It’s funny you quoted one paragraph verbatim from the Resolution Foundation article but wilfully ignored the one beneath and the “conclusion”.
“But just as you might conclude the Brexit has been a disaster for trade, UK services trade is soaring. Service trade was growing quicker than goods long before Brexit - in the two decades since 2003, service trade (imports and exports) grew from 33 per cent of the UK’s total trade to 45 per cent. Just looking at exports, services are an even bigger 56 per cent share of the total. This service trade doesn’t appear to have taken notice of Brexit, growing 14.0 per cent between 2019 and 2023 - faster than France, the US and Japan. And by the end of 2023, UK services trade was 2.8 per cent above its 2010-2018 trend.”
It goes on to say how it’s difficult to assess service trade. The EU has us higher, the US lower, our own ONS numbers somewhere in between although nearer EU numbers than US.
It then concludes with a strategy - broadly ensure we change our good relationship with the EU to prevent any supply chain unraveling and focus on our services strengths beyond the EU with new innovative agreements.
Article here. It’s a fair assessment and balanced.
www.resolutionfoundation.org