British companies urge the forthcoming administration to enhance commercial ties with the European Union.
SMEs in the UK are pleading with the upcoming UK government to enhance commercial ties with the EU. The British Chambers of Commerce (BCC) unveiled a five-point plan on Thursday that encompasses this petition. The EU serves as the UK's most significant trading companion, with 42% of their exports directed there, as per the BCC.
Britain severed ties with the EU at the tail end of January 2020, and Brexit came into effect at the beginning of 2021. The divide has led to increased costs and bureaucracy for British exports to the EU, according to the BCC. It's not about undoing Brexit, but rather eliminating the red tape so that trade thrives. The BCC also put forth other suggestions, including fostering a workforce with improved training and education opportunities, revamping the industry tax framework for commercial real estate, and upping the investment in digital innovation and AI.
UK Prime Minister Rishi Sunak has set the 4th of July as the day for the parliamentary elections. The Tories have held power in the UK for 14 years now, but there might be a change as per current surveys - the Labour party is leading based on the polls.
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- The British Chambers of Commerce (BCC) urged the incoming UK Government to align with the EU's five-point plan, aiming to reduce trade barriers and ease exports to their primary trading partner.
- In light of Great Britain's Brexit separation from the EU, several government policies, such as simplifying bureaucracy and reducing export costs, are crucial to maintaining flourishing trade relations, according to the BCC's five-point plan.
- The EU, being the UK's most significant trading partner, representing 42% of British exports, is keen on fostering an improved trade relationship with the Government of Great Britain, in accordance with the BCC's five-point plan.
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