Britain’s exit from the European Union leads to a 6% drop in the turnover of Flemish companies

A hundred days after Brexit, the impact can already be felt on Flemish companies trading with the UK. A survey by Voka shows that this effect has so far been mainly negative. Firms report an average cost increase of 4.8 percent. This is the reason why one in ten companies would like to scale back their activities in the UK. About 19 percent of companies will not expand further for the same reason.

According to Voka, customs procedures, additional regulatory obligations and import duties are the basis for the increase in costs for Flemish companies. Voca managing director Hans Mertens warns that “the expected negative impact of Brexit is already evident after 100 days and this is just the beginning.”

Flemish British Green Lane

As a solution, Voka advocates the creation of a British Flemish green corridor. “This is a physical and digital customs location where customs formalities can be handled. It will make dealing with the UK easier. This is necessary because the first phase of Brexit is already burdening our companies with additional costs and declining turnover,” Maertens said. More than half of the companies surveyed support the entry of Green Lane. Voka calls on the Flemish and federal government to take action.

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Megan Vasquez

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