The COVID/Brexit cocktail: UK lost market share in U.S., Germany and China - report

 

FILE PHOTO: A lorry arrives at the Port of Dover following the end of the Brexit transition period, Dover, Britain, January 1, 2021. REUTERS/Peter Cziborra

 

LONDON (Reuters) - The United Kingdom lost market share in the United States, Germany and China during the COVID-19 pandemic due to global trade chaos, Brexit and poor productivity, according to new research published on Monday.

 

The United Kingdom performed particularly badly due to a long-term stagnation in productivity growth, according to the report by Aston University’s Lloyd’s Banking Group Centre for Business Prosperity.

 

While all countries grappled with the tumult of COVID-19, the United Kingdom lost market share in its biggest export markets - the United States and Germany, the research showed.

 

"In some key export destinations – Germany, the UK and China - the UK seems to have suffered a sharper decline, experienced a slower recovery, and seen its global competitiveness dwindle," the report said.

 

"The UK's decline in exports to the U.S. appeared the sharpest in both absolute and relative terms and the most prolonged among the major European countries (except for France)."

 

Between 2017 and 2019, the UK increased total exports to Germany by 8.5% - less than the export growth achieved by Italy(12%), the Netherlands (14%) and Spain (20%), as well as the United States (24%).

 

"This to some extent paints a picture of slowing UK exports to Germany following the 2016 Brexit referendum, which may indicate some decoupling between the two economies," economists Jun Du and Oleksandr Shepotylo said in the report.

 

The research, based on United Nations trade statistics, also indicates that the UK lost market share in China.

 

"The combination of COVID, Brexit and the UK's long-term productivity challenges will put British businesses in an adverse position for the foreseeable future," the report said.

 

The United Kingdom's relatively poor productivity has puzzled economies for years: explanations vary from a poor employee skills and low research investment to demand-side factors such as the financial crisis.

 

-- © Copyright Reuters 2021-03-08

 

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Project reality bites hard.

Desperate times in Old Blighty

 

Propaganda piece much ? 

On 3/8/2021 at 1:11 PM, snoop1130 said:

The COVID/Brexit cocktail: UK lost market share in U.S., Germany and China - report

 

"The combination of COVID, Brexit and the UK's long-term productivity challenges will put British businesses in an adverse position for the foreseeable future," the report said.

This is not just  "short-term" or "due to Covid"

 

Likewise long-term investments is choosing voting leave too

 

From the 80's, the UK used to be the go-to country for japanese investments in the EU.

 

Now Japanese businesses are not only reducing investments, but leaving the UK...

Quote

The number of Japanese firms based in the U.K. fell 12 percent between 2014 and 2019, from 1,084 to 951, with most of the drop occurring during the politically tumultuous period following the Brexit referendum in June 2016. During the fiscal year 2018-19 the number of firms dropped 4 percent, according to Japanese Ministry of Foreign Affairs (MoFA) 

 

..and coming to the EU

Quote

The U.K. drop is in contrast to a growing number of Japanese firms situating in the EU27. Between 2014 and 2019 the number of firms in the Netherlands grew by 67 percent, according to the MoFA data. There were also increases in Germany, France and Italy of 11 percent, 7 percent and 53 percent respectively over the same period

 

source : 

 

Brexit triggers exodus of Japanese firms from UK to EU

The number of Japanese firms in the UK fell by 12 percent between 2014 and 2019.

https://www.politico.eu/article/brexit-trade-japan-exodus-firms-uk-eu/

 

 

 

 

another (primary) source, a pdf report : https://mcusercontent.com/bcd2fee8ad0ac0c8f6eea666c/files/ca031b51-4490-421c-95d7-29b8e97f0615/JapanesecompaniesintheUK20214th_March2021.pdf

On 3/8/2021 at 12:20 PM, Chomper Higgot said:

Project reality bites hard.

Must be biting Reuters even harder if they have to spin this hard. 
 

Particularly desperate in Canary Wharf if Reuters are reduced to dredging up nonsense like this. 

On 3/8/2021 at 1:40 PM, bannork said:

Desperate times in Old Blighty

 

2 hours ago, Loiner said:

Must be biting Reuters even harder if they have to spin this hard. 
 

Particularly desperate in Canary Wharf if Reuters are reduced to dredging up nonsense like this. 

Data does not lie.. its just that you Brexiteers hate it that they were wrong and Brexit is ECONOMICALLY bad for the UK. You might have your freedom but if you have no money to buy anything freedom is not worth a thing.

Exactly what I and others predicted is happening. But you guys stay blind and deny deny deny. 

You know REUTERS does not make facts, it reports them. 

So if your so convinced that its good give us some good news articles or thinktank projections that Brexit was good. I asked this many times and so far NONE of your lot has ever given me anything. So all the bad news is fake but you cant find anything positive.

I guess one of us is misguided.

27 minutes ago, robblok said:

Data does not lie.. 

You know REUTERS does not make facts, it reports them. 

I guess one of us is misguided.

"Lies, Dammed Lies, and Statistics" is a phrase that springs to mind. It's not so much the data, but how it is interpreted and then presented.........

... which brings us to REUTERS and how it reports them. 'Nuff said.

Well I guess it's you.

12 minutes ago, Loiner said:

"Lies, Dammed Lies, and Statistics" is a phrase that springs to mind. It's not so much the data, but how it is interpreted and then presented.........

... which brings us to REUTERS and how it reports them. 'Nuff said.

Well I guess it's you.

Then be a good sport come with a positive report. Ill be waiting (probably for years)

46 minutes ago, robblok said:

<snip>So if your so convinced that its good give us some good news articles or thinktank projections that Brexit was good. I asked this many times and so far NONE of your lot has ever given me anything. So all the bad news is fake but you cant find anything positive.

You're not the only one who has repeatedly asked Brexiteers for something, anything, positive about Brexit.

Strange that none of them can ever provide anything; not!

1 minute ago, 7by7 said:

You're not the only one who has repeatedly asked Brexiteers for something, anything, positive about Brexit.

Strange that none of them can ever provide anything; not!

Because economically it just does not make sense to put up new barriers with your largest trading partner. Other countries wanting to access the EU will no longer choose the UK. They did before because of language and other things. But now with the new barriers it just does not work. More and more stuff will be lost. 

That report on the Japanese in this topic shows it all too. Its just stupid. 

Your right they never ever come with positive economic news and blame Reuters for the bad news. 

Seems the anti Brexit people can find the news (look at what Hi from France posted). Why is it that the guys who support Brexit can never find something like that.

@robblok, to be fair to the poor dears, they do try. Three recent examples:-

The 1,000 jobs coming to the City of London from the EU. Ignoring the 7,600 jobs that have gone the other way.

All the trade deals negotiated by Truss. Ignoring the facts that most of those are simply roll overs of the ones we had when an EU member or, like the Japanese one, the crumbs that the EU didn't want.

The UK unilaterally approving the Pfizer/BioNTech COVID-19 vaccine. Ignoring the fact that this had nothing to do with Brexit because we were still subject to all EU rules and regulations at the time and this was allowed under those rules and regulations.

 

1 hour ago, robblok said:

Then be a good sport come with a positive report. Ill be waiting (probably for years)

Happy to keep you waiting sport.

1 hour ago, 7by7 said:

You're not the only one who has repeatedly asked Brexiteers for something, anything, positive about Brexit.

Strange that none of them can ever provide anything; not!

Another Remainerism in play I see. Keep it up. Your party faithful love it, and are even having a go themselves now.

2 hours ago, robblok said:

I asked this many times and so far NONE of your lot has ever given me anything.

There is list with all the benefits of Brexit.....it had to be compressed into a zip file......but the Brexit crowd won't share it with us???

