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What is happening in UK trade post-Brexit (EU and global) is what I always feared - a government not getting a handle on the day-to-day issues that cost business and the country, preferring instead the jet-setting photo opportunity and talk of future deals. https://www.ft.com/content/3dad4ef3-59e8-437e-8f63-f629a5b7d0aa?emailId=60245fa27f1dde0004c30f45&segmentId=488e9a50-190e-700c-cc1c-6a339da99cab
Take the share trading news. Is it on its own a significant loss - no. But it is part of a pattern, the UK isn't getting financial services equivalence from the EU the way things are going, doesn't know what to do about it, activity goes to EU. https://twitter.com/Sime0nStylites/status/1359764589668421632
We have a @britishchambers survey of firms experience trading with the EU today. As you'd expect, a lot of issues. Will they be terminal to all business - again no. But some will, and some business will go to the EU. There's a pattern here. https://www.britishchambers.org.uk/news/2021/02/bcc-brexit-survey-half-of-uk-exporters-report-difficulties-adapting-to-changes-relating-to-eu-uk-goods-trade
It isn't just the EU. The single biggest of all the UK's trading issues right now is with the US, the huge losses caused by penalty tariffs on Scotch. Difficult issue to solve, point is another that hasn't happened. Despite optimistic noises in December. https://www.theguardian.com/food/2021/feb/02/us-tariffs-on-scotch-whisky-have-cost-500m-in-lost-exports
And watch out fo possible trade issues with China and Hong Kong given escalating political tensions with them. It has happened to Australia, though so far not with a great deal of cost. We can't rule it out happening to the UK, perhaps more effectively. https://www.cnbc.com/2020/12/29/trade-war-with-china-australias-economy-after-covid-19-pandemic.html
Even where we're talking new trade deals you may note the UK government haven't made any difficult decisions yet. We still haven't reached agreement on agriculture quotas at the WTO, we don't know if we'll accept US food, and so on.
In the parallel universe of the Conservative Party Liz Truss is the most popular member of the Cabinet because she has a good PR operation and officials did well to replicate existing EU trade deals. But in the real world of trade the problems are building up.
Meanwhile from government, what exactly? Concern about the lost trade, not particularly. A joined up foreign and trade policy to prevent us being on the wrong side of the US, EU and China at the same time, doesn't seem so. A strategy for new trade deals, not really.
None of these trade issues are (though it will be claimed so) Brexit v Remain. That helpfully silences criticism. Instead this is a lack of realism, planning, negotiating, joined-up government. Business losses, government watches, issues statement. Rather more needed. /end
PS expect lots more of these. Because whimpering isn't a negotiating strategy likely to yield results. https://www.ft.com/content/301c99ba-d091-4ee8-9c05-1da9a586c517?shareType=nongift
