Today, the 3rd of January has been a record day every year (for at least the last 15 years) for several things. For starters you have online returns (in the U.S. and the U.K.), gym memberships and dating website(s) signups peaking on the day. But this year is different so expect the unexpected. We can’t write about everything today but cover four topics (Retail, Technology, Interest Rates and Debt).
Mark Carney, the Governor of the Bank of England gave a speech on Guidance, Contingencies and Brexit at the Society of Professional Economists on the 24th May 2018. Essentially, the speech said the Bank was well prepared for any “potential path” of Brexit. What it didn’t mention was the rapidly expanding balance sheet.
We have been publishing a number of statistics for the United Kingdom and the European Union over the last few weeks in the run up to a major piece we will be publishing on the real economics of Brexit. This is the final piece before we publish our post on the real economics of Brexit.
How reliant is the United Kingdom on the European Union for trade? The answer to that is around 52% in 2017 (down from 59% in 1998 and 55% in 2008). 48% of UK exports go the European (EU) Union but 55% of UK imports are from the European Union. Exports to the EU have been decreasing but imports have been increasing. 69% of the trade deficit of the United Kingdom can be attributed to trade with the European Union.
We will be publishing a number of statistics for the United Kingdom (and the European Union) over the next few days in the run up to a major piece we will be publishing on the real economics of Brexit. In the meanwhile, here are trade statistics for trade by each product for the United Kingdom for 2017 (the latest full year of data available) sourced from the Office for National Statistics.