EUR GBP 20200923 13.42

UK exporters could face lengthy queues at Kent as the EU plans to enforce full goods controls

UK PMI data prints largely in line with expectations

Michael Gove, who is responsible for no-deal planning, issued a warning to the freight industry over potential import and export delays in Kent. Mr Gove mentioned that as many as 7000 EU-bound freight trucks could cause delays of up to 2 days. The reason for this is, according to Gove, is due to around 70% of freight trucks travelling to the EU being unprepared for the new border controls.

The European Union is expected to impose full goods controls on the UK, stopping all freight without the correct documentation after the transition period, effective from 1 January 2021.

Similarly to other economies, there was an expectation for improved economic conditions as the UK eased up on lockdown restrictions. Manufacturing (Flash) PMI data slightly beat expectations; while Markit/CIPS Composite (Flash) and Markit/CIPS UK Services PMI (Flash) came in slightly below expectations. Traditionally, figures above the 50 mark indicate improving economic activity.

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