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READ MOREUK will be 15 years late in hitting £1tn annual export target, figures show
Ministers have been accused of leaving a “record of failure and broken promises” as internal forecasts show Britain will be 15 years late in achieving its £1tn annual export target after being hit by Brexit.
Projections from the Department for International Trade (DIT) show the value of UK exports will not reach £1tn until 2035, based on current trends, with the total due to fall to £707bn next year.
The deferral underlines how difficult British ministers have found it to meet the lofty predictions Brexiters made about international trade after leaving the EU.
The pledge was first made by David Cameron in 2012, with the initial goal to hit the £1tn mark in 2020. But Boris Johnson later gave an end date of 2030 upon reviving the promise in 2021 as the centrepiece of a campaign called “Made in the UK, sold to the world”.
However, new figures show Britain will not achieve £1tn until 2035. They emerged in a parliamentary answer by Andrew Bowie, the minister in charge of UK exports.
Read more at Yahoo Finance
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