hello and welcome to bbc news this morning. a cross party group of mps says the uk s exit from the european union has so far only led to increased costs, paperwork and border problems for businesses. a report from parliament s spending watchdog, the public accounts committee, found costs for businesses had risen and trade had fallen as a result of leaving the eu. the report by the committee also warned there could be further disruption to cross border trade this year, when new import controls come in. the mps say more must be done to improve border arrangements for businesses. they say that brexit has led to increased costs for exporters, more paperwork for businesses, and more border delays. the government says it is continuing to offer help to uk businesses to trade effectively. here s our global trade correspondent, chris morris. the focus on britain s borders continues. this report says trade
introduces new passport controls and the uk starts checking the import of food products. the mps want more transparency from government about the problems businesses are facing. the government says it plans to create the most effective border in the world by 2025. the committee says that is a noteworthy ambition, but optimistic given where things stand today. chris morris, bbc news. and our global trade correspondent, chris morrisjoins me now. so chris morrisjoins me now. many factors involved i! situation, so many factors involved in the situation, what is your assessment of how things are? its situation, what is your assessment of how things are? of how things are? its interesting first of all this of how things are? its interesting first of all this came of how things are? its interesting first of all this came from - of how things are? its interesting first of all this came from a - first of all this came from a cross party committee of mps, including some who supported brexit
the public accounts committee, found costs for businesses had risen and trade had fallen as a result of leaving the eu. the report also warned there could be further disruption to cross border trade this year, when new import controls come in. the mps say more must be done to improve border arrangements for businesses. they say that brexit has led to increased costs for exporters, more paperwork for businesses, and more border delays. the british government says it is continuing to offer help to uk businesses to trade effectively. here s our global trade correspondent, chris morris. the focus on britain s borders continues. this report says trade volumes have fallen partly because of the impact of covid. the exit from the eu has clearly had an impact and new border arrangements have added costs to business. smaller firms with fewer resources have been hit the hardest. between the delays at the border,
said, he is a member of the conservative party and said he will continue as a member but obviously not a financialbacking. a cross party group of mps says the uk s exit from the european union has so far only led to increased costs, paperwork and border delays for businesses. a report by the public accounts committee has warned ministers there remains a lot more work to do to ease the administrative and cost burden. the mps also urge the government to be honest about the problems rather than overpromising . here s our global trade correspondent, chris morris. the focus on britain s borders continues. this report says trade volumes have fallen partly because of the impact of covid. the exit from the eu has clearly had an impact and new border arrangements have added costs to business. smaller firms with fewer resources have been hit the hardest. between the delays at the border, the extra costs and paperwork, a lot of businesses are saying it has been a struggle for them.
and its economy? our global trade correspondent chris morris reports on the potential impact. eight years ago, russian troops moved into crimea, annexing part of ukraine. it provoked a first round of international sanctions and it taught moscow an important lesson. since 2014, it s been setting up defences, moving away from the dollar and trying to sanction proof the russian economy. by january this year, the government s international reserves in foreign exchange and gold were at record levels, worth over $630 billion. and only about 16% of that foreign exchange is now actually held in dollars, down from 40% five years ago. there have also been other changes, with russia relying less on foreign loans and investments, seeking new trade opportunities away from western markets, creating its own system