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last mo.

Jeremy Hunt Endorses Report Downplaying Brexit's Trade Impact

The Policy Exchange report argues Brexit's trade effects have been overstated, but critics maintain it does not alter the consensus on its economic harm.

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Lorries line up on the A20 at Dover to take ferries to Calais (Photo: Andrew Aitchison/In Pictures)
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Overview

  • Jeremy Hunt backed a Policy Exchange report claiming Brexit has had less impact on British exports to the EU than previously thought, focusing on trade value over volume.
  • The report argues that while vehicle export volumes to the EU dropped 28% since 2019, the value of these exports only declined by 2%.
  • Critics, including trade experts, contend the report selectively uses data and fails to challenge the broader consensus that Brexit has harmed UK trade.
  • The Office for Budget Responsibility (OBR) continues to forecast a long-term 15% reduction in UK trade due to Brexit, a position the report disputes.
  • Hunt emphasized the importance of strengthening the UK’s economic ties with both the EU and the US, warning against reopening Brexit debates.