Brexit One Month On: Pain for U.K. Firms, Red Tape, and the EU’s Vaccine ‘Big Mistake’

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  • Bloomberg Quicktake: Now published this video item, entitled “Brexit One Month On: Pain for U.K. Firms, Red Tape, and the EU’s Vaccine ‘Big Mistake’” – below is their description.

    Red tape, unfinished business and a vaccine row threat to a delicate deal. Bloomberg’s Joe Mayes and Marc Davies discuss how the U.K.’s faring one month after Brexit and the impact of the EU threatening to put up barriers and unilaterally trigger emergency clauses over a vaccine row with AstraZeneca.

    MORE: Truckers are trying to avoid the U.K. as Brexit red tape keeps them waiting to get to the continent.

    New weekly data highlight the additional costs companies face when trading between Britain and the European Union after U.K. left the single market on Dec. 31. While the two sides agreed not to impose tariffs on goods, so-called non-tariff barriers are nevertheless creating obstacles for business.

    Freight firms are shunning the U.K., keeping rejection rates on contracts well above the third-quarter average last week, according to high-frequency data from Transporeon, the global logistics platform. This was at least partly because haulers are being put off by delays — the median time truckers spent in lines at Ashford, southeast England, was about 15 hours.

    The cost of sending freight between the U.K. to the European Union also remained abnormally high. Stephan Sieber, chief executive of Transporeon, said this underscored that rates were not following their usual seasonal dip in the first quarter of the year. The price of shipping cargo from France to Britain was still 42% above the third-quarter average last week.

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    AstraZeneca plc/AB (LON: AZN) is a British-Swedish multinational pharmaceutical and biopharmaceutical company with its headquarters in Cambridge, United Kingdom and Södertälje, Sweden. Its R&D is concentrated in Cambridge in United Kingdom, Södertälje in Sweden, and Maryland and Toronto in North America.

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    Brexit is the name given to the United Kingdom’s exiting the European Union, which happened on 31 January 2020, following a narrow “Leave” referendum result in a June 2016 vote on EU Membership which took place in the country. News items related to Brexit are posted, below, chronologically, with the most recent items at the top, from a variety of outlets.

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