EU sold more to ‘UK Treasure Island’ in last 15 years’ membership, than to 190 states COMBINED
EU made £1.2 TN from UK in trade balance – they sold UK more than to any single country in World
Montage © Facts4EU.Org
The EU Single Market has never worked in the UK’s favour, according to EU’s own figures
In the final part of our 3-day series on the EU’s Single Market, today Facts4EU.Org can reveal that the United Kingdom really does deserve the nickname ‘Treasure Island’ as far as the EU is concerned.
Our analysis of the EU’s own figures shows that the EU made an astonishing £1.2 trillion from the UK, in its surplus on the trade in goods over the past 15 years from 2006-2020 while the UK was a member of its Single Market.
Last 15 years: the EU sold more to ‘Treasure Island’ (the UK) than to 190 other states COMBINED
It is perhaps difficult for readers to comprehend the sheer value of the UK’s market to the EU27 countries. This is probably because the British broadcast media were (and still are) all pro-EU, and there is therefore little understanding amongst the public of just how big and important the United Kingdom is on the world stage.
Below we address this in what is the first demonstration of this kind. As above, this analysis is based on the EU’s own official figures for its goods exports to the UK and around the world.
Brexit Facts4EU.Org Summary
The sheer value of the UK to the EU (last 15 years from 2006-2020, in Euros)
- EU’s goods sales to UK : €4.154 TRILLION
- EU’s goods sales to 190 other states combined : €3.924 TRILLION
© Brexit Facts4EU.Org - click to enlarge
Statistical note: Facts4EU.Org has used the list of states provided in the figures we analysed from the EU itself. This is how they divide up the results, so this is what we have shown.
Whilst some of these states are very small, others are more significant. For example, Vietnam, with which the EU reached a trade deal last year which it has trumpeted loudly, and New Zealand, with which it hopes to reach a trade deal this year.
Please also note that in this summary the above totals are in EUROS. In the next summary below we are showing UK and EU sales to each other in pounds sterling (GBP).
The EU27 sold more to the UK in the last 15 years of its membership of the Single Market than to the United States, or China, or Russia, or Japan, or to any other single country in the World.
IMPORTANT - What is the EU's Single Market?
Pro-EU Rejoiners have reacted to our latest Single Market reports in many ways. Putting aside those who have been simply abusive, a recurrent theme has been “Ah, but what about services, the UK’s strength?! You are not including those.”
Once again it seems we have to point out to Rejoiners that the EU Single Market is about goods, not services. It is goods which have tariffs removed in the Single Market. When it comes to services (which do not attract tariffs), the EU Single Market was supposed to eliminate what are called ‘barriers to trade’, such as the mutual recognition of professional qualifications. This simply hasn’t happened.
We will again remind Rejoiners what the EU’s Single Market Commissioner Elżbieta Bieńkowska said in 2017: “The Single Market – this jewel that is all too often taken for granted – does not function properly for services.”
EU27 sold the UK £3.4 TRILLION of goods in last 15 years of EU membership
Brexit Facts4EU.Org Summary
EU27’s goods trade with UK as part of Single Market, last 15 years from 2006-2020
- EU27’s sales to UK : £3.411 TRILLION
- UK’s sales to EU27 : £2.244 TRILLION
- EU27’s trade surplus with UK : £1.167 TRILLION
© Brexit Facts4EU.Org - click to enlarge
Statistical note: The above comes from the EU’s official statistics agency. Euro values have been converted into pounds sterling (GBP) using the average exchange rate for each year.
The Rt Hon David Jones MP is Deputy Chairman of the European Research Group in Parliament and has served as Member of Parliament for Clwyd West since 2005. He was the Minister of State at the Department for Exiting the European Union from July 2016 until June 2017.
“That is very interesting and underlines how beneficial it will be to us to conclude FTAs with other countries that don’t expect us to pay for the privilege of buying from them.”
The Rt Hon David Jones MP, commenting to Facts4EU.Org, 19 Aug 2021
Our report above has been given excellent coverage in an article in the Daily Express today.
© Express Newspapers / Reach PLC - click to read
The EU’s Single Market has benefited the EU, not the UK
Let’s be clear: The EU’s Single Market has always been about the trade in goods, not services. It involved the elimination of tariffs on goods, and our report shows quite clearly how the EU has profited from having the United Kingdom as a member.
The EU did of course pay lip service to services, partly because its second-largest member – the UK – has such a strength in this area. Some 80% of the UK economy is based on services, not goods. Nevertheless, the Single Market has never worked in any meaningful sense for services. Just ask any British plumber, electrician, accountant, architect, or lawyer how easy it is to do any business in the EU.
If any Rejoiners are still in any doubt, they may wish to question why the EU refused to discuss services as part of the ‘UK-EU Trade and Cooperation Agreement’ which the Prime Minister signed last year. That ‘trade deal’ only involves goods. Financial services – where the UK is a world-beater in so many areas – was deliberately excluded by the EU.
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Brexit Facts4EU.Org, Thur 19 Aug 2021
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