|A ‘counter-balance’ to recent HM Treasury ‘Project Fear rants’|
The share of UK exports going to fellow Single Market countries has plummeted in the past decade and is now lower than it was when Britain joined the EEC in 1973, a new Civitas analysis shows. Since 2007, the share of the UK’s world exports going to the other 11 founder members of the Single Market has fallen from 68% to just 36% in 2015 – back to the level it was at in 1971. Overall, the real value of British goods exports to the 11 other founder members has grown by a mere 2.5% over the 23 years of the Single Market – a compound annual growth rate of just 0.11%.
This analysis of the latest OECD trade figures demonstrates that British exports to the rest of the world have grown faster and are increasingly more important to the UK economy than those to the Single Market.
It is featured in the latest Civitas publication, The Eurosceptic’s Handbook, which is designed to arm voters with the facts they need – and which government & big business are failing to promote – to make a balanced judgement in the EU referendum.
The preceding decades ironically were ones of growth to the same nations, with the proportion of the UK goods exports going to the nations that would later form the Single Market hitting 48% in 1973. This share continued to increase rapidly over the years of Common Market membership, increasing to 64% in 1989.
The years of Single Market membership saw this proportion peak at 68% in 2004, a percentage matched again in 2007. Since then this proportion has slumped and stood at just 36% in 2015 – the same percentage as in 1971.