Expecting Brexit | UK in a changing Europe
“In the long run, Brexit is expected to substantially reduce the EU’s share of UK trade.”
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The weaker pound also raised the cost of businesses’ imports of intermediate goods. This cost increase hurt workers by reducing real wage growth in more exposed regions and industries.. At the same time, data shows that the fall in sterling did not generate any long-run gain in the price competitiveness of UK exporters, which may explain why it did not lead to a rise in export volumes.
ukandeu.ac.uk
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