Wednesday, November 08, 2006

Expanding EU fails to halt exports slide

The Business reports that the EU now accounts for less than half of Britain's exports - despite enlargement which was supposed to increase our trade with the EU.

Only 48% of Britain’s earnings from the export of goods and services, receipts of income from investments and transfer payments were derived from the 24 other EU member states last year, according to an analysis of official figures by the Global Britain think-tank.

Outside the EU, British earnings from developed nations such as the US, Australia and Singapore (Canada and Japan being notable exceptions) grew at a healthy pace. They also grew at a good pace from developing nations like Russia, Turkey, China/Hong Kong, the Gulf Sheikdoms and South Africa.

So there we have it. The EU gets bigger but our exports to it drop - meanwhile, our exports to more traditional partners grow. Bang goes another EU myth.

That loud pffrrrrrtttt noise you can hear is the sound of Ken Clarke deflating.

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