Emeritus Prof Christopher May on Nostr: npub1z4evr…fjhuf because 'trade' encompasses both imports & exports there are two ...
npub1z4evr98dl2rnn3rgxt98y03le37zk9gx7f35jpa9ae2c0z9uhuxqufjhuf (npub1z4e…jhuf)
because 'trade' encompasses both imports & exports there are two key elements to the cause (as I see it);
1. the friction/costs at the border, which in this was can mostly be associated with the emerging regulatory differences between UK & EU - your classic 'non-tariff barriers';
2. a general decline in economic activity in volume terms (driven by inflation & stagnant/falling real wages) & in real terms due to cost of loving crisis.
1 & 2 compound each other
because 'trade' encompasses both imports & exports there are two key elements to the cause (as I see it);
1. the friction/costs at the border, which in this was can mostly be associated with the emerging regulatory differences between UK & EU - your classic 'non-tariff barriers';
2. a general decline in economic activity in volume terms (driven by inflation & stagnant/falling real wages) & in real terms due to cost of loving crisis.
1 & 2 compound each other