Brexit’s £37bn blow: Labour eyes EU trade reset
The UK admits a £37bn Brexit trade hit. Labour calls for an EU reset, as pressure grows to scrap barriers and prioritise recovery over ideology. A new deal may reshape relations.
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The UK government has acknowledged a staggering £37bn annual loss to businesses due to Brexit, with trade with the EU now 5% below pre-exit levels. Trade Minister Douglas Alexander conceded that the post-Brexit deal “is not working well enough”. He promised to “tear down unnecessary barriers to trade”.
Labour is pushing for a “reset” in relations. PM Keir Starmer envisions a new deal to mend ties “for generations to come”. Experts argue Brexit’s impact is undeniable, urging the UK to remove regulatory differences to reverse economic damage.
Pressure is mounting for deeper EU alignment. “The present barriers… have been anything but a catastrophe,” said Tom Brufatto of Best for Britain.
The debate now centres on whether ideological red lines outweigh economic recovery.
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