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The strained relationship with the EU “is costing the UK economy huge sums

Business leaders have warned that strained relations with the EU are “costing the UK economy huge sums” as member state suppliers become increasingly cautious about doing business with the UK post-Brexit. Trade organization Make UK calls on Prime Minister Rishi Sunak for a “full reset” of relations with the European Union.

Experts from Make UK emphasize that political and trade relations with the EU should be a priority, as the whole country is “starting to lag behind other EU countries”, reports The Guardian.

The trade body cites its own study, which shows that almost half of the UK’s top 100 industrial companies “unanimously noted the more cautious approach of EU suppliers”. It also noted that post-Brexit strained relations “could negatively affect trade in other parts of the world”. Make UK boss Stephen Phipson argues that the relationship between the UK and the EU needs to be “closer and stronger”.

“Praise goes to Rishi Sunak, who has shown how much can be achieved through diplomacy and cooperation. The Windsor Agreement for Northern Ireland could be the beginning of a new era” – he adds.

Earlier this year, the group Make UK published another study which found that the political chaos surrounding Brexit had damaged the UK’s image and contributed to a decline in foreign investment in the country.

With international contractors increasingly cautious about doing business in the UK, the latest assessment of the state of the industry shows that many UK firms have abandoned their business with EU firms and have turned to domestic suppliers.

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