One of the major arguments of the Leave camp, is that we import more from the EU and they do from us, and consequently, they'll be only too willing to do a trade deal with us, as that puts us in a stronger position. Well this article in the Torygraph (Not exactly a Pro Remain paper) seems to disagree.
UK’s trade deficit with EU jumps to record high ahead of Brexit vote
I find this quote in the article of particular interest.
Kallum Pickering, a Berenberg economist, said:
“Whereas the UK earns 15pc of its GDP
through exports to the EU, the rest of the EU earns
less than 5pc of its GDP through its exports to the UK.
“In all post-Brexit negotiations, the bargaining position of the EU would be much stronger than that of the UK.
The EU could use that to restrict UK access to the EU market for services, or to grant such
access only if the UK complies with tougher regulations for financial and other services than before.”
UK’s trade deficit with EU jumps to record high ahead of Brexit vote
I find this quote in the article of particular interest.
Kallum Pickering, a Berenberg economist, said:
“Whereas the UK earns 15pc of its GDP
through exports to the EU, the rest of the EU earns
less than 5pc of its GDP through its exports to the UK.
“In all post-Brexit negotiations, the bargaining position of the EU would be much stronger than that of the UK.
The EU could use that to restrict UK access to the EU market for services, or to grant such
access only if the UK complies with tougher regulations for financial and other services than before.”
Comment