BREXIT: Jobs, trade and tax are at risk
With apologies to Maryan Duckworth who does not want to see any more letters about Brexit, I feel I must respond to the letter from Dr Keith White-Hunt, (Morpeth Herald, September 28).
He suggests that since Britain is an important market for Germany, it should support a good trade deal, though trade talks have not yet started and we will be negotiating with Brussels, not Berlin.
British trade is only nine per cent of EU exports according to the National Institute of Economic and Social Research, and split between 27 nations, whereas the EU accounts for 47 per cent of British exports.
Let us suppose that outside the EU Free Trade area we lose ten per cent of our trade with the EU – no one suggests, I think, that it would all end – that is nearly five per cent of our overseas market gone.
But if the same happens to Germany that is less than one per cent of its trade, and since it has a trade surplus, which we do not, it can doubtless live with that. Meanwhile, of course, German industry has the opportunity to pick up the trade that we lose.
This is already happening in financial services where banks are moving some operations out of London to Frankfurt and other EU cities.
In trade terms, it is now certain that Brexit is going to hurt our economy, losing Britain jobs in trade and tax income from business, as well as vital EU workers from agriculture and the NHS.
The alternative is to Remain in the EU, the world’s second largest economic union.
Angels for Europe