Brexit: The "B" word is back in the spotlight, as UK exports to the EU fell sharply in January

The "B" word hasn't occupied as much airtime in the UK over the last year, but it will today as the latest trade data from the UK Office for National Statistics (ONS) just hit the tape. The data reveals that exports of UK goods to the European Union fell by roughly 40% in January. With no similar falls in British exports to non-EU countries, the declines appear to be related to Brexit, and the introduction of a whole host of new trading rules and regulations.

For the UK economy, which also suffered a 2.9% contraction in January, it is more bad economic news.

‍Teething problems

‍Although the January data is concerning, the ONS report did say that the steep drop was likely the result of "temporary factors", giving hope for British exporters that once teething problems are ironed out that exports might bounce back strongly.