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Based on interviews with businesses, trade associations and additional research, Open Europe has today published a new report assessing how withdrawal from the EU would impact eight of the UK’s key exporting industries, in both the goods and services sectors. This is the first in a series of studies, culminating in Open Europe’s new and comprehensive report on the implications, challenges and opportunities presented by Brexit.
9 March 2015
EU regulation now covers most parts of the UK economy, including the public sector, which is largely non-tradable, and other domestic firms which do not export. This means that Brexit – for better or worse – would have an impact across the entire UK economy. In this briefing, however, we focus on the impact of EU withdrawal on exports of UK goods and services, which account for 30% of UK GDP (the EU accounts for 44% of the UK’s total exports).
The sectors analysed by Open Europe account for 53% of the UK’s global exports and 47% of its exports to the EU. Mineral fuels (such as crude oil) and miscellaneous manufactured goods make up the majority of other UK exports to the EU not assessed in the briefing.
Outside of the EU, there are two major potential benefits for the UK:
In a forthcoming report, we will comprehensively address the extent to which the UK could take advantage of these potential benefits.
To read the briefing – The impact of Brexit on the UK’s key export sectors – in full, click the PDF reader below, or click here.