Timeline for Is only 13% of the UK economy and only 8% of its businesses involved with european Union trade?
Current License: CC BY-SA 4.0
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| Nov 3, 2020 at 12:42 | comment | added | matt_black | Also, if the proportion of businesses dependent on EU trade is low because most businesses not involved are small, then the proportion of UK business activity dependent on the EU will be far larger than the proportion of businesses involved with the EU. | |
| Nov 3, 2020 at 12:39 | comment | added | matt_black | This is a good piece of context but fails to address one of the issues raised by the way the claim is worded. GDP provides a net impact but not a good measure of how much the actual flow of trade is involved with the EU. If, for example, UK car manufacturing uses critical parts from the EU but they don't constitute a huge amount of the value of the car, then the GDP contribution will greatly understate the "involvement" especially if alternatives to those parts are not readily available. | |
| Nov 3, 2020 at 11:01 | comment | added | Eric Nolan | It's interesting to see the numbers framed like that and it's very unsurprising that it is somewhat misleading. I guess it follows that the rest of the world "only" accounts for 17% of the UKs GDP so why bother trading with them either, right? It is probably also worth mentioning that some (or perhaps a lot) of that trading with the rest of the world is through EU trade deals. The implicit assumption is that the UK will be able to increase trade with the likes of Japan and the US once they are free of the EU but seems very unlikely in the short term. | |
| Nov 2, 2020 at 17:16 | history | answered | Henry | CC BY-SA 4.0 |