BusinessPREMIUM

Brexit paperwork hurdle

Picture: 123RF/MARIAN VEJCIK
Picture: 123RF/MARIAN VEJCIK

British companies say new customs forms required following Brexit are the biggest hurdle to trading with the rest of the world.

About 38% of exporters and 39% of importers identified form-filling as their main hurdle, according to a survey conducted by the Office for National Statistics.

While half of exporters reported no difficulties trading internationally, the concerns on paperwork exceeded those about disruption at UK borders and transport costs. The findings add to evidence that friction at ports is weighing on Britain's ability to trade after the nation left the EU's common customs system.

Importers are warning they face even more red tape when new regulations come into force in April and July.

Almost a third of the companies that move goods from mainland Britain to Northern Ireland said volumes had fallen in the past two weeks.

Separate research by the Chartered Institute of Procurement and Supply (CIPS) found that more than half of companies reported longer delays - at least two to three days for imports - since the start of the year.

"Delays are continuing to get longer, putting more and more pressure on the UK's supply chains," said John Glen, an economist for CIPS.

"The knock-on impact of these delays will trickle far down the supply chain and ultimately result in stock shortages and inflated prices for consumers."

Bloomberg

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