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Thursday, February 29, 2024

Brexit is Compounding The Tory Cost of Living Crisis

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UK exports to The EU plunge by £20 Billion.

The SNP has said Brexit and Westminster economic mismanagement are “compounding the Tory cost of living crisis” – as figures show UK exports to the EU fell by £20billion last year.

Data from the Office for National Statistics (ONS) shows that UK exports to the EU plunged by 12% in 2021 compared with 2018, while imports from the EU fell by 17% to the lowest level in five years.

The UK’s trade deficit has also widened to its highest point on record, with the UK importing £15billion more than it exported in 2021.

The decline in exports has hit key goods – with food and live animal exports to the EU falling by 18%, fish and shellfish exports falling by 5%, vegetable and fruits exports falling by 39%, and clothing exports falling by 59%.

Commenting, SNP Trade spokesperson Drew Hendry MP (pictured) said:

“Boris Johnson’s damaging hard Brexit was imposed against Scotland’s will, and it has cost our economy billions of pounds – with plunging exports, rising costs, and lost growth.

“It’s devastating to see the long-term damage the UK government has recklessly inflicted through Brexit and economic mismanagement, compounding the Tory cost of living crisis.

“At a time when Tory cuts, regressive tax hikes, rising inflation and soaring energy bills are hitting families and businesses hard – Brexit is making this crisis even worse by increasing costs, raising prices, and reducing jobs, income and investment.

“The SNP will continue to press the UK government for immediate action to mitigate Brexit and the Tory cost of living crisis but ultimately independence is the only way to keep Scotland safe and regain the benefits of EU membership, including a more prosperous economy.”

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