Exporters: Brexit will hit growth

ALMOST half of export specialists expect their business growth to fall as a result of Brexit.

The Institute of Export – a charity that trains trade experts who work in businesses across the country – said 42 per cent of its members expected their business growth to decline in the long term as a result of leaving the single market. Only a quarter thought their business growth would increase over the same period.

More than 600 members of the IoE responded to its post-Brexit survey, which is likely to be taken seriously because it reflects the views of experts at the forefront of international trade.

‘Our volume of intra-EU trade is currently three times the size of our trade outside the EU so a “hard Brexit” will require significant investment in personnel and systems to ensure we can cope with the increased requirements for export processing,’ one respondent said.

Many fear that their trading arrangements will be hampered by export controls and licensing procedures.

‘A third of our workforce are foreigners, here legally. Their right to remain obviously will have a massive impact on the business,’ said another exporter.

Eighty-eight per cent of respondents said a deal on trade with the EU was a priority, while 77 per cent said the US, 62 per cent Canada and 61 per cent China.