Trading Our Way to Prosperity: a blueprint for policymakers

Tom Brufatto; Jennifer Watson; Maheen Behrana; Emily Reed; David Henig

Leaving the European Union was therefore always likely to have an impact on the UK’s trading performance, with the Office for Budget Responsibility (OBR) estimating that both exports and imports will be around 15 percent lower as a consequence. We also hear frequently of the disproportionate impact on small businesses, who are grappling with increased costs, bureaucracy, and red tape. UK losses from greater barriers to EU trade are not being offset globally, with the OBR saying that the UK has “missed out” on much of the recovery in global trade. Such a state of UK trade calls for critical examination of the policies that have shaped our trading relationships, with a view to finding improvements. We have hosted 38 evidence sessions, performed site visits, taken over 80 hours of live testimony from 234 expert witnesses, industry leaders and business owners and received written evidence submissions from over 200 organisations as part of an open consultation. This report is a product of the extensive work we have undertaken and the valuable insights gained have culminated in the development of 114 actionable recommendations. These recommendations are designed to enhance the UK’s trading relationships, foster business growth, and navigate through the current challenging landscape.