Monday, 24 Jan 2022

‘So much for doomsters!’ Thriving Brexit Britain secures £766BN in trade from 70 nations

Sara Cox compares Brexit to leaving a party early

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Ranil Jayawardena, a Tory MP for North East Hampshire and the current Minister for International Trade praised the work of the Government in an op-ed published by The Telegraph on Friday. He says Brexit Britain facilitated the export of British made goods and services to various countries via “cutting through unnecessary red tape and working with our trading partners across the world to set the conditions in which British businesses can thrive.”

The Minister wrote: “I’m proud to say that figures published yesterday show we successfully resolved a total of 217 trade barriers across 74 countries – up 20 percent on last year’s total.

“So much for the doubters, doomsters and gloomsters.”

He mentioned that the total worth of £766 billion in trade deals include those signed with 70 countries and the European Union.

Although the UK still has close ties with the EU in terms of trade deals, British companies are exporting more goods to non-EU countries (£13.6 billion excluding precious metals) than EU countries (£12.9 billion).

But these figures represent cash values, and the value of money has decreased over time due to inflation.

However, the Institute of Fiscal Studies (IFS) reminds that people focus too much on export figures.

One of the many misconceptions about trade, according to the IFS, is that “exports are good and imports bad”.

In fact, the reverse is the case.

The IFS reports: “Exports are useful because we need the money to pay for the imports we want.

“There is no intrinsic benefit in spending our time producing stuff for other people.”

Mr Jayawardena challenges the views of the Institute of Fiscal Studies as he claims “firms that export are more productive, more profitable and pay higher wages on average than those that don’t.”

Earlier this month, The Mirror revealed that Ranil Jayawardena was one of the MPs cashing in from links to private health firms.

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The Minister received an office space worth £19,000 in his Hants constituency as a donation from test and trace giant Serco.

Serco was involved in the part-privatised NHS Test and Trace system in England for around £50m a month.

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