London, (EFE).- Profits of British companies trading with European Union countries have plummeted after Brexit, according to a survey published this Tuesday by the economic newspaper ‘Financial Times’ (FT).
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In a survey of 1,001 managers of UK companies with international trade, carried out by tax technology consultancy Avalara, 70% of those who supported Brexit and 79% of those who opposed said their businesses were now “less profitable”.
73% and 84% respectively agreed that “Britain has not experienced the trade boom promised by Brexit supporters“.
In addition, four out of five respondents, namely 81%, admitted that, after leaving the European Union, the difficulties of doing business with European business groups increased.
Likewise, they reported increased costs due to new regulations and customs obligations averaging more than 112,500 euros in the last three years.
Vice president of global indirect tax at Avalara, the company that commissioned the survey from Censuswide, Alex Baulf, told the FT it expected losses to UK companies with overseas business after Brexit.
“When there is a commercial exchange, there are additional costs that eat into profit margins“, he said.
The publication of this data coincides with the day before the entry into force of the UK’s new border controls on food and animal products imported from the European Union and which, from this Wednesday, will require phytosanitary certificates.
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