UK losing up to £6.5bn a year in EU trade due to mismatched product rules
IPPR finds failure to align testing standards has forced companies to abandon exporting to EU and is costing costing 0.18% of national income The UK is losing out on annual exports to the EU that could be worth as much as £6.5bn without a deal with Brussels that allows manufacturers to jettison duplicate product testing. In the latest attempt to calculate the loss of trade with the EU after…
A new report from the IPPR reveals that the UK is potentially losing up to £6.5 billion annually in EU trade due to the failure to align product testing standards. This discrepancy in regulations has forced many companies to abandon exporting to the EU, resulting in a 0.18% loss of national income. The thinktank suggests that a deal with Brussels allowing manufacturers to avoid duplicate product testing could help boost exports to the EU by as much as £6.5 billion per year.
In particular, motor vehicle and part exports would have been £2.48 billion to £3.42 billion higher each year, electronic exports could have increased by £1.17 billion to £1.67 billion, and pharmaceutical exports could have seen an annual uplift of £740 million to £820 million.
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