24 Hrs
Source:
The Guardian
UK faces £6.5bn annual EU trade loss
The IPPR estimates that since the UK’s divergence from EU product testing rules post-Brexit, British motor vehicle and parts manufacturers have lost up to £3.42 billion annually, contributing to a total trade loss of up to £6.5 billion per year with the EU. The report attributes these losses to the absence of a mutual recognition agreement, which would align UK and EU standards and reduce export costs. The findings highlight significant trade opportunities missed and emphasize the need for renewed talks with the EU to mitigate the economic impact.
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