Brexit: The report card two years on
It is 50 years since Britain joined Europe, and two years since it exited the single market. As the Covid effect fades, it is a bit easier to see the Brexit effect.
The UK has been trying to find its way through Brexit for longer than it was fighting the Second World War, but with rather less sense of direction or national mission. Brexit has helped push up prices though. With a tighter labour market, firms have struggled to get the staff they need, helping to push up wages.
That import substitution effect was one of the more predictable benefits of Brexit from a British perspective. Instead of importing goods, they're sourced more locally. This was not because I had failed to find a gainer from Brexit: instead, I was found to have failed to explain to viewers that I had failed to find one. It's not for me to comment on that.
The British government has issued a new year message about the gains to be had from the trade deal struck with Australia. It cites Isle of Harris Gin as one company that hopes to gain from the removal of a 5% tariff on imported spirits. Compared with other major economies, also hit by inflation, Britain's current downturn looks more severe. And it may not just be the direct economic effects of Brexit, but the longer-term discouraging effect on investment from protracted political instability.
One scorecard on the first two years that is worth noting is the British Chamber of Commerce. Its membership is wide-ranging and includes those who enthused for Brexit back at the 2016 referendum. And from a manufacturer in Dorset: "Brexit has been the biggest ever imposition of bureaucracy on business. Simple importing of parts to fix broken machines or raw materials from the EU have become a major time-consuming nightmare for small businesses, and Brexit related logistics delays are a massive cost when machines are stood waiting for parts.Brexiteer agenda"The Trade and Cooperation Agreement is the world's largest zero tariff, zero quota free trade deal.
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