13 - 03
The European Single market is the largest in the world and accounts for 17 per cent of world trade.
In 2014 45% of our exports of goods and services went to the EU.
We would be outside it
Europeans would have to pay import duties on British products
- 3 per cent on average
- 4 per cent on car components
- 14 per cent on clothing
- 55 per cent on dairy products
They wouldn’t pay. They would go elsewhere for them, or make them themselves.
If they changed the rules of the Single Market, we would have no say.
For more information about UK trade flows with EU and the rest of the world see the CBI November 2013 report ‘Our Global Future’
See also the Centre for European Reform’s June 9, 2014 report on the economic consequences of the UK’s leaving the EU.