Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

Pro-Brexit UK regions more dependent on EU for exports, report finds

by
July 18, 2022
in Politics News
0
Pro-Brexit UK regions more dependent on EU for exports, report finds
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter

Brexit-supporting regions in the UK are becoming increasingly dependent on the EU for their manufacturing exports, research by the trade body Make UK has found.

The report, based on quarterly manufacturing outlook data measuring performance in output, orders, employment and investment intentions, also found the EU remains the “overwhelmingly dominant” destination for UK manufacturing exports.

Analysis of 2021 data by the business advisory firm BDO shows that 49% of British exports go to the 27-nation bloc.

Northern Ireland, which voted against Brexit but has access to the single market courtesy of the Northern Ireland protocol, is most heavily reliant on the EU, with 63% of all exports going across the border to the Republic of Ireland and the continent.

Some of the UK regions that voted for Brexit registered the biggest increases in the share of their manufacturing exports that went to the EU.

For Wales, the figure increased from 58% to 60% between 2020 and 2021, north-east England reported a rise from 56% to 58%, the east Midlands was up from 48% to 51% and the east of England rose from 46% to 48%.

Wales is second most reliant on the EU for exports of goods overall, followed by north-east England and Yorkshire and Humber.

“Despite the talk of global Britain, history shows that geography is always the main determinant of trade,” said Verity Davidge, the director of policy at Make UK.

“The EU was always going to remain the main destination for manufacturers who appear to [be] becoming more, not less, dependent on it as a market,” she added.

The trade body has called on the government to recognise the importance of European markets and to re-establish the Brexit support fund for small and medium-sized businesses, alongside other targeted schemes to help manufacturers respond to post-Brexit barriers including customs, export certification and standards compliance.

It has also urged the government to come to an agreement with the EU over the Northern Ireland protocol and avert a potential trade war.

Boris Johnson and Liz Truss, who is the third favourite to become new prime minister in the Tory leadership race, tabled legislation last month to tear up parts of the protocol, which the EU has warned could lead to tariffs being imposed on a range of British goods.

The Regional Manufacturing Outlook 2022 report found that manufacturing conditions improved across all regions and measures, reflecting a bounceback from the pandemic, founded on an “above normal” response from consumers to the reopening of the economy.

More recently, figures show continued growth in the first half of this year with more manufacturers expanding between the third quarter of 2021 and the second quarter of 2022 .

However it warns of a potential plateau as supply issues and energy price increases put a squeeze on manufacturing and consumer demand.

“This period [the last year] may come to be seen as good as it gets for manufacturers for some time to come given how fast economic conditions are now weakening in major markets,” says the report.

The north-east emerged as the top performer for growth in manufacturing, reflecting demand in pharmaceuticals and chemicals. The report warns that the region may also be vulnerable to a slowdown in performance as it is unlikely to repeat the “explosive growth” seen in pharma as a result of the pandemic.

The south-west reported the weakest balance for orders and investment intentions, while Wales, home to Airbus and a large farming sector, reported the weakest average performance for output and employment growth.

Wales was also the second most reliant on the EU market for exports after Northern Ireland, with 60% of all its goods exported to the EU.


ShareTweetPin

Related Posts

Usain Bolt moves to trademark signature victory pose
Politics News

Usain Bolt moves to trademark signature victory pose

August 23, 2022
London to get new airport as Manston is cleared for take-off
Politics News

London to get new airport as Manston is cleared for take-off

August 23, 2022
Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Next Post
Unions call for maximum UK workplace temperature as heatwave descends

Unions call for maximum UK workplace temperature as heatwave descends

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

ABS-CBN Corp. to conduct annual stockholders’ meeting via remote communication on July 28

ABS-CBN Corp. to conduct annual stockholders’ meeting via remote communication on July 28

July 6, 2022
Magsaysay-Ho fetches P26M at auction

Magsaysay-Ho fetches P26M at auction

July 5, 2022
Reclaiming the throne

Reclaiming the throne

July 20, 2022
Stocks inch higher on continued bargain hunting

Stocks inch higher on continued bargain hunting

July 19, 2022
Sotto set to become first-ever Filipino homegrown NBA draftee

Sotto set to become first-ever Filipino homegrown NBA draftee

June 23, 2022
Housing developers say gov’t needs to intervene in low end of market

Housing developers say gov’t needs to intervene in low end of market

July 24, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.