Cost of UK Leaving the European Union on London

Sem Moema AM proposed, and Marina Ahmad AM seconded the following motion:

“This Assembly notes that in March 2022 the Office for Budget Responsibility found that exports and imports have fallen by 13% and 12% respectively since 2019. It further found that ‘The recovery in UK trade has also been slow relative to advanced economies as total advanced economy goods exports already exceed pre-pandemic levels by 3 per cent, suggesting that Brexit may have been a factor’.

In addition, the think tank ‘UK in a Changing Europe’ has found that trade barriers as a result of Brexit have caused a 6% increase in food prices in the UK.

This Assembly recognises that the United Kingdom has left the European Union but notes with regret that the way the Government has managed this has led to increased trade costs for businesses in London and an increase in the cost of living for Londoners.

We call on the Mayor to continue his advice and support work regarding the cost of living and to continue to support opportunities for London’s businesses to export their goods and services abroad.“

Following debate and upon being put to the vote, the motion in the name of Sem Moema AM was agreed, with 15 votes being cast in favour and 8 votes being cast against.