Brexit was always going to be a bother. Britain’s small-business owners are feeling the pain more than most
Save time by listening to our audio articles as you multitaskOne paper by the Centre for Economic Performance at the London School of Economics finds that Britain’s departure from the single market at the end of 2020 led to only a temporary dip in its exports to therelative to its sales elsewhere. But when they look at “trade ties”, or the range of products traded with different member states, they find a plunge of 30% . The drop is concentrated in lighter trade flows to dinkier countries.
Comparing Britain’s economic performance with that of similar countries suggests a broader problem. Catherine Mann of the Bank of England has pointed out that by the end of 2021 consumer prices were around 4% higher than in otherwise comparable economies that did not experience Brexit . As the cost of living soars, a difference of this magnitude really matters.
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