The UK-EU Trade and Cooperation Agreement (TCA) has been in place for over 100 days now. Companies across the UK are continuing to adjust to the new trading relationship with the EU, and the additional checks and processes that need to be completed.
What challenges are firms continuing to face?
Some sectors have been more impacted than others. Recent CBI surveys have shown that over 60% of manufacturers and distributers have reported delays and additional customs costs, whilst 15% of services firms have reported cost and price increases. But services expect increased impact as covid travel restrictions lift.
The size of a firm impacts their ability to navigate the new rules and regulations. While larger firms have experienced the same problems as smaller firms, they have resources available to navigate and understand them. An FSB survey found over 25% of small exporters have stopped selling to EU customers.
New tariff rules have pushed up suppl