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1:13 PM 28th April 2021
business

BCC & CBI Welcomes Ratification Of UK-EU TCA But Says Work Remains To Be Done

Speaking after news that the TCA has been ratified, Hannah Essex, Co-Executive Director of the BCC, said:
“While there may be relief that the ratification of the TCA has gone smoothly, the reality is that the changes within the agreement have been operational now for almost four months.

“It is now vital that both the UK and EU work together to alleviate the significant disruption and difficulty which many firms continue to report, and with further changes still to come.

“The British Chambers of Commerce’s Trade Confidence Outlook  for Q1, released earlier this month, revealed  the  stark issues facing  UK  exporters in the first months of this year.

“The survey  of  almost 3,000 UK  exporters  revealed that 41% of respondents reported a decrease in export sales, while only 20% reported an increase. This follows a major BCC survey in January which found that 49% of exporters reported difficulties adapting to changes to trade in goods rules. Only 16% reported ease in adapting to changes.

“Without further support for businesses the effects of the deal  will weigh on UK economic prospects for some time to come. 

“The UK and the EU must now get back around the table  and continue talks so they can build upon the  arrangements set out in  the TCA to deliver long-term improvements to the flow of trade between them.”  

Tony Danker, CBI Director-General, said:

“Ratification of the Trade and Cooperation Agreement is a decisive step forward, but it’s far from the end of the process for business.

“The next phase is normalising relations between the UK and EU, in order to smooth trade and maximise the benefits of the new economic partnership.”