46511
Export to EU Merely 12% of British Economy
World Economy

Export to EU Merely 12% of British Economy

Exports to the European Union now account for just 12% of Britain’s economy and companies are looking elsewhere for trade.
The Office for National Statistics’ Pink Book–which details the economy’s reliance on imports and exports–shows UK focus on Europe has dropped steadily for the past five years, Yahoo reported.
British businesses now earn £222.4 billion ($294.14 billion) by selling goods and services to EU countries–equivalent to 12.1% of total economic output.
But the amount sold to nations outside the bloc is higher–at £287.9 billion, or 15.7% of the economy.
The ONS also said that British exports grew at a world-beating pace in 2015 for the first time since 2006.
It added: “Within this the UK has seen increased trade activity in goods with non-EU countries, with their share exceeding that of EU countries in the last four years.”
Campaigners argued that the figures showed the UK should look beyond the EU as it sought opportunities for growth.
They said the country was not reliant on the bloc and could afford to be bold in the Brexit negotiations ahead. John Longworth, former head of the British Chambers of Commerce, said: “Exports to the EU represent an ever-smaller element of our economy but the benefits of Brexit are applicable to the whole of the economy. Brexit will allow Britain to become a great trading nation once again. We need to grasp this opportunity.”
Goods exports to the EU now stand at £134 billion, but we sell £151 billion to the rest of the world.
Britain has sold more goods outside the EU than within it for the last four years. This started in 2012 as the eurozone plunged into crisis and has never recovered.
“And in the services market–an area where Britain is particularly strong–we sell £88.9 billion to Europe, but £136.6 billion elsewhere”, he said.

Short URL : http://goo.gl/LcJm11
  1. http://goo.gl/zr9oF4
  • http://goo.gl/xeOIZ1
  • http://goo.gl/9KkSF8
  • http://goo.gl/oTQINw
  • http://goo.gl/5ycn4g

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...

Trending

Googleplus