kickstart economic growth<\/a>, its top priority since taking power following a national election in July.\n <\/p>\n\n UK Prime Minister Keir Starmer said this week that he would prioritize economic growth in the government\u2019s upcoming budget, due to be unveiled next month, though he has ruled out rejoining the EU single market or customs union \u2014 measures that could help with that goal.\n <\/p>\n
\n According to official figures, exports, split roughly equally between goods and services, make up almost a third of UK gross domestic product and the EU accounts for 48% of the country\u2019s goods exports.\n <\/p>\n
\n \u201cThe UK-EU trade relationship remains crucial for both parties,\u201d Tuesday\u2019s report said, adding that the relationship\u00a0\u201cunderpins\u201d economic\u00a0stability and\u00a0growth.\n <\/p>\n
\n The report shows a steep reduction in the variety of British goods exported to the EU, with small businesses in industries such as food and clothing often among those abandoning exports due to increased costs and red tape.\n <\/p>\n
\n According to the study\u2019s lead author, Professor Jun Du, the post-Brexit trade deal has \u201cintroduced substantial barriers\u201d to UK-EU trade.\n <\/p>\n
\n To improve trade ties, the researchers recommend the government prioritize \u201csector-specific\u201d agreements in areas such as agriculture, streamline customs procedures using digital technology and ensure closer regulatory alignment with the EU.\n <\/p>\n
\n \u201cWithout urgent policy interventions, the UK\u2019s economic position and place in the global market will continue to weaken,\u201d Du said.\n <\/p>\n
\n The report is the latest piece of research to highlight the negative effects Brexit has had on the UK economy. According to the UK in a Changing Europe think tank, between the 2016 referendum and July last year, Brexit had delivered an estimated hit to UK GDP of between 2% and 4%.\n <\/p>\n
\n Over the long run, the new trading relationship is expected to reduce Britain\u2019s output by 4% compared with what it would have been if the country had remained in the EU, according to the Office for Budget Responsibility, which produces economic forecasts for the government.\n <\/p>\n
\n Sophie Hale, principal economist at the Resolution Foundation, a think tank, posted on X Tuesday that the Aston University research demonstrated \u201cthe economic case for a quick but ambitious UK-EU reset.\u201d\n <\/p>\n
\n A spokesperson for the UK government said: \u201cWe will work to improve our trade and investment relationship with the EU and tear down unnecessary trade barriers, while recognizing that there will be no return to the single market, customs union or freedom of movement.\u201d\n <\/p>\n
\n While goods exports to the EU have declined, exports of services to the bloc are at a record high, according to the government, hitting \u00a3172 billion ($227 billion) over the 12 months to March.\n <\/p>\n
\n Olesya Dmitracova contributed to this article.\n <\/p>\n","protected":false},"excerpt":{"rendered":"London CNN \u00a0\u2014\u00a0 Brexit is having \u201cprofound and ongoing stifling effects\u201d on goods trade between the United Kingdom…\n","protected":false},"author":2,"featured_media":217538,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5226],"tags":[802,748,2000,299,5187,1699,4884,16,15],"class_list":{"0":"post-217537","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brexit","8":"tag-brexit","9":"tag-britain","10":"tag-eu","11":"tag-europe","12":"tag-european","13":"tag-european-union","14":"tag-great-britain","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114753141878824137","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/217537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=217537"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/217537\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/217538"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=217537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=217537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=217537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}