Author: Geoff Riley Last updated: Sunday 23 September, 2012
Well over half of UK merchandise trade is with the other nations of the EU single market
Manufacturing remains a crucial source of UK exports – around 605 of total manufacturing output is exported – the UK is particularly strong in pharmaceuticals, vehicles, high-end engineering products including aerospace
The UK now runs a trade deficit in crude oil and gas
Overall the UK runs a large trade deficit in goods (>£100bn in 2011) and a rising surplus in services (>£75 billion in 2011).
Only 3% of UK exports go to China and less than 2% go to India – one of the key aims of macro policy in the coming years will be to increase the share of trade in goods and services that goes to faster-growing areas / regions of the world including the BRIC nations.
Britain inside the European Single Market / European Union
During 2012 it seemed that the suggestion that Britain might leave the EU single market and renegotiate her trade relationships with other EU countries was gaining support. “Brexit” is the media term used when discussing the costs and benefits of such a momentous decision. There are strongly held views on both sides of this debate.
The case for British exit from the European Union
Some counter-arguments – the case for staying within the EU single market