Brexit News: The trade war would blow a big hole in the EU as £ 250bn in UK sales are at risk | Politics

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Former Brexit Party MEP criticizes EU over Northern Ireland border

Last week, European Commission Vice President Maros Sefcovic outlined a set of measures for the UK aimed at solving post-Brexit trade problems in Northern Ireland. These included the elimination of 80 per cent of regulatory controls and the reduction of customs processes in the movement of goods between Great Britain and the island of Ireland. But the European Union’s proposals have fallen far short of what the UK is demanding, which includes the removal of the Court of Justice of the European Communities (ECJ) as the final arbiter in any future trade disputes between the two parties.

Brussels officials are growing increasingly impatient and have hinted that there could be a trade war if the UK does not give in to some of the key issues Lord Frost has raised.

However, a shocking report from Facts4EU.Org suggests that the EU’s ‘UK Treasure Island’ generates a staggering 69 percent of the bloc’s total global trade surplus.

In the 12 months to the end of August, the report revealed that EU goods sales to the UK totaled a whopping £ 252.2 billion.

EU purchases from the UK were just under half of £ 131.7 billion, meaning the EU’s trade surplus, the difference between exports and imports, stood at £ 120.5 billion. millions.

Brexit news: a possible trade war could have a big impact on the EU (Image: GETTY)

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Brexit news: EU trade with the UK totaled £ 252.2 billion (Image: FACTS4EU.ORG)

As a result, trade with the UK generates 69 per cent of the EU’s total trade surplus with the rest of the world, amounting to 175.4 billion pounds, suggests

The group explained in its report: “In the case of the UK’s relationship with the EU over the past 12 months, this difference is marked.

‘The balance in favor of the EU is now over £ 120 billion a year.

‘This is roughly 10 times the UK’s gross contribution to the EU when it was still a member state.

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Brexit news: One in seven global EU goods sales are to the UK (Image: FACTS4EU.ORG)

‘The total EU international trade surplus for the last 12 months to the end of August 2021 was 175.4 billion pounds (199.9 billion euros).

“The UK accounted for a staggering 68.7 per cent of this, or £ 120.5 billion (€ 137.4 billion).”

The analysis also suggests that, over the 12-month period, trade data shows that the EU has been selling an average of £ 691 million worth of goods to the UK every day.

There is also a huge gap between what the EU27 sells to the UK – and what the UK sells to the EU27 – with the bloc’s sales to Britain now 91 percent higher than the UK’s sales to the EU. .

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brexit uk eu trade surplus

Brexit news: UK generates 68.7 percent of the EU’s global trade surplus (Image: FACTS4EU.ORG)

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Brexit news: Maros Sefcovic outlined a set of measures for the UK (Image: GETTY)

Furthermore, the data shows that one in seven EU international sales is made to British companies and the British public as a whole.

Facts4EU explained: ‘Our research shows that one in seven of all EU goods purchases (by value) made outside the EU comes from Britain’s Brexit.

‘Any company in the EU that faces a proportion like this will do everything possible to ensure that it can continue to earn this income.

‘Simply put, most companies operate with a profit margin of less than 10 percent.

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Brexit News: The European trade landscape after the UK’s exit from the EU (Image: EXPRESS)

‘The UK accounts for 13.7 per cent of all EU27 sales worldwide. Putting this at risk will undoubtedly attract the attention of most boardrooms in the EU. ‘

Reacting to the report, European Research Group Vice President David Jones said: “If the Commission really cares about the interests of EU companies who ultimately pay their attractive salaries, they will quickly agree to reasonable terms with the UK. .

“Otherwise, they will be the losers.”

Conservative Party MP Sir John Redwood also said: “UK consumers will buy more local goods, the more the EU threatens us.”

“We lost market share in steel and automobiles, in fish and agricultural products, in energy and flowers.

“It would not be wise to start a trade war.

“The UK can now rebuild imports by saving domestic production, replanting our orchards, building new greenhouses, catching our own fish, making more of our own cars.

“UK consumers will buy more local items, the more the EU threatens us.”

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