New Agreement Aims to Support Growth in North East
Luke Myer, Labour MP for Middlesbrough South and East Cleveland, has welcomed the landmark UK-EU Strategic Partnership announced today at the first UK-EU summit since Brexit. The agreement, secured by Prime Minister Keir Starmer, is set to reduce trade barriers, simplify export processes, and strengthen economic ties with the EU, benefiting businesses across Teesside and the wider North East.
The deal includes streamlined customs procedures and a veterinary agreement to ease the movement of food and plant products. This is expected to help firms like KP Snacks in Teesside, which have approximately 700 employees, but have faced significant post-Brexit trade friction.
The summit also addressed defence cooperation and youth mobility, but the economic provisions are expected to have the most immediate impact on the North East. A recent study by the Centre for Economic Performance at the London School of Economics found that Brexit had reduced UK goods exports by £27 billion in 2022, with small and medium-sized firms hit hardest.
Luke Myer MP said:
“The status quo has been holding back our local economy, with businesses drowning in paperwork, lorries delayed at borders, and smaller firms priced out of exporting altogether. This new agreement is a turning point for our region’s exporters.
“This agreement will deliver for local businesses and help rebuild prosperity here in our region. It’s a practical step forward that will help our businesses grow, create jobs, and put money back into people’s pockets.”
References:
- The Centre for Economic Performance at LSE reported that the Trade and Cooperation Agreement reduced total goods exports from the UK by an estimated £27 billion (or 6.4 per cent) in 2022, due to a 13.2 per cent fall in the value of goods exported to the EU. https://www.lse.ac.uk/News/Latest-news-from-LSE/2024/l-December-2024/brexit-reduced-goods-exports-by-27bn
- The UK-EU Strategic Partnership includes measures to streamline customs procedures and a veterinary agreement to ease the movement of food and plant products. https://www.ft.com/content/78f17b34-996d-4003-b031-4800f4e16918