UK TRADE TRACKER Q4 2023 STEPHEN HUNSAKER 1 INTRODUCTION The UK in a Changing Europe trade tracker will focus on three key areas: UK trade and its performance relative to historical data; UK trade in a global context and how it compares to the G7; and finally, newsworthy developments which have occurred within trade in the last quarter. [...] 2019 is used as a base year as it was the last year where data was unimpacted by either the COVID-19 pandemic or the introduction of the Trade and Cooperation Agreement (TCA) between the UK and the EU. [...] Since the introduction of the TCA the UK has had the lowest trade openness in the G7. [...] Our focus of this section will be on the proposal for turning the Department of Business and Trade (DBT) Board of Trade into an independent agency that would work in a similar fashion to that of the OBR’s relationship with the Treasury. [...] The idea, as proposed by the UKTBC, would be to move the board out of Badenoch’s department and have it operate independently, allowing it to scrutinise trade agreements the DBT signs and the impact they might have on the UK economy.
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