Data show the UK trading prospects have shrunk

Data show the UK trading prospects have shrunk

We use your sign-up to provide content in ways that you've consented to and improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. Since leaving the EU in early this year, the Government has tried to reforge the many trade deals it held as an EU member. Liz Truss has helped establish several since January 1, setting off ambitious targets to cover 80 percent of UK trade with free trade agreements by 2022. Despite her efforts, data from the Bank of England shows that the UK's trading prospects have shrunk.

On December 3, the Bank of England released data showing the UK's trading habits over the last 24 years.

Since 1997, the bank has added imports and exports, and exhibited these trade flows as a percentage of GDP per year for the UK and EU Main Countries.

The country was nearly on par with the rest of the bloc at the turn of the millennium, as each reported trade worth between 50 and 60 percent of GDP.

The EU grew at a much more exponential rate after 2011 when it started to grow at a much more exponential rate, and this became even more pronounced between 2019 and 2021.