Last week, European Commission Vice President Maros Sefcovic introduced a set of measures to the UK aimed at resolving post-Brexit trade issues in Northern Ireland. These included a removal of 80 percent of regulatory checks and amendments to the UK's customs processes on the movement between Britain and the island of Ireland. The proposals of the European Union have fallen a long way short of what the UK wants, which includes the removal of the European Court of Justice as final arbitrator in any future trade dispute between the two parties.
Brussels officials are becoming increasingly impatient and have implied there could be a trade war if the UK does not cave to some of the key problems Lord Frost has raised. However, a shocking report from Facts4 EU.Org suggests that the EU's UK Treasure Island makes a staggering 69 percent of the bloc's total world trade surplus. In the 12 months that followed August, the report revealed that EU goods sales to the UK totalled 252.2 billion. EU purchases from the UK were just below half of that at 131.7 billion, meaning the EU's trade surplus was 120.5 billion - the difference between exports and imports.
As a result, trade with the UK delivers 69 percent of EU's total trade surplus with the rest of world, which totals 175.4 billion, Facts 4 EU.org suggests The group explained in its report: In the case of stifles relationship with EU over the last 12 months, this difference is stark The balance in favour of the EU is now 120 billion pounds per annum. