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Many UK exporters say Brexit trade deal not helping – business live Many UK exporters say Brexit trade deal not helping – business live
(32 minutes later)
Rolling coverage of the latest economic and financial newsRolling coverage of the latest economic and financial news
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
UK businesses are calling on the government for more help exporting to Europe, after new research found that many firms believed the EU trade deal was not helping them grow or increase sales.UK businesses are calling on the government for more help exporting to Europe, after new research found that many firms believed the EU trade deal was not helping them grow or increase sales.
The British Chambers of Commerce (BCC) has surveyed 1,000 businesses, and found that a majority said it has created problems such as pushing up costs, increasing paperwork and delays, and putting the UK at a competitive disadvantage.The British Chambers of Commerce (BCC) has surveyed 1,000 businesses, and found that a majority said it has created problems such as pushing up costs, increasing paperwork and delays, and putting the UK at a competitive disadvantage.
Just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed.Just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed.
For UK exporters 12% (or just one in eight) agreed that the TCA was helping them, while 71% disagreed.For UK exporters 12% (or just one in eight) agreed that the TCA was helping them, while 71% disagreed.
The BCC received 59 comments on the merits of the TCA, which was agreed on Christmas Eve 2020, including:The BCC received 59 comments on the merits of the TCA, which was agreed on Christmas Eve 2020, including:
It had allowed some companies to continue to trade without significant changeIt had allowed some companies to continue to trade without significant change
It had encouraged firms to look at other global marketsIt had encouraged firms to look at other global markets
It had provided stability to allow firms to plan.It had provided stability to allow firms to plan.
But this was outnumbered by 320 comments criticising the deal, such as:But this was outnumbered by 320 comments criticising the deal, such as:
It had led to rising costs for companies and their clientsIt had led to rising costs for companies and their clients
Smaller businesses did not have the time and money to deal with the bureaucracy it had introducedSmaller businesses did not have the time and money to deal with the bureaucracy it had introduced
It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.
William Bain, head of trade policy at the BCC, said smaller firms are particularly suffering from the change to trading relationships between the UK and the EU.William Bain, head of trade policy at the BCC, said smaller firms are particularly suffering from the change to trading relationships between the UK and the EU.
The BCC has made a number of suggestions, including moves to reduce the complexity of exporting food, and tackling limitations on business travel and work activities in the EU.The BCC has made a number of suggestions, including moves to reduce the complexity of exporting food, and tackling limitations on business travel and work activities in the EU.
Last week, MPs on parliament’s spending watchdog warned that Brexit red tape has damaged Britain’s trade with the EU. They fear the situation could worsen unless the government works with Brussels to reduce hold-ups at UK ports,Last week, MPs on parliament’s spending watchdog warned that Brexit red tape has damaged Britain’s trade with the EU. They fear the situation could worsen unless the government works with Brussels to reduce hold-ups at UK ports,
A Government spokesperson, though, says businesses are getting support to help with Brexit changes:A Government spokesperson, though, says businesses are getting support to help with Brexit changes:
But there is evidence that UK trade has weakened over the last few years. UK exports of goods to the EU were down £20bn last year compared with the last period of stable trade with Europe, according to official figures marking the first full year since Brexit.But there is evidence that UK trade has weakened over the last few years. UK exports of goods to the EU were down £20bn last year compared with the last period of stable trade with Europe, according to official figures marking the first full year since Brexit.
Elsewhere today, companies such as Nestlé , Reckitt Benckiser and Standard Chartered are reporting results.Elsewhere today, companies such as Nestlé , Reckitt Benckiser and Standard Chartered are reporting results.
European markest are set to open a little lower, with the Ukraine crisis firmly in focus.European markest are set to open a little lower, with the Ukraine crisis firmly in focus.
The US has said that Russia has deployed another 7,000 troops to the border, while Ukraine has denied claims by Russian-backed separatists that it has conducted mortar attacks on their terrirory.The US has said that Russia has deployed another 7,000 troops to the border, while Ukraine has denied claims by Russian-backed separatists that it has conducted mortar attacks on their terrirory.
The agendaThe agenda
7am GMT: European new car registrations for January7am GMT: European new car registrations for January
9am GMT: ECB publishes economic bulletin
9.3am GMT: ONS weekly survey of economic activity and social change9.3am GMT: ONS weekly survey of economic activity and social change
1.30pm GMT: US monthly building permits for January1.30pm GMT: US monthly building permits for January
1.30pm GMT: US weekly jobless figures1.30pm GMT: US weekly jobless figures
Europe’s car industry continues to be badly hurt by chip shortages.
New car registrations in the European Union fell by 6% year-on-year in January to 682,596 units. That’s even worse than the previous worst January, a year earlier.
Industry body ACEA reported that ongoing semiconductor shortages are still damaging car sales across the region, with factories forced to cut production.
ACEA says:
In the UK, total new car sales rose by 27.5% year on year in January, although that increase was compared with January 2021 when the UK was in a strict lockdown and car showrooms were closed.
Consumer demand for travel insurance is returning to near pre-pandemic levels, according to the price-comparison site Moneysupermarket, but high energy prices mean it does not expect any profit from tariff switching this year.Consumer demand for travel insurance is returning to near pre-pandemic levels, according to the price-comparison site Moneysupermarket, but high energy prices mean it does not expect any profit from tariff switching this year.
The financial services platform, which helps consumers compare deals, said revenue from its travel insurance comparisons had bounced back in the last three months of 2021.The financial services platform, which helps consumers compare deals, said revenue from its travel insurance comparisons had bounced back in the last three months of 2021.
Revenues at its Travelsupermarket division reached 35% of 2019 levels in January, as further easing of coronavirus restrictions was announced.Revenues at its Travelsupermarket division reached 35% of 2019 levels in January, as further easing of coronavirus restrictions was announced.
However, it said high wholesale energy prices meant there had been no switchable tariffs available to consumers since October.However, it said high wholesale energy prices meant there had been no switchable tariffs available to consumers since October.
As a result, the London-listed company said it would not make any profit this year from customers using their platform to compare deals from energy providers, although it predicted the tariff-switching market would return in the medium term.As a result, the London-listed company said it would not make any profit this year from customers using their platform to compare deals from energy providers, although it predicted the tariff-switching market would return in the medium term.
UK consumers continued to return to the shops last week - but visits are still below pre-pandemic levels.UK consumers continued to return to the shops last week - but visits are still below pre-pandemic levels.
The ONS reports that overall retail footfall in the UK increased by 2% from the previous week, but remained at 86% of the level seen in the equivalent week of 2019.The ONS reports that overall retail footfall in the UK increased by 2% from the previous week, but remained at 86% of the level seen in the equivalent week of 2019.
It’s the fifth consecutive week of increasing retail footfall, driven by weekly rises in high street footfall as Covid-19 cases dropped from their record highs.It’s the fifth consecutive week of increasing retail footfall, driven by weekly rises in high street footfall as Covid-19 cases dropped from their record highs.
More than three quarters of adults felt their cost of living rise this month, as prices in the shops increase.More than three quarters of adults felt their cost of living rise this month, as prices in the shops increase.
Around 76% of adults said their cost of living had increased over the last month, according to the latest Office for National Statistics’s Opinions and Lifestyle Survey.Around 76% of adults said their cost of living had increased over the last month, according to the latest Office for National Statistics’s Opinions and Lifestyle Survey.
That’s a notable increase on the 69% recorded in the last two weeks of January, showing inflationary pressure are rising.That’s a notable increase on the 69% recorded in the last two weeks of January, showing inflationary pressure are rising.
The most frequently reported reasons continued to be:The most frequently reported reasons continued to be:
rising food shop prices (90%)rising food shop prices (90%)
rising energy bills (77%)rising energy bills (77%)
increases to the price of fuel (69%)increases to the price of fuel (69%)
Consultants at Kantar warned this month that the average annual grocery bill is on track to rise by £180 this year, with grocery prices having increased 3.8% per year in January.Consultants at Kantar warned this month that the average annual grocery bill is on track to rise by £180 this year, with grocery prices having increased 3.8% per year in January.
And the chairman of Tesco, Britain’s biggest supermarket chain, has forecast that “the worst is yet to come” on food price inflation, which could soon hit 5%.And the chairman of Tesco, Britain’s biggest supermarket chain, has forecast that “the worst is yet to come” on food price inflation, which could soon hit 5%.
Many of the cheaper grocery items have seen the steepest increases, which is hurting the poorest families.Many of the cheaper grocery items have seen the steepest increases, which is hurting the poorest families.
My colleague Zoe Wood reported yesterday that the Canterbury and District food bank has seen a surge in demand from struggling households, and falling donations as supporters are also squeezed - just as food prices jump.My colleague Zoe Wood reported yesterday that the Canterbury and District food bank has seen a surge in demand from struggling households, and falling donations as supporters are also squeezed - just as food prices jump.
Motorists have also been paying more at the pumps, with petrol and diesel prices hitting records this month.Motorists have also been paying more at the pumps, with petrol and diesel prices hitting records this month.
Airbus has announced its highest-ever profits and a return to paying a dividend to shareholders, in a sign of the aerospace industry’s burgeoning recovery from the Covid pandemic.Airbus has announced its highest-ever profits and a return to paying a dividend to shareholders, in a sign of the aerospace industry’s burgeoning recovery from the Covid pandemic.
The European plane-maker reported a record net income for 2021 of €4.2bn (£3.5bn), in stark contrast to a steep €1.1bn loss in 2020, when the pandemic first hit. The company, which is headquartered in Toulouse, France, made revenues of €52bn, up from €50bn in 2020.The European plane-maker reported a record net income for 2021 of €4.2bn (£3.5bn), in stark contrast to a steep €1.1bn loss in 2020, when the pandemic first hit. The company, which is headquartered in Toulouse, France, made revenues of €52bn, up from €50bn in 2020.
Food group Nestlé is planning to keep raising its prices this year, to shore up its profit margins in the face of rising costs.Food group Nestlé is planning to keep raising its prices this year, to shore up its profit margins in the face of rising costs.
The Swiss food and drinks giant beat expectations this morning by reporting organic growth of 7.5% for last year, the highest in over a decade. But, 2% of that growth came from price increases, with Nestlé lifting prices by 3.1% in the fourth quarter.The Swiss food and drinks giant beat expectations this morning by reporting organic growth of 7.5% for last year, the highest in over a decade. But, 2% of that growth came from price increases, with Nestlé lifting prices by 3.1% in the fourth quarter.
The maker of Nespresso coffee pods, Kitkats chocolate bars and Purina petfood says it intends to defend its margins against rising costs.The maker of Nespresso coffee pods, Kitkats chocolate bars and Purina petfood says it intends to defend its margins against rising costs.
CEO Mark Schneider told reporters that the cost pressures will probably be higher this year than last:CEO Mark Schneider told reporters that the cost pressures will probably be higher this year than last:
Nestlé expects its underlying trading operating profit margins will be between 17.0% and 17.5% this year, compared with 17.4% in 2021, and 17.7% in 2020.Nestlé expects its underlying trading operating profit margins will be between 17.0% and 17.5% this year, compared with 17.4% in 2021, and 17.7% in 2020.
Reuters: Nestle expects steady margins after beating 2021 expectationsReuters: Nestle expects steady margins after beating 2021 expectations
Sovereign dollar bonds issued by Ukraine and Russia have dropped this morning, after reports of clashes in Ukraine’s eastern region.Sovereign dollar bonds issued by Ukraine and Russia have dropped this morning, after reports of clashes in Ukraine’s eastern region.
Reuters has the details:Reuters has the details:
The selloff came as Russian-backed separatists in eastern Ukraine, and Ukraine’s military, blamed each other for the shelling reported this morning.The selloff came as Russian-backed separatists in eastern Ukraine, and Ukraine’s military, blamed each other for the shelling reported this morning.
The Russian rouble has also weakened, dropping around 1.5% to reverse Tuesday’s recovery.The Russian rouble has also weakened, dropping around 1.5% to reverse Tuesday’s recovery.
In the City, the FTSE 100 index is down around 0.66% as the Ukraine crisis weighs on markets.In the City, the FTSE 100 index is down around 0.66% as the Ukraine crisis weighs on markets.
The blue-chip index has lost 50 points to 7553, with Russia’s steelmaker Evraz leading the fallers (-6%).The blue-chip index has lost 50 points to 7553, with Russia’s steelmaker Evraz leading the fallers (-6%).
Travel companies are also lower, with British Airways parent company IAG down 2.2%, and Rolls-Royce (which makes and services jet engines) off 2.5%.Travel companies are also lower, with British Airways parent company IAG down 2.2%, and Rolls-Royce (which makes and services jet engines) off 2.5%.
Bankers at Standard Chartered have shared a $1.37bn bonus pot for 2021, up 38%, even as it said it was trying to cut fixed costs.Bankers at Standard Chartered have shared a $1.37bn bonus pot for 2021, up 38%, even as it said it was trying to cut fixed costs.
It’s a sign of how banks were returning to bumper payouts after weathering the Covid-19 pandemic in better shape than expected, as most workers face a painful squeeze on their finances.It’s a sign of how banks were returning to bumper payouts after weathering the Covid-19 pandemic in better shape than expected, as most workers face a painful squeeze on their finances.
London-headquartered Standard Chartered said the payout increase reflected a normalisation of bonuses after a lean 2020, but it also reflected a hot hiring market as lenders worldwide paid up to retain key staff.London-headquartered Standard Chartered said the payout increase reflected a normalisation of bonuses after a lean 2020, but it also reflected a hot hiring market as lenders worldwide paid up to retain key staff.
The bigger bonus pool came as Standard Chartered set out plans to cut annual expenses by $1.5bn, as part of a broader goal to achieve double-digit returns by 2024, which it outlined on Thursday as it reported annual results.The bigger bonus pool came as Standard Chartered set out plans to cut annual expenses by $1.5bn, as part of a broader goal to achieve double-digit returns by 2024, which it outlined on Thursday as it reported annual results.
This bonus season is expected to be the most lucrative since the 2008 global financial crisis, as banks benefit from the economic recovery and a boom in takeover deals.This bonus season is expected to be the most lucrative since the 2008 global financial crisis, as banks benefit from the economic recovery and a boom in takeover deals.
Immigration changes due to Brexit will not deliver the ‘high wage‘ economy that Boris Johnson has promised, a new report from the Resolution Foundation shows.Immigration changes due to Brexit will not deliver the ‘high wage‘ economy that Boris Johnson has promised, a new report from the Resolution Foundation shows.
Resolution has analysed UK migration trends, and concluded that the economic impact of ending freedom of movement has been exaggerated by both its supporters and opponents.Resolution has analysed UK migration trends, and concluded that the economic impact of ending freedom of movement has been exaggerated by both its supporters and opponents.
The new regime is driving changes in the UK labour market, particularly in lower-paying industries which rely on migrant labour and typically see high staff turnover, such as farming or food productionThe new regime is driving changes in the UK labour market, particularly in lower-paying industries which rely on migrant labour and typically see high staff turnover, such as farming or food production
Overall, total migration was responsible for 77% of labour market growth between 1994 and 2019. EU workers made up 34% of total growth, and were increasingly likely to have worked in lower-paid roles by the time Brexit happened.Overall, total migration was responsible for 77% of labour market growth between 1994 and 2019. EU workers made up 34% of total growth, and were increasingly likely to have worked in lower-paid roles by the time Brexit happened.
But Resolution report’s found that while the Government’s policy is likely to reduce migration into the UK, it is unlikely to significantly boost productivity or deliver a big hit to the public finances.But Resolution report’s found that while the Government’s policy is likely to reduce migration into the UK, it is unlikely to significantly boost productivity or deliver a big hit to the public finances.
But, the reporst says we shouldn’t expect a reduction in migrant workers to automatically drive up wages for UK-born workers in these same sectors. Firms may look to use labour-saving technology instead -- leading to fewer jobs.But, the reporst says we shouldn’t expect a reduction in migrant workers to automatically drive up wages for UK-born workers in these same sectors. Firms may look to use labour-saving technology instead -- leading to fewer jobs.
If they can’t, they must choose between raising wages and raising prices (hitting incomes elsewhere in the economy), leading to production falling over the medium-to-long term.If they can’t, they must choose between raising wages and raising prices (hitting incomes elsewhere in the economy), leading to production falling over the medium-to-long term.
If low-productivity, migrant-reliant sectors like farming and food manufacturing shrink, then average productivity could rise. Even so, the Prime Minister’s claims that controlled migration is the key to a new high wage economic strategy “are overdone”, Resolution says.If low-productivity, migrant-reliant sectors like farming and food manufacturing shrink, then average productivity could rise. Even so, the Prime Minister’s claims that controlled migration is the key to a new high wage economic strategy “are overdone”, Resolution says.
Kathleen Henehan, Senior Research and Policy Analyst at the Resolution Foundation, explains:Kathleen Henehan, Senior Research and Policy Analyst at the Resolution Foundation, explains:
Late last year, the government extended the UK seasonal agricultural workers’ visa scheme for another three years , meaning fruit and vegetable growers will be able to recruit overseas workers to help bring in harvests, following warnings that crops would rot in the fields otherwise.Late last year, the government extended the UK seasonal agricultural workers’ visa scheme for another three years , meaning fruit and vegetable growers will be able to recruit overseas workers to help bring in harvests, following warnings that crops would rot in the fields otherwise.
One-in-five workers in food manufacturing in 2017-19 were from the EU and would be ineligible for a SWV, meaning the sector is likely to need to change significantly or shrink in the years ahead, Resolution’s report found.One-in-five workers in food manufacturing in 2017-19 were from the EU and would be ineligible for a SWV, meaning the sector is likely to need to change significantly or shrink in the years ahead, Resolution’s report found.
The food and accommodation sectors who rely on EU-workers in SWV-ineligible roles for 10% of their workforce have seen vacancies double as the economy reopened.The food and accommodation sectors who rely on EU-workers in SWV-ineligible roles for 10% of their workforce have seen vacancies double as the economy reopened.
Data this week has shown that inflation has outpaced wage growth, with the consumer prices index expected to rise above 7% by April.Data this week has shown that inflation has outpaced wage growth, with the consumer prices index expected to rise above 7% by April.
Brexit trade frictions have also been cited as a factor pushing down business confidence in Scotland.Brexit trade frictions have also been cited as a factor pushing down business confidence in Scotland.
Scottish businesses are less optimistic than elsewhere in the UK, according to the ICAEW (Institute of Chartered Accountants in England and Wales) Business Confidence Monitor, released this morning.Scottish businesses are less optimistic than elsewhere in the UK, according to the ICAEW (Institute of Chartered Accountants in England and Wales) Business Confidence Monitor, released this morning.
This may be because domestic sales and export performance have been more subdued than the UK average over the last year.This may be because domestic sales and export performance have been more subdued than the UK average over the last year.
Over the last year, Scottish domestic sales increased by 4.6%, compared to 5.3% for the UK, ICEAW reports. Export growth was weaker too, with sales rising by just 1.5% over the same period, below the UK average (2.2%).Over the last year, Scottish domestic sales increased by 4.6%, compared to 5.3% for the UK, ICEAW reports. Export growth was weaker too, with sales rising by just 1.5% over the same period, below the UK average (2.2%).
ICEAW says:ICEAW says:
Scottish exports of fresh fish and seafood were quickly disrupted when the Brexit trade deal came in last year, with delays due to new paperwork such as health certificates and customs documentation.Scottish exports of fresh fish and seafood were quickly disrupted when the Brexit trade deal came in last year, with delays due to new paperwork such as health certificates and customs documentation.
Businesses do expect exports to rise this year, by 3.7% - but again, that lags behind their UK counterparts.Businesses do expect exports to rise this year, by 3.7% - but again, that lags behind their UK counterparts.
The survey also found that Scottish firms are facing recruitment challenges and rising costs,The survey also found that Scottish firms are facing recruitment challenges and rising costs,
For the first time since the BCM survey began, the availability of non-management skills and staff turnover were the most prominent growing challenges for companies.For the first time since the BCM survey began, the availability of non-management skills and staff turnover were the most prominent growing challenges for companies.
The Herald newspaper has more details:The Herald newspaper has more details:
The Herald: Brexit ‘friction’ cited as Scottish business confidence plunges to lowest level in UKThe Herald: Brexit ‘friction’ cited as Scottish business confidence plunges to lowest level in UK
The British Chambers of Commerce have identified five issues holding back the flow of goods and services into the EU - and proposed five solutions to address some of these complexity, bottlenecks and pressures on firms.The British Chambers of Commerce have identified five issues holding back the flow of goods and services into the EU - and proposed five solutions to address some of these complexity, bottlenecks and pressures on firms.
Dr Philippa Whitford MP, the SNP’s Europe spokesperson, said:Dr Philippa Whitford MP, the SNP’s Europe spokesperson, said:
The BCC’s survey results are “extremely worrying”, says Nick Thomas-Symonds, shadow international trade secretary:The BCC’s survey results are “extremely worrying”, says Nick Thomas-Symonds, shadow international trade secretary:
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
UK businesses are calling on the government for more help exporting to Europe, after new research found that many firms believed the EU trade deal was not helping them grow or increase sales.UK businesses are calling on the government for more help exporting to Europe, after new research found that many firms believed the EU trade deal was not helping them grow or increase sales.
The British Chambers of Commerce (BCC) has surveyed 1,000 businesses, and found that a majority said it has created problems such as pushing up costs, increasing paperwork and delays, and putting the UK at a competitive disadvantage.The British Chambers of Commerce (BCC) has surveyed 1,000 businesses, and found that a majority said it has created problems such as pushing up costs, increasing paperwork and delays, and putting the UK at a competitive disadvantage.
Just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed.Just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed.
For UK exporters 12% (or just one in eight) agreed that the TCA was helping them, while 71% disagreed.For UK exporters 12% (or just one in eight) agreed that the TCA was helping them, while 71% disagreed.
The BCC received 59 comments on the merits of the TCA, which was agreed on Christmas Eve 2020, including:The BCC received 59 comments on the merits of the TCA, which was agreed on Christmas Eve 2020, including:
It had allowed some companies to continue to trade without significant changeIt had allowed some companies to continue to trade without significant change
It had encouraged firms to look at other global marketsIt had encouraged firms to look at other global markets
It had provided stability to allow firms to plan.It had provided stability to allow firms to plan.
But this was outnumbered by 320 comments criticising the deal, such as:But this was outnumbered by 320 comments criticising the deal, such as:
It had led to rising costs for companies and their clientsIt had led to rising costs for companies and their clients
Smaller businesses did not have the time and money to deal with the bureaucracy it had introducedSmaller businesses did not have the time and money to deal with the bureaucracy it had introduced
It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.
William Bain, head of trade policy at the BCC, said smaller firms are particularly suffering from the change to trading relationships between the UK and the EU.William Bain, head of trade policy at the BCC, said smaller firms are particularly suffering from the change to trading relationships between the UK and the EU.
The BCC has made a number of suggestions, including moves to reduce the complexity of exporting food, and tackling limitations on business travel and work activities in the EU.The BCC has made a number of suggestions, including moves to reduce the complexity of exporting food, and tackling limitations on business travel and work activities in the EU.
Last week, MPs on parliament’s spending watchdog warned that Brexit red tape has damaged Britain’s trade with the EU. They fear the situation could worsen unless the government works with Brussels to reduce hold-ups at UK ports,Last week, MPs on parliament’s spending watchdog warned that Brexit red tape has damaged Britain’s trade with the EU. They fear the situation could worsen unless the government works with Brussels to reduce hold-ups at UK ports,
A Government spokesperson, though, says businesses are getting support to help with Brexit changes:A Government spokesperson, though, says businesses are getting support to help with Brexit changes:
But there is evidence that UK trade has weakened over the last few years. UK exports of goods to the EU were down £20bn last year compared with the last period of stable trade with Europe, according to official figures marking the first full year since Brexit.But there is evidence that UK trade has weakened over the last few years. UK exports of goods to the EU were down £20bn last year compared with the last period of stable trade with Europe, according to official figures marking the first full year since Brexit.
Elsewhere today, companies such as Nestlé , Reckitt Benckiser and Standard Chartered are reporting results.Elsewhere today, companies such as Nestlé , Reckitt Benckiser and Standard Chartered are reporting results.
European markest are set to open a little lower, with the Ukraine crisis firmly in focus.European markest are set to open a little lower, with the Ukraine crisis firmly in focus.
The US has said that Russia has deployed another 7,000 troops to the border, while Ukraine has denied claims by Russian-backed separatists that it has conducted mortar attacks on their terrirory.The US has said that Russia has deployed another 7,000 troops to the border, while Ukraine has denied claims by Russian-backed separatists that it has conducted mortar attacks on their terrirory.
The agendaThe agenda
7am GMT: European new car registrations for January7am GMT: European new car registrations for January
9am GMT: ECB publishes economic bulletin
9.3am GMT: ONS weekly survey of economic activity and social change9.3am GMT: ONS weekly survey of economic activity and social change
1.30pm GMT: US monthly building permits for January1.30pm GMT: US monthly building permits for January
1.30pm GMT: US weekly jobless figures1.30pm GMT: US weekly jobless figures