Friday 18 February 2022

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI), said:

“The UK Government must ensure, post-Brexit, that British companies are able to trade freely and unencumbered by unnecessary red tape. It is disappointing that research from the British Chamber of Commerce finds that British exporters are struggling in practice with the EU trade deal, which clearly is not enabling businesses to flourish.

“It is even more worrying that the businesses most affected by this are small and medium sized businesses, the lifeblood of London. Many rely on EU export – in 2019, London goods exported to the EU accounted for just over 50% of total London goods exports – and don’t have the administrative power to adhere to complex, time-consuming and costly TCA rules and guidelines. We wholeheartedly agree with the BCC’s suggestions that more needs to be done to revise these rules and make them more digestible.

“We are pleased that a handful of companies have acknowledged the TCA has allowed trade with other global markets. In the UK, London is a global city and a powerhouse of business, industry and trade and it is vital that the capital is able to compete with cities such as Singapore, Tokyo and New York and trade on a global scale.

“London’s attractiveness, reputation, capital markets and status have a key part to play in the positioning and cultivating of Global Britain. Domestically, London is uniquely positioned as the engine room of the UK to drive levelling-up forward as a kingdom-wide endeavour and ensure regional prosperity is achieved in all corners of the country. Establishing seamless trade is integral to achieving this, and the Government must enable businesses to recoup losses – not create red tape that costs them more.”

Read the research here.