UK exports to Japan slump after ‘landmark’ free trade deal

UK exports to Japan have slumped after a “landmark” free-trade deal exacerbated an already awful situation. Sold as Britain’s first major free-trade agreement since Brexit, the deal with Japan has been an abject failure. Trade between Britain and Japan has actually declined since the deal was signed.

Trade secretary at the time, Liz Truss – then still believed by some outside the Conservative to be competent – inked a “historic” deal with Japan in October 2020. It was a “landmark moment for Britain” that would boost trade by billions of pounds and fuel the UK’s recovery from the pandemic.

Officials from Truss’ Department for International Trade said in 2020 that the UK-Japan comprehensive economic partnership offered significant advantages beyond the previous EU arrangement. The statement is close to criminal – deliberate dissemination of false market-sensitive information.

Figures from the department show the Land of the Setting Sun’s exports to Japan fell from £12.3 billion (US$15 billion, 530 billion baht) to £11.9 billion in the year to June 2022. Exports of goods fell 5% and services fell 2%.

Global trade with non-EU countries is doing nothing to fill the hole created by ripping the single market out of the heart of Britain’s economic policy. The deal with Australia was criticised this month by former environment secretary George Eustice, as “not a very good deal for the UK.” To date, there are no deals (zero) that are better than their EU-based predecessors.

The new figures are evidence that Britain’s economy is set to struggle compared to its international counterparts, according to today’s Observer. Apart from Russia, the UK will be the weakest performer of the world’s big economies next year, according to the Organisation for Economic Co-operation and Development.

UK exports to Japan slump after ‘landmark’ free trade deal | News by Thaiger
Bad or just mad? Only two of the lunatics who seized control of the asylum remain.

Rishi Sunak has been forced to deny that he wants to a different kind of Brexit that would mean a lot less “exit” and faces pressure drop plans to automatically shred EU laws. A sunset clause in the Retained EU Law bill states that any law not already “reviewed or revoked” by the end of 2023 will be revoked.

Mike Clancy, general secretary of the Prospect union, said the bill could leave the UK exports to Japan and every other country, in a dangerous place. Clancy said…

“It seems the prime minister may be forced to plough on with this bill to appease hardliners in his party. We must not end up in a situation where people’s rights at work are used as red meat to appease a small cabal of MPs.”

One thing the UK has to thank the public school system for is the iron-clad stomach the Eton-diet fosters. Gammon stuffed with red meat should make even the most unwoke unwell.

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Jon Whitman

Jon Whitman is a seasoned journalist and author who has been living and working in Asia for more than two decades. Born and raised in Glasgow, Scotland, Jon has been at the forefront of some of the most important stories coming out of China in the past decade. After a long and successful career, Jon is now semi-retired, living in a quiet village in Krabi province, Thailand. He continues to write and is an avid traveler and photographer, documenting his experiences across the world.