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.

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.