Border disruption with the EU, caused in part by Brexit, is expected to cause an economic hit in the first three months of this year, according to Whitehall’s fiscal watchdog. In its latest economic forecast, the Office for Budget Responsibility said it expected “near-term disruption” to trade in goods with the EU to reduce gross domestic product (GDP), a measure of the size of the economy, by 0.5% in the first quarter of 2021. The OBR said its previous forecasts had “assumed a smooth transition” to the new trading relationship with the EU, with it expected traders would be given “time to adjust”. A special edition of the Sky News Daily podcast will be available from 7pm. Budget 2021: All the key points But it noted that, while the UK had “delayed or reduced” the application of new border checks until later this year, the bloc had “applied full customs requirements due on exports from Great Britain to the EU” since the end of the Brexit transition period on 1 January. Advertisement COVID travel restrictions imposed on the UK by the EU following the discovery of the Kent variant of the virus in Britain, as well as Brexit stockpiling prior… Read full this story
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