How will Brexit influence the balance of trade betweenBritain, Europe and the Commonwealth?

Brexit's influence on the balance of trade between Britain, Europe, and the Commonwealth can be broken down into several key areas:

1. Trade with the European Union: As a member of the EU, Britain enjoyed free trade with other member countries. However, with Brexit, new trade agreements had to be negotiated. Depending on the terms of these agreements, trade could become more expensive due to tariffs and non-tariff barriers, potentially leading to a decrease in trade volume.

2. Trade with the Commonwealth: Brexit could potentially lead to increased trade with Commonwealth countries. The UK government has expressed interest in negotiating new trade deals with these countries, which could lead to an increase in trade volume. However, these negotiations could take time and the outcome is uncertain.

3. Regulatory Divergence: Brexit allows Britain to set its own trade policies and regulations, which could potentially lead to regulatory divergence from the EU. This could affect the ease of trade with the EU, but could also allow Britain to tailor its regulations to facilitate trade with the Commonwealth.

4. Currency Fluctuations: Brexit has led to significant fluctuations in the value of the pound, which can affect trade. A weaker pound makes British exports cheaper, potentially increasing export volume, but also makes imports more expensive, which could decrease import volume.

5. Uncertainty: The uncertainty surrounding Brexit could have a chilling effect on trade. Businesses may be hesitant to invest in trade relationships until the post-Brexit landscape is clearer.

In conclusion, Brexit will likely have a significant impact on the balance of trade between Britain, Europe, and the Commonwealth, but the exact nature of this impact will depend on a variety of factors, including the terms of post-Brexit trade agreements, regulatory decisions, currency fluctuations, and the resolution of current uncertainties.