British Trade Post-Brexit: A New World for Global British Business

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Added: Date: 12/02/2021

Read the next report in the series ‘Trade Matters: The Contribution of Trade to UK Prosperity’

‘A New World for Global British Business’ report reveals insights into how British businesses have increased trade diversion away from the EU due to Brexit, identifying what that means for UK firms trading internationally and the lessons it presents. 

The foundations of the report come from the Lloyds Banking Group Centre for Business Prosperity at Aston Business School, which looks at trends in international trade and business prosperity. This was combined with some selected qualitative interviews of customers and leaders at financial services, engineering, media and entertainment, manufacturers, energy, retail and aerospace industries and polling of more than 1200 businesses to explore the challenges that are facing Britain’s importers and exporters in advance of the dawn of a new trading world.

You can navigate your way through the fully interactive report quickly and easily at the top of this page.

The topics covered include: 

Defying gravity – understanding Brexit trade diversion

The research findings are clear - the uncertainty related to the Brexit process drove UK firms to divert export and import flows away from the EU to other markets. 

The report finds that nearly £50bn of exports have already been diverted from the EU since the referendum in June 2016, with additional research indicating that nearly one in five British exporters (18%) have already changed trading partners to divert business outside the EU. 

Investment will help support British businesses build resilience and growth

Network and connectivity, technology and supporting British exporters and importers will help open up new trading opportunities beyond the EU. 

Innovation and partnerships will help businesses navigate their way through a highly uncertain global trading environment while exploring new trading partners around the world. 

Major operational impact

Many British importers and exporters have already taken their future into their own hands by reviewing and reshaping supply chains, assessing the impact of potential tariffs on goods and service and business continuity, which in many cases has resulted in stockpiling. 

The conclusion of the withdrawal process from the EU, combined with the impacts of the global pandemic, look set to fundamentally reshape the face of how and where British businesses trade internationally.

For a more detailed look at the research, click on the panel at the top of the page.

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