Brexit: The impact on the UK economy one year on

How has the UK economy performed since leaving the EU?

It has been a year since the UK signed the Trade and Cooperation Agreement with the EU, which marked the start of a new era for the UK's economic relationship with the bloc. The agreement has had a significant impact on the UK economy, both positive and negative.

Positive impacts

One of the most positive impacts of the agreement has been the reduction in uncertainty. Businesses now have a clear understanding of the rules and regulations that will govern their trade with the EU, which has given them the confidence to invest and grow. This has led to increased economic activity and job creation.

Another positive impact of the agreement has been the reduction in tariffs. The UK is now able to trade with the EU on a tariff-free basis, which has made it cheaper for businesses to import and export goods. This has led to lower prices for consumers and has helped to boost the UK's exports.

Negative impacts

However, the agreement has also had some negative impacts on the UK economy. One of the most significant has been the increase in bureaucracy. Businesses now have to comply with a number of new regulations and procedures when trading with the EU, which has added to their costs and reduced their efficiency.

Another negative impact of the agreement has been the disruption to supply chains. The new border controls and customs procedures have caused delays and disruption to the flow of goods between the UK and the EU, which has led to higher costs and reduced trade.

Overall

The impact of the UK-EU Trade and Cooperation Agreement on the UK economy has been mixed. There have been both positive and negative impacts, and it is too early to say what the long-term effects will be. However, the agreement has undoubtedly had a significant impact on the UK economy, and it is likely to continue to do so for years to come.