At the beginning of the last decade over 60% of Britain’s goods exports was to EU countries. Over the last twelve years that percentage has fallen to 50%, as our goods exports to the rest of the world has increased from under 40% to 50%.
What’s more, Britain’s trade deficit with the EU is far greater than its deficit with the rest of the world. The idea they wouldn’t trade with us if we leave is farcical.
Thirdly, Europe is becoming less important in world trade. In 1990 the EU was 27 per cent of world output. By 2016 it will be just 18 per cent of world output, a pretty significant fall.
Food for thought come Friday.
