Saturday, August 11, 2012

The UK should leave the WTO instead of the EU!

The UK's June trade balance (goods and services) from £ billion -2.9 in 2011 to -4.3 in 2012! Without services, it would be worse!

The deficit in goods trade of the UK is greater with the rest of the world than with the EU (June 2012): -5.2 vs -4.9 (£ billion, source: ONS).

Also: June UK exports to EU fell 7.2%, but to rest of the world they fell 9.6%, thus debunking the myth that the UK is better off outside the EU and focusing on trade with the non-EU rest of the world!

So maybe the UK should leave the WTO instead of the EU!

Actually, since the UK is a member of the WTO directly and via the EU's membership, the UK should stay in the EU and convince it to leave the WTO (and replace it with existing and new bilateral agreements).

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BRs
Nick

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