Brexit would put 250 billion pounds of trade at risk - 'In' campaign

Published 03/05/2016, 00:07
Updated 03/05/2016, 00:10
© Reuters. File photo of port workers inspecting containers at the port of Felixstowe

LONDON (Reuters) - A British vote to leave the European Union could put 250 billion pounds of trade at risk, both with EU members and with the more than 50 countries that have free-trade agreements with the EU, campaigners to remain said on Tuesday.

Lobby group Britain Stronger in Europe said it had quantified the potential trade that could be lost if the country moved to World Trade Organisation rules without an alternative agreement, as it said many "Leave" campaigners had advocated.

"There is no trading arrangement outside the EU which gives us the free trade we rely on today," said former finance minister and "In" campaigner Alistair Darling.

President Barack Obama underlined the difficult of striking new trade deals to replace EU ones last month when he said Britain would be at the back of the queue for a deal with the United States.

Obama's stark warning appears to have done little to sway voters, however, and opinion polls show the "Out" campaign has edged into the lead.

The lobby group said some 60 percent of Britain's trade, worth 637 billion pounds, was with European Union partners, countries in the European Economic Area or the more than 50 countries with whom the EU had trade deals.

Using UK government analysis, it said trade with these three group was 76 percent, 44 percent and 17 percent higher respectively than it would be without agreements, equating to 247 billion pounds of trade based on 2014 figures.

Brexit campaigners, however, said their opponents were not being consistent in their forecasts.

"Their underlying belief appears to be that Britain - the world's fifth largest economy and a nation with a great history of trading across the globe - would be an economic backwater if it wasn't for Brussels taking control of our trade deals," Vote Leave chief executive Matthew Elliott said on Tuesday.

"That's absurd. After we vote "leave" we will take back control of the powers we've surrendered to EU bureaucrats and stop sending Brussels 350 million pounds a week. That would boost our economy and allow us to spend our money on our priorities."

© Reuters. File photo of port workers inspecting containers at the port of Felixstowe

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.