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Brexit One Month On: Pain for U.K. Firms, Red Tape, and the EU’s Vaccine ‘Big Mistake’
Posted
February 2, 2021
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February 2, 2021
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4:07Now PlayingRed tape, unfinished business and a vaccine row threat to a delicate deal. Bloomberg's Joe Mayes and Marc Davies discuss how the U.K.'s faring one month after Brexit, and the impact of the EU's vaccine row with AstraZeneca.
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MORE: Truckers are trying to avoid the U.K. as Brexit red tape keeps them waiting to get to the continent.
New weekly data highlight the additional costs companies face when trading between Britain and the European Union after U.K. left the single market on Dec. 31. While the two sides agreed not to impose tariffs on goods, so-called non-tariff barriers are nevertheless creating obstacles for business.
Freight firms are shunning the U.K., keeping rejection rates on contracts well above the third-quarter average last week, according to high-frequency data from Transporeon, the global logistics platform. This was at least partly because haulers are being put off by delays -- the median time truckers spent in lines at Ashford, southeast England, was about 15 hours.
The cost of sending freight between the U.K. to the European Union also remained abnormally high. Stephan Sieber, chief executive of Transporeon, said this underscored that rates were not following their usual seasonal dip in the first quarter of the year. The price of shipping cargo from France to Britain was still 42% above the third-quarter average last week.
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