In a survey of 1,001 managers of UK companies with international trade. (Illustration: El Nuevo Diario)
EL NUEVO DIARIO, LONDON.-The profits of British companies trading with countries in the European Union have plummeted after Brexit, according to a survey published this Tuesday by the economic newspaper ‘Financial Times’ (FT).
In a survey of 1,001 managers of UK companies with international trade, conducted 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 “the UK has not experienced the trade boom promised by Brexit supporters.”
Additionally, four out of five respondents – 81% – admitted that, after leaving the European Union, the difficulty of doing business with European business groups had increased.
Likewise, they reported increased costs due to new regulations and customs obligations of an average of 96,281 pounds (more than 112,500 euros) in the last three years.
Vice president of global indirect tax at Avalara, the company that commissioned the Censuswide survey, Alex Baulf, told the FT that they expected losses to hit UK companies with businesses overseas after Brexit.
“When there are commercial exchanges, 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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