JD Sports founder said Brexit has a negative implication on the economy
After the UK successfully exited the European Union, early this year, there remain some problems. A businessman in the UK has said there are many economic obstacles Brexit has caused.
Brexit hasn't produced the desired results - JD owner
The owner of the UK's top retailer firm, JD Sports has said the exit of Britain from the EU is '' worse' than many people expected. Mr. Peter Cowgill has insisted that there is a considerable hardship in exports and shipping goods to EU nations due to Brexit.
He told reporters that they may have to open new offices and warehouses in Europe to solve these export issues. Although this move will see more jobs created overseas than in Britain, it will cost less for the owner. The UK government has insisted that it offer many businesses financial and economic support.
Exporters and importers groan as tariffs remain costly
This isn't the first time a prominent business owner in the UK will complain, as many exporters have raised their voices to decry the high cost of duties. Recent UK-EU trade initiatives were launched on January 2, 2021, but it seems the concerns concerning exporting outside the UK have continued growing.
He said. '' I have concluded that the Brexit deal was not thought out properly. There isn't any free trade and the free movement is still a dream. The new policy seems to reduce efficiency, especially at the ports. There exist some humongous obstacles when doing business that concern imports and exports. The paperwork has too much stress, when will this end?' 'He concluded.
He said opening a new retail office in Europe makes financial sense, and will save him stress and money. Also, the office would employ about 800 new staff. The business mogul has warned that Britain needs a change in its tariffs and rate for business to survive during this pandemic.