Brexit deal ‘stifling’ UK-EU trade; markets rally ahead of interest rate decisions – as it happened

EU-UK trade deal continues to hurt trade with 27% drop in exports since 2021 reports Aston University

• UK's post-Brexit checks on fruit and vegetables delayed for a third time

Here's Peter Foster, the FT's public policy editor, on today's UK-EU trade report:

Today's report into UK-EU trade shows how Britain's pharmaceuticals industry has suffered from regulatory divergence issues since Brexit.

For instance, while the mutual recognition of production certificates is agreed in the TCA [the Trade and Cooperation Agreement, or Brexit deal], the EU no longer recognises medicine batches tested in the UK as valid for sale within the single market, nor does it recognise the professionals overseeing these processes.

UK pharmaceutical firms now require separate certifications for both the UK and EU markets, resulting in increased costs and delays.