Businesses reveal Brexit 's impact five years on from the referendum
Today marks five years since the EU referendum, in which the UK voted by a 52 per cent majority to exit the European Union.
Over the past five years, the business community has had to contend with a great deal of uncertainty regarding the future trading relationship with the EU.
Despite various changes to deadlines, both sides were finally able to end years of protracted negotiations and speculation by reaching an agreement on the 24 December last year.
Now six months into the new trading arrangements with the EU, the Greater Birmingham Chambers of Commerce (GBCC) has surveyed members through their latest Quarterly Businesses Report (QBR) on how they have been impacted since the end of the transition period.
The findings showed that 27 per cent of businesses reported that they had found it more difficult exporting goods to the EU since the departure.
In addition, 35 per cent of traders experienced more difficulty importing goods from the EU.
The survey also found that 38 per cent of businesses have faced increased costs as a result of the UK 's departure from the EU. As well as this, 12 per cent of businesses had experienced reduced demand from EU businesses for their products and services.
Despite some businesses noting considerable impacts to their businesses since the leave, one in five reported that they had encountered no issues since the end of the transition period.
Henrietta Brealey, chief executive of the Greater Birmingham Chambers of Commerce (GBCC), said: “Here it is; half a decade on from the historic Brexit referendum and 6 months past the end of the Brexit transition period.
“While COVID-19 has blown Brexit out of the water in terms of immediate business disruption, it is clear that a significant proportion of businesses believe that Brexit has directly increased the friction, and cost, of trading with the EU.
“With major developments around the corner, including the deadline for applications for the UK 's EU Settlement Scheme and expansion of the EU One Stop Shop, the long term implications of Brexit remain front of mind for many.
“It is critical that the Government takes action to ease the non-tariff barriers on trade with the EU and ensures that businesses can access the skills and talent they need. While we may be five years on from the referendum, there 's still plenty more to do to ensure that the UK truly stays open for business.
“Despite underlying issues, there is still plenty of opportunity and optimism surrounding global trade. I would encourage readers to tune in to the Chambers ' free Global Trade conference this afternoon for the latest insight. ”
To register for the GBCC 's Global Trade Conference click here.
The coming weeks will see a number of major deadlines and milestones.
EU citizens who were living in the UK ahead of the 31 December 2020 have just one week left to apply for the EU Settlement Scheme. They must apply by the 30th June in order to be able to continue to live, work and access services in the UK as they do now (find out more about key steps for employers to take via our Employing EU Nationals Brexit Checklist here).
From the 1st July, significant changes to EU VAT for UK based business to consumer retailers will come in to effect with the expansion of the One Stop Shop (click here for a video briefing from Chamber Patron RSM).
The GBCC is currently working with the West Midlands Combined Authority, Coventry & Warwickshire Chamber of Commerce and the Black Country Chamber of Commerce to help West Midlands businesses as they adapt to the new requirements for trading with the EU.
As part of this, businesses can attend free digital workshops and access funded places on a number of international trade training programmes.
This includes dedicated sessions on trading with individual EU nations such as Ireland and France with in-market experts and comprehensive professional training courses on import and export processes and procedures.
Find out more and register here.