Brexit has been a source of concern for the UK economy since it was officially implemented three years ago. The country is the only G7 nation that is projected to have a shrinking economy this year, according to the International Monetary Fund’s projections.
This is due to a range of factors, including higher taxes, a shortage of workers, and rising gas prices. The impact of Brexit is still being felt in many industries, particularly those that export to the EU.
One company that has been heavily impacted by Brexit is Eston chemicals, which supplies raw materials to the cosmetics industry. The increased complexity and cost of exporting to the EU has forced the company to open a second hub in Poland.
The increased workload has taken a toll on the company’s productivity, which is reflected in the UK’s economy as a whole. According to official forecasts, Britain will be 4% worse off in the medium to long term than it would have been if it had stayed in the EU. This has led many business leaders to question the benefits of Brexit.
Another challenge for companies that export to the EU is the increased bureaucracy and red tape associated with Brexit, which has particularly affected small businesses.
Some companies have been forced to open EU hubs, partner with larger companies that already have established EU operations, or stop trading with the EU altogether. Larger companies are able to absorb the added costs, but small businesses are struggling.
Despite this, those who lobbied for Brexit three years ago are pointing to some UK economic figures that they see as beneficial, such as low unemployment. They argue that Brexit will be beneficial for the UK in the long run, as it allows the country to set its own rules and deregulate where it wants to be.
Brexit was primarily a political decision, and its impact on the UK economy has been negative in the short term. The increased bureaucracy and red tape associated with exporting to the EU has particularly affected small businesses, and many companies have been forced to adapt in order to continue operations.
However, those who supported Brexit believe that it will be beneficial for the UK in the long run, as it allows the country to set its own rules and regulations.
