Post-Brexit UK to back retail sector, write own digital tech rule book




Post-Brexit United Kingdom will support the retail and consumer goods sector to exploit areas of competitive advantage and seize opportunities for international trade. The country is also writing its own digital technologies rule book that encourages growth and innovation, while protecting businesses and consumers against serious downsides of technology.

The UK government said this in a recent report titled ‘The Benefits of Brexit: How the UK is taking advantage of leaving the EU’.

Retail contributed around £100 billion to the UK economy in 2020—5.2 per cent of total UK gross value added (GVA). Consumer goods manufacturing contributes around £13 billion to the UK economy and employs over 240,000 people.

Post-Brexit United Kingdom will support the retail and consumer goods sector to exploit areas of competitive advantage and seize opportunities for international trade. The country is also writing its own digital technologies rule book that encourages growth and innovation, while protecting businesses and consumers against serious downsides of technology.

The government is committed to working with the consumer goods industry—primarily comprising small and medium enterprises (SMEs)—to leverage its competitive advantage outside the European Union (EU) Customs Union and rebuild resilience in the wider sector and supply chains following the COVID-19 pandemic through innovation, reshoring, sustainability and skills development, the government said.

“We are committed to working with the retail sector, and the Retail Sector Council in particular, to ensure that businesses are profitable, resilient, innovative and support local economies in socially and environmentally responsible ways,” said the report.

The sector estimates that there are over a million high-spending international visitors to the UK due to the status of retail destinations such as London’s West End, Bicester Village and other cities and towns across the country.

The country will be turned into an innovation-friendly hub for responsible data-driven business using artificial intelligence to transform the economy and improve lives, it said.

The UK digital economy is thriving, with £26 billion invested in UK tech in 2021, 35 per cent of the total investment in tech across Europe that year. The number of UK tech unicorns also grew significantly last year, seeing an additional 29 companies valued at over $1 billion. Over £83 billion worth of UK exports to its 2022 priority countries are underpinned by data flows.

The government wants to remov barriers to data flows to boost trade, investment and scientific and technological innovation. It will strengthen its security partnerships and support development around the world. Brexit provides a significant opportunity to drive growth and innovation further, supercharging the digital economy cementing the UK’s position as a global tech hub, the report added.

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