The post-Brexit trade deal approved by the UK parliament provides clarity for the trading sector but leaves many open questions for other key UK industries, says leading London accountancy firm Blick Rothenberg.

Alex Altmann, a partner and the head of the firm’s Brexit advisory group, says: “This is a bare-bones deal for traders, which benefits EU companies more than it does UK companies.  The UK economy earns 80 percent of its GDP with services, not with goods, and unfortunately there this is not much in the trade deal for the vital UK services industry.”

“Also, a ‘zero-tariff’ trade deal does not mean ‘zero customs regulations’ and the additional red tape for traders selling into the EU will have to be paid by someone.  This is a bad day for the UK economy and will cost key industries billions in the years to come.”

Altmann, who is also a Chairman at the British Chamber of Commerce in Germany, added: “From financial and professional services, to the research and education sector, this deal brings long-term damage to many important UK industries.  The removal of EU market access for these industries means less new business and opportunities, and higher costs to maintain existing business in the EU.”