Off topic/nonsense/incorrect format posts removed.

 

If you are going to copy n paste from elsewhere or use screenshots, make sure its in the correct format and size when posted or it will be removed.

5 hours ago, Loiner said:

Must be biting Reuters even harder if they have to spin this hard. 
 

Particularly desperate in Canary Wharf if Reuters are reduced to dredging up nonsense like this. 

It is a report from Aston University’s Lloyd’s Banking Group Centre for Business Prosperity????

Odd. Brexiteers question the validity of the article but cant actually argue with it.

 

https://www.hl.co.uk/feeds/apps/newsroom-article?id=16873491

When oh when are Brexiteers going to admit this is the biggest <deleted> since King Olaf ordered 10,000 battle helmets with the horns on the inside?

21 hours ago, Loiner said:

Happy to keep you waiting sport.

You've got nothing.

22 hours ago, Loiner said:

Another Remainerism in play I see. Keep it up. Your party faithful love it, and are even having a go themselves now.

You could shoot it down in flames by providing examples of tangible Brexit benefits.

2 hours ago, placeholder said:

You've got nothing.

I’ve got all I need - the Brexit I voted for. 

23 hours ago, Surelynot said:

There is list with all the benefits of Brexit.....it had to be compressed into a zip file......but the Brexit crowd won't share it with us???

Considering the damage done to the uk due to its membership to the eu the benefits will not occur overnight,he who laughs last laughs longest.

1 minute ago, kingdong said:

Considering the damage done to the uk due to its membership to the eu the benefits will not occur overnight,he who laughs last laughs longest.

You mean the transition from ‘sick man of Europe’ to one of the richest nations on the planet.

1 hour ago, Chomper Higgot said:

You could shoot it down in flames by providing examples of tangible Brexit benefits.

All good things come to those who wait.

7 minutes ago, kingdong said:

Considering the damage done to the uk due to its membership to the eu the benefits will not occur overnight,he who laughs last laughs longest.

Now I know that you are old enough to remember the UK in the early 70's. So we went from asking the IMF for crisis loans to having one of the best economies in the world.

But the economic fallout of Brexit is vastly offset by our newfound ability to stop Romanians picking fruit and veg on our farms. 

11 minutes ago, kingdong said:

All good things come to those who wait.

Can you give us any idea how long we will have to wait?

I'm only asking because the sun will go supernova at some point and there's always the risk of the rapture happening.

18 hours ago, Rookiescot said:

Now I know that you are old enough to remember the UK in the early 70's. So we went from asking the IMF for crisis loans to having one of the best economies in the world.

But the economic fallout of Brexit is vastly offset by our newfound ability to stop Romanians picking fruit and veg on our farms. 

Did ok in the 70s (personally) however did see the excesses of trade unionism despite copping out of it,however since thatcher smashed the the unions the working mans rights have been destroyed,try and  save your fine words for those indigenous natives of the uk who have suffered through eu membership to the eu rather than supporting the radish pickers of romania. " our farms " ? are uk farms state owned?

18 hours ago, kingdong said:

Did ok in the 70s (personally) however did see the excesses of trade unionism despite copping out of it,however since thatcher smashed the the unions the working mans rights have been destroyed,try saving your fine words for those indigenous natives of the uk who have suffered through eu membership to the eu rather than supporting the radish pickers of romania. " our farms " ? are uk farms state owned?

In what way have "indigenous" natives of the UK suffered because of EU membership?

Destroying workers rights is a good thing?

So who is going to pick those radishes? You? 

6 minutes ago, Rookiescot said:

In what way have "indigenous" natives of the UK suffered because of EU membership?

Destroying workers rights is a good thing?

So who is going to pick those radishes? You? 

First point i,ve answered this several times to you in the past.second point stop putting words in my mouth find a clairvoyant and ask thatcher.third point don,t eat radishes if the radish industry goes for a burton the farmers will have to evolve like i,ve had to do in the past.