrictions on trade and reduced consumer spending at the start of the year,\u201d IHS Markit said.<\/p>\n

Following the initial disruption, a truer picture of the costs and benefits of Brexit is likely to emerge over time, although many businesses are not hopeful.<\/p>\n

A Confederation of British Industry survey published last week showed British manufacturers\u2019 confidence in their ability to compete in the EU market has fallen to its lowest level since records began 20 years ago.<\/p>\n

For a graphic on UK factories see record low competitiveness in EU market: CBI<\/p>\n<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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