Brexit is having “profound and ongoing stifling effects” on goods trade between the United Kingdom and the European Union, according to a new report.

Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned. Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found.

UK trade deal continues to hurt trade with 27% drop in exports since 2021 reports Aston University.   15:51 The US S&P 500 share index has just nudged an alltime intraday high. That puts the index on track for its first record closing high since mid-July.

The value of UK goods exports to the European Union sank by 27% and imported goods by 32% between 2021 and 2023

New research has proven that Brexit has damaged the UK’s trade but an expert has warned things could get worse with the new border checks system