Watchdog says Brexit has brought cost, red tape for UK firms
ABC News
A public spending watchdog says Britain's departure from the European Union has brought higher costs, more red tape and border delays for businesses and not yet delivered promised benefits
LONDON -- Britain’s departure from the European Union has brought higher costs, more red tape and border delays for businesses, and not yet delivered promised benefits, a public spending watchdog said Wednesday.
A day after Prime Minister Boris Johnson appointed a “Brexit opportunities” minister, Parliament’s Public Accounts Committee said that the “only detectable impact” of Brexit so far has been to increase burdens on businesses.
Britain left the European Union’s vast single market for goods and services on Dec. 31, 2020. Most trade remains tariff-free, but Brexit has brought a host of new customs checks and other barriers to previously frictionless trade.
Supporters of Brexit argue that leaving the bloc, which Britain joined in 1973, will allow the U.K. to slash red tape, increase productivity and streamline the economy.
