Brexit and Beyond

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What are some of the challenges that companies trading with the EU face since Brexit?

New rules, paperwork, and checks.

Have trade volumes recovered to pre-pandemic levels since Brexit?

Yes.

Has the variety of goods exported and imported increased or decreased since Brexit?

Decreased.

Has the price of food imported from the EU risen or fallen since Brexit?

Risen. Signup and view all the answers

How has Brexit affected the UK's trade with the rest of the world?

Trade with the rest of the world has fallen relative to the size of the UK economy. Signup and view all the answers

How many trade deals has the UK struck since Brexit?

<ol start="71"> <li></li> </ol> Signup and view all the answers

What has happened to investment in the UK since the referendum?

It has stalled due to uncertainty surrounding Brexit. Signup and view all the answers

What sectors have been particularly hard hit by the lack of workers in the UK?

Transport, hospitality, and retail. Signup and view all the answers

What has been the impact of Brexit on trade between the UK and EU?

New rules, paperwork, and checks have been introduced Signup and view all the answers

What has been the impact of Brexit on the price of food imported from the EU?

The price has risen Signup and view all the answers

How many trade deals have been struck by the UK post-Brexit?

71 Signup and view all the answers

What has been the impact of Brexit on investment in the UK?

Investment has stalled Signup and view all the answers

What has been the impact of Brexit on the free movement of labor?

The free movement of labor has decreased Signup and view all the answers

Which sectors have been particularly hard hit by the lack of workers?

Transport, hospitality, and retail Signup and view all the answers

What is the current state of the UK economy compared to pre-pandemic levels?

The UK economy is smaller Signup and view all the answers

What is the status of arrangements for industries like financial services, fishing, and electric vehicle parts?

They are still to be settled Signup and view all the answers

Study Notes

The UK Economy Post-Brexit: Trade, Investment, and Labor

The UK's exit from the single market and customs union in 2021 resulted in new rules, paperwork, and checks for companies trading with the EU.
Trade volumes have recovered to pre-pandemic levels, but the red tape may have deterred some small exporters altogether.
The variety of goods exported and imported has diminished, and the price of food imported from the EU has risen, making it easier for domestic food producers to compete.
Trade with the rest of the world has fallen relative to the size of the UK economy, making the UK "less open" and lagging behind other major nations.
71 trade deals have been struck, but the vast majority just replicate deals Britain had when it was part of the EU. Talks are still taking place with India and members of a trans-Pacific pact.
Investment has stalled since the referendum due to uncertainty surrounding Brexit, including the unsettled issue of the Northern Ireland Protocol, which could have been 25% higher if it had continued its pre-referendum trend.
Leaving the EU also meant changes to the rules on the free movement of labor and the introduction of a points-based immigration system, resulting in 330,000 fewer workers in the UK.
Sectors such as transport, hospitality, and retail have been particularly hard hit by the lack of workers, resulting in shortages and higher bills for customers.
A lack of investment means the UK is a less-efficient, lower-earning economy than it could be.
The UK is the only major rich economy that remains smaller than prior to the pandemic, and Brexit may be a factor.
Arrangements for industries like financial services, fishing, and electric vehicle parts, cooperation on science, and ways to reduce red tape are still to be settled.
There are potential gains for the UK economy, but realizing them is a matter of political as well as economic strategy.

The UK Economy Post-Brexit: Trade, Investment, and Labor

The UK's exit from the single market and customs union in 2021 resulted in new rules, paperwork, and checks for companies trading with the EU.
Trade volumes have recovered to pre-pandemic levels, but the red tape may have deterred some small exporters altogether.
The variety of goods exported and imported has diminished, and the price of food imported from the EU has risen, making it easier for domestic food producers to compete.
Trade with the rest of the world has fallen relative to the size of the UK economy, making the UK "less open" and lagging behind other major nations.
71 trade deals have been struck, but the vast majority just replicate deals Britain had when it was part of the EU. Talks are still taking place with India and members of a trans-Pacific pact.
Investment has stalled since the referendum due to uncertainty surrounding Brexit, including the unsettled issue of the Northern Ireland Protocol, which could have been 25% higher if it had continued its pre-referendum trend.
Leaving the EU also meant changes to the rules on the free movement of labor and the introduction of a points-based immigration system, resulting in 330,000 fewer workers in the UK.
Sectors such as transport, hospitality, and retail have been particularly hard hit by the lack of workers, resulting in shortages and higher bills for customers.
A lack of investment means the UK is a less-efficient, lower-earning economy than it could be.
The UK is the only major rich economy that remains smaller than prior to the pandemic, and Brexit may be a factor.
Arrangements for industries like financial services, fishing, and electric vehicle parts, cooperation on science, and ways to reduce red tape are still to be settled.
There are potential gains for the UK economy, but realizing them is a matter of political as well as economic strategy.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on the UK economy post-Brexit with our quiz! From trade and investment to labor and immigration, this quiz covers the latest developments and challenges faced by the UK economy since its departure from the European Union. Sharpen your understanding of the impact of Brexit on key sectors and areas of the economy, and discover potential gains and pitfalls that lie ahead. Challenge yourself and see how much you know about the UK's economic future!