Third of UK export firms lost business over Brexit: Study

At least a third of British exports companies have already suffered a major loss in both business and investment as a direct consequence of the country’s pending exit from the European Union (EU), a new study shows.

Around 30 percent of the one thousand firms that were surveyed by the University of Sussex revealed that they had experienced export sales fall, The Independent reported Monday.

Some 22 percent of them said they had already lost up to 10 percent of their trade as a direct result of Brexit, while 6 percent said their loss was between 10 and 30 percent.

Brexit had also negatively affected investments in British companies that contribute to the country’s exports by £52 billion a year.

The researchers warned that besides a possible shortage of skilled workers, British companies that are in a supply chain or on a tender list with EU-based companies were likely to lose their contracts as a direct result of the divorce.

“Our research reveals that Brexit is already impacting British exports,” said Professor Alan Winters of the university’s UK Trade Policy Observatory.

“In the event of a no-deal exit from the European Union, Britain’s trade with the EU will be badly hit, hundreds of thousands of jobs will be at risk and real wages are likely to be cut,” he added.

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The findings of the survey come just days before the government of Prime Minister Theresa May releases its second set of Brexit documents to address business concerns about the consequences of a possible no-deal Brexit.

The UK companies surveyed employed 1.1 million workers.

Britain is due to leave the EU at the end of March next year. Negotiations on a deal for future relations have been very tough and some have even warned that there is a high chance for the UK to crash out of the EU without a deal.

May has been trying hard to sell its Brexit strategy both to the EU and to domestic critics. The EU has been critical of May’s plan to maintain some trade links with the bloc after withdrawal takes place. The critics at home have also slammed May for giving up too much during the talks.

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