Research announced today shows that Britons, in direct contrast to the Brexit vote in 2016, are keen to increase trade with all European countries.
A study of over 1,000 Britons commissioned by iBanFirst, a global financial service provider across banking borders, and conducted by BVA, reveals that over 8 in 10 (80%) UK citizens desire to increase trade with all European countries, whilst just over half (52%) want to increase trade internationally.
The study found that a key reason behind a desire to increase trade is to make the cost of goods more affordable. Over 8 in 10 (86%) Britons believe that trade lowers production costs, making goods and services more competitively priced amid the cost-of-living crisis.
In addition, 80% of Britons cited that they desired the UK to trade more with Europe as they believe Free Trade would promote peace within the European Union (EU).
The survey also demonstrates an understanding by the British public of the impact on trade by geopolitics. 80% said that the UK is too dependent on raw materials, energy and vital products. Over half (59%) of Britons want to reduce trade with China, and over three-quarters (78%) wish to reduce trade with Russia. This could have an impact on consumer purchasing habits in the UK.
Pierre-Antoine Dusoulier, Founder and CEO, iBanFirst UK, said, “Neither the Tories or Labour Party wish to acknowledge the deep and complex economic issues the UK is facing because of its departure from the European Union. The elephant in the room keeps growing and, most likely, still has some way to go.
“Meanwhile, a large part of the UK population is not endorsing Brexit anymore. According to iBanFirst research, 80% of Britons agree that Free Trade within the European Union promotes peace between countries. But it goes beyond that. Brexit is synonymous with an uncompetitive economy which lags its European peers.
“According to the OBR, Brexit will result in UK trade being 15% lower in the long run. This is very significant. There is even more gloom: business investment, which is at the core of any country’s competitiveness, is vastly lagging its counterparts. Much of this began in 2016 when the Leave campaign won the referendum.
“In the short-term it’s very clear, Brexit has had a deeply adverse impact on UK trade and the economy as a whole.”