Why the British Chamber of Commerce is urging help for exporters following EU trade deal

A survey of 1,000 businesses by the British Chambers of Commerce (BCC) found that only one in eight said the trade deal was helping them.

A majority of respondents said it has pushed up costs, increased paperwork and delays, and put the UK at a competitive disadvantage.

Seven out of 10 of those polled said the Trade and Co-operation Agreement (TCA) was not enabling their business to grow.

Issues included rising costs, not having the time and money to deal with the bureaucracy it had introduced and EU customers being put off from considering UK goods and services.

William Bain, head of trade policy at the BCC, said: “This is the latest BCC research to clearly show there are issues with the EU trade deal that need to be improved.

“Nearly all of the businesses in this research have fewer than 250 employees and these smaller firms are feeling most of the pain of the new burdens in the TCA.

“Many of these companies have neither the time, staff or money to deal with the additional paperwork and rising costs involved with EU trade, nor can they afford to set up a new base in Europe or pay for intermediaries to represent them.

“But if both sides take a pragmatic approach, they could reach a new understanding on the rules and then build on that further.

“Accredited Chambers of Commerce support the UK Government’s ambition to massively increase the number of firms exporting. If we can free up the flow of goods and services into the EU, our largest overseas market, it will go a long way to realising that goal.”

The BCC made a number of suggestions, including moves to reduce the complexity of exporting food, and tackling limitations on business travel and work activities in the EU.

However, a survey of chartered accountants found that exports boosted the confidence of firms in Yorkshire.

Sentiment tracked by ICAEW’s (Institute of Chartered Accountants in England and Wales) Business Confidence Monitor (BCM) for Yorkshire found confidence at 25.8 on the quarterly index.

A strong sales performance, particularly in exports where growth in the region surpassed all other parts of the UK, was a likely contributor to the high confidence reading.

The BCM also revealed the sharpest increase in domestic sales in Yorkshire since the survey began in 2004, as companies recovered from the pandemic. Firms expect gains in overall sales in the year ahead.

As sales intensified, nearly half of companies struggled with the availability of people with non-management skills and staff turnover.

Dr James Callaghan, ICAEW regional director for Yorkshire, said: “The future looks promising for our region’s businesses as a strong sales performance, especially in exports where growth exceeded every other part of the UK, means confidence has remained high despite easing from its 2021 peak.

“As companies plan for a post-pandemic future and customer demand increases, recruitment and skills shortages could be a problem. Supply-chain disruption and rising costs – particularly for raw materials – could also be a burden for the region’s large base of manufacturing businesses.”

He added: “The Government’s plans for levelling up could help boost the post-pandemic economic recovery, and we hope engagement with the private sector can play a key role in achieving growth.”

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James Mitchinson