The United Kingdom is Sweden's fourth largest trading partner, both in terms of goods and services, according to a fresh report from the Stockholm Chamber of Commerce.
This despite a massive increase in bureaucracy since the UK is no longer part of the customs union and the EU's internal market.
Weak Krona Boosts Trade
The growth in trade between Sweden and the UK has increased by an average of over 13 percent after Brexit, which can be compared to an average of 5 percent before the British EU exit, according to the Chamber of Commerce's analysis.
The trade barriers that Brexit has brought have likely hindered trade to some extent, according to Carl Bergkvist, chief economist at the Stockholm Chamber of Commerce. But the weak development of the krona – which has lost around 10 percent against the pound over the five years – has made it cheaper for British companies to buy goods and services from Sweden.
From a British perspective, trade with the rest of the world is not the same success story – on the contrary. The value of British exports has increased by 0.3 percent per year since Brexit, which can be compared to the OECD average of plus 4.2 percent during the same period, reports the Financial Times, citing the think tank "UK in a changing Europe".
British public opinion has also shifted. Measurements from the National Centre for Social Research show that 58 percent of British voters today regard Brexit as a mistake.
This is according to British political scientists connected to the fact that younger voters – who did not get to vote when the Brexit issue was decided – have a significantly more positive view of the EU than older voters.
Small Businesses Losers
British small businesses are pointed out as losers on Brexit by the Financial Times. In a review of the Brexit effects, they also point to major changes in staffing in British healthcare and which foreign students study at British universities.
The number of students from EU countries studying in the UK has plummeted by 50 percent after Brexit. EU students have been replaced by students from Asia and Africa.
The same trend – perhaps even clearer – is seen in public British healthcare. The number of doctors born in countries such as India, Pakistan, Egypt, Nigeria, and the Philippines had increased eightfold by 2023 compared to 2016, according to the British regulatory authority General Medical Council (GMC).
