British companies that trade with the EU make less profits after Brexit – El Nuevo Diario (Dominican Republic)

In a survey of 1,001 managers of British companies with international trade. (Illustration: El Nuevo Diario)

El Nuevo Diario, London – The profits of British companies that do business with European Union countries generally declined after Britain's exit from the European Union, according to a study published by the Financial Times economic newspaper on Tuesday.

In a survey of 1,001 directors of internationally traded UK businesses, commissioned by tax technology consultancy Avalara, 70% of those who voted for Brexit and 79% of those who voted against said their businesses were now “less profitable”. ».

73% and 84% respectively agreed that “the UK has not experienced the trade boom that Brexiteers promised.”

Furthermore, four out of five of those surveyed – 81% – acknowledged that the difficulty of dealing with European business groups had increased after leaving the EU.

Likewise, they reported an increase in costs due to new regulatory and customs obligations averaging £96,281 (just over €112,500) in the last three years.

Alex Polfe, vice-president of global indirect taxes at Avalara, the company that commissioned the Censuswide survey, told the Financial Times that they expect British companies doing business abroad to be hit after Brexit.

“Where there is trade, there are additional costs that affect profit margins,” he said.

The publication of these data coincides with the day before the UK's new border controls come into force on food and animal products imported from the EU which, from Wednesday, will require phytosanitary certificates.

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