IMF boss: UK to face even more Brexit disruption in new year
The UK will face more trade disruption in the new year as new post-Brexit customs checks come into place, International Monetary Fund (IMF) chief Kristalina Georgieva has said.
The UK will implement its full range of post-Brexit checks on EU goods coming into Britain from 1 January, after delaying them for a year.
The EU opted to implement full customs checks on British imports from this year.
Speaking today, Georgieva said: “Trade with the EU has dropped significantly and we expect there will be more impact ahead as the custom checks are going to be introduced in UK in the beginning of next year.”
The UK’s total trade as a percentage of GDP has fallen by two per cent since the UK left the EU’s single market and customs union on 1 January this year.
Trading activity with the bloc is also down post-Brexit, however the EU remains as the UK’s largest trading partner.