Failure to secure a good Brexit deal with the EU risks putting Bristol’s economic prosperity at risk, a think tank is warning.
A total of 55 per cent of Bristol’s exports are sold to the bloc and are worth around £3.6billion to the city’s economy, or £8,508 per worker.
But local exporters are facing tariff barriers if the government fails to secure a good Brexit deal, says urban policy research unit Centre for Cities.
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Bristol’s largest export base is in power-generating machinery and equipment.
Local goods exports account for 61 per cent of the total, while services account for 39 per cent.
Outside the EU, the United States is Bristol’s largest global trading partner, accounting for 16 per cent of local exports.
The EU remains the largest export market for every British city, with almost one third sending over half of their exports to the bloc.
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Centre for Cities’ chief executive Andrew Carter believes Bristol would benefit from a future relationship that maintains open trading arrangements with the EU in goods and services.
He said: “The report’s findings make clear that, in terms of the economic success of the UK’s cities, policy makers should prioritise getting a good deal with the EU over other markets.
“Looking ahead to the future relationship, policymakers should work to ensure that EU trade in both goods and services is as frictionless as possible, while also retaining the ability of businesses to access global talent.
“A failure to do this could limit the economic prosperity of many of Britain’s cities, including Bristol, and the millions of people living and working in them.”
