UK businesses are set to face more changes in overseas trading in the next 15 months than during Brexit.
In total, more than 20 separate measures being introduced within UK and European legislation will affect exporters, importers and their service providers, according to The Institute of Export and International Trade.
Brexit has hit businesses hard since the UK's withdrawal from the EU on January 31st, 2020.
Most businesses that stopped exporting within 12 month of leaving the EU blamed their decision on the impact Brexit has had.
An annual poll by the Department for Business and Trade of 3,000 businesses with revenues of more than £500,000 also shows that exports have fallen by 12% between 2015 and last year.
What changes are coming?
More red tape for exporters has already been introduced.
New rules for trade between Northern Ireland and Great Britain began on Saturday, including new labelling and different coloured lanes for entering ports.
Checks on goods being imported into Great Britain will begin in January, and extra documentation required before goods can be transported into the EU from March.
Exporters will also be expected to use a new HM Revenue & Customs software system.
'Complex' rules must be simplified
The British Chambers of Commerce (BCC) has warned that most exporters were unaware of new regulations coming down the track.
William Bain, Head of Trade Policy at the BBC said: “This is a very complex set of rules, the EU’s published guidance runs to more than 200 pages. It is likely manufacturers that export will have to think about allocating dedicated staff resources just to deal with these reporting requirements.
“So, they need to start thinking about this now, and working out what their response will be, but there are very few trusted sources of information.
“The BCC and Chambers will be working hard to pull together as much guidance as we can to help businesses get to grips with this onslaught of changes.
“Our research shows Government must also look again at how it communicates with firms about regulatory changes, especially given the likelihood of further divergence from EU rules in the future.
“EU and UK policy makers also need to look at ways of simplifying a system that is over-burdensome for traders on both sides of the Channel. This could include reducing the complexity of exporting food and exempting smaller firms from the requirement to have a fiscal representative for VAT in the EU.“
FTSE 100
The UK's top share index, the FTSE 100, was down three-points at 7,507 shortly after opening this morning.
Brent crude futures were down 0.34% this morning at $90.40 a barrel.
Companies reporting today
Boohoo Group is reporting half year results and Greggs is reporting a third quarter trading statement.