Mr Newby in his letter last week states correctly that exports to the EU make up 44% of all UK exports and that all UK exports make up 20% of the UK’s production or Gross Domestic Product (GDP).
From this it follows that 9% (i.e. 44% of 20%) of the UK’s production is reliant on free trade with the EU.
Remarkably, Mr Newby describes this as “minute”. However, in economic terms 9% of our production is massive; there are 32 million people working in the UK and therefore 9% comes to approximately 3 million jobs directly reliant on trade with the EU, precisely the figure that the Remain campaign are highlighting.
Mr Dixon states correctly that the cost of being in the EU is £8.5billion per year (i.e. £163 million a week not the £350 million claimed by Mr Montcreiff and the Brexit campaign). However, Mr Dixon describes this as “whopping”; but it isn’t, it equates to only 0.5% of the UK’s annual GDP of £1,800 billion or £1.8 trillion.
So, in conclusion, in return for not expending 0.5% of our GDP we put at risk 9% or 3 million jobs. In addition to this we have to consider the many jobs – estimated in excess of a million – that benefit indirectly from the trade deals with other parts of the world negotiated by the EU.
Perhaps Mr Newby and Mr Dixon should reconsider their positions.