HMRC has published the latest UK trade statistics, for October 2016. Two direct quotes speak volumes:
“For many years Germany has been our largest trading import partner by value. The USA has been the dominant trading partner for exports for many years.”
“The top five partner countries accounted for 45 per cent of total UK import value this month, compared with 46 per cent for October 2015.”
Added to which total exports of £26.84 billion were dominated by just a few key nations: USA £4.08, Germany £2.81, France £1.69, Netherlands £1.67, Ireland £1.59, China £1.18, Belgium £1.03 and Switzerland £0.86.
The big lie of project fear 2.0 is that the UK will lose in an EU bloc imposed trade war, with increased customs tariffs and others taxes.
But the statistics show instead that gaining independence from the EU bloc can open up a free future of more open and global trade deals.
Tax Barrister, Accountant