Here's the maths for all the brexiteers;
Britain exports circa 10% of it's GDP> It is a £2tr economy...so that's £200bn. 54% goes to the Eu...that's £108bn...after the thatcher negotiated rebate, and the money we get back from the Eu in Grants, subsidies etc...we were a net contributer of circa £3.5bn. That £3.5bn goes to the poorer counties of the Eu and we should look on this as helping to develop these countries so that they will be better export markets for us in the future, (regardless of whether we are smart enough to take advantage.) There are other benefits too but I'll stick with the economic for the purposes of this post. Yes, a lot too goes on the CAP, and historically, french farmers have benefited most from that, - before anyone points that out.
So, of those £108bn exports - if the exporters had to pay the average WTO tariff of 14% that would be $15.12bn they would have to pass on in the export prices or absorb themselves. Either way other than all the societal, cultural, and security benefits of being part of that club, the purely mercantile consideration is that we were paying a net £3.5bn/year to save £15.12bn in tariffs. Do'h - it was a no brainer ..but, we voted to come out, and now here we are. Whatever happens re 'deal or no deal,' we will be worse off, not just economically, but in ways that most haven't even begun to think of yet.
Britain exports circa 10% of it's GDP> It is a £2tr economy...so that's £200bn. 54% goes to the Eu...that's £108bn...after the thatcher negotiated rebate, and the money we get back from the Eu in Grants, subsidies etc...we were a net contributer of circa £3.5bn. That £3.5bn goes to the poorer counties of the Eu and we should look on this as helping to develop these countries so that they will be better export markets for us in the future, (regardless of whether we are smart enough to take advantage.) There are other benefits too but I'll stick with the economic for the purposes of this post. Yes, a lot too goes on the CAP, and historically, french farmers have benefited most from that, - before anyone points that out.
So, of those £108bn exports - if the exporters had to pay the average WTO tariff of 14% that would be $15.12bn they would have to pass on in the export prices or absorb themselves. Either way other than all the societal, cultural, and security benefits of being part of that club, the purely mercantile consideration is that we were paying a net £3.5bn/year to save £15.12bn in tariffs. Do'h - it was a no brainer ..but, we voted to come out, and now here we are. Whatever happens re 'deal or no deal,' we will be worse off, not just economically, but in ways that most haven't even begun to think of yet.
Trader with an Edge.
3
made 110p fall
