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November 8, 2023
Thousands of businesses across the UK have been having to get to grips with new rules surrounding VAT, imports and exports since the Brexit transition period ended at the start of this year.
New data released today from a survey of more than 1,168 businesses (92% SMEs) shows significant challenges for UK firms trying to use the Trade and Co-operation Agreement (TCA).
The TCA was agreed on Christmas Eve in 2020 to allow tariff-free trade with the EU once Brexit took effect.
But a high proportion of businesses say they are still having major problems trying to use the deal to trade with Europe.
The BCC has sent the Government a report setting out the main issues the TCA is causing with solutions to many of the problems.
The survey also found that alongside problems with the TCA, four in five (80%) firms had seen the cost of importing increase since January, more than half (53%) had seen their sales margins decrease and almost three quarters (70%) of manufacturers had experienced shortages of goods and services.
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