IoD calls for EU/Brexit co-operation after nearly 20% of members halt trade with the EU

Institute of Directors
Friday, March 12, 2021
Ahead of the UK’s first trade data publication since the end of the Brexit transition period, IoD research has found nearly 20% of business leaders who trade with the EU stopped doing so in January. With the Office for National Statistics due to publish figures for the first month of 2021, a survey of over 900 directors saw just under 1 in 5 of those trading with the EU report their commercial organisations had halted doing so during this period. This cohort was narrowly split between those who indicated they had stopped trading temporarily and those who reported it to be a permanent cessation. Directors selling both goods and services were most likely to have halted EU trading overall, with those selling services being more likely to do so for good relative to goods-only traders. Similarly, those in financial services were far more likely to be permanently stopping EU trade, and few reporting this in manufacturing (with more doing so temporarily).
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