Comments by "robs2020" (@sbor2020) on "Simon McCoy's Good News | 22-June-21" video.
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Well done GB News, it’s good for the UK economy that negotiations have started for an East Asian trade deal. However, a word of balance. It would seem that the UK will benefit to the tune of £9 trillion, but in terms of exports this will be more like 37 billion by 2030. To put that into perspective, in 2019 exports to the EU was to the tune of 294 billion, amounting to 43% of all exports. A constant 294 billion over the next nine years would total 2, 646 billion (2,6 trillion) which compared to 37 billion is over 70 times more in terms of exports.
In January 2021, the value of good exported to the European Union fell from £13.6 billion to £7.88 billion pounds, while the value of imports fell from £22.7 billion to £15.8 billion. Leaving the EU, approximately 5.72 billion loss in exports, whilst a potential 4.11 billion is in the offing. A 1.61 billion per year shortfall in exports. So IF this trade deal is finalised it will not make up for the losses that have been made by leaving the EU customs union.
Good news on the one hand, but a burnt offering. Brexit was always going to be a pyrrhic victory.
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