EU trade back to normal despite Remainer gloomsters claims – ready for India trade deal
EU trade back to normal despite Remainer gloomsters claims – ready for India trade deal
1 min. Read

Statistics from britain’s ports have shown that it took the uk and eu just a month from the end of transition and the new trade deal coming into effect to get back to normal with freight travelling between the two. This is despite remainers seizing on a figure from early january suggesting that freight was down 68 per cent. However, the one problem remains northern ireland after a leaked letter from the european commission to cabinet office minister michael gove revealed that the eu is still demanding measures be brought in to isolate the province from the rest of the uk.

After he relented there was a steady increase in freight following the uk and eu ending the transition period and starting the new trade deal.

In january the total flow was 73 per cent of 2020 levels but this month it has been 98 per cent.

A government spokesman said that it is clear the reasonable worst case scenario originally planned for had been avoided.

He said: “The latest available data shows that overall freight flows between the uk and the eu are back to their normal levels. This has been possible thanks to the hard work put in traders and hauliers to prepare for the end of the transition period.

trade

Statistics from britain’s ports have shown that it took the uk and eu just a month from the end of transition and the new trade deal coming into effect to get back to normal with freight travelling between the two. This is despite remainers seizing on a figure from early january suggesting that freight was down 68 per cent. However, the one problem remains northern ireland after a leaked letter from the european commission to cabinet office minister michael gove revealed that the eu is still demanding measures be brought in to isolate the province from the rest of the uk.

After he relented there was a steady increase in freight following the uk and eu ending the transition period and starting the new trade deal.

In january the total flow was 73 per cent of 2020 levels but this month it has been 98 per cent.

A government spokesman said that it is clear the reasonable worst case scenario originally planned for had been avoided.

He said: “The latest available data shows that overall freight flows between the uk and the eu are back to their normal levels. This has been possible thanks to the hard work put in traders and hauliers to prepare for the end of the transition period.

bridgen

Andrew bridgen said the eu’s claim to be concerned over northern ireland is fraud (image: burton mail)

The company, which has offices in both the uk and india, has already founded the oyo hotel and homes chain, one of the world’s handful of so-called decacorn because it is worth more than £10 billion.

And it aims to plough hundreds of millions of pounds worth of investment into britain, targeting start-up firms.

“we have a £16bn investment fund in india which we are looking to replicate here,” he said.

“We’ve already invested £1m into the fitech company creditenable.

“when you look at the world’s biggest companies now, they’re not the shells or bps, they’re the amazons and facebooks – companies that were start-ups just 20 years ago.

“china has now overtaken the us in the number of unicorns – firms worth more than £100bn. But india has the third largest number of these startups. That’s where the global shift is going.

amazon

Amazon and facebook are among the world’s biggest companies (image: getty)

“and while in the past indian start ups may have gone to the us to expand, now they are going to the uk where we not only have a common language but a shared history, too. India represents the largest diaspora here. The hinduja brothers and the mittal family are both in the top five of the uk’s wealthiest billionaires.”

He said the uk’s shift away from china has played a large role.

“there has always been an affinity to connect the countries as much as possible but five years ago  activity wasn’t there. Now there’s so much engagement.

“the confederation of indian industry (cii) is putting a lot of effort into the uk – much more than any other country.

“We’re talking about it areas like fintech, health tech and insurance tech, for instance.

“in india more than 200 million people are unbanked. The uk has led the way with digital banks.”

He said indian minister of trade piyush goyal’s “designed in uk, made in india“ concept would help uk firms expand globally.

“the uk gives a lot of government grants for research and  development which india doesn’t enjoy. This means capital being invited into important scientific and technical innovations.

“but a cancer microchip would need mass production and the uk may not be able to do this.

“when it comes to scaling something like this, india would be well placed.“

Another field was electric vehicles. “ev is big. The uk is way ahead in terms of research and development but india is one of the biggest markets.”

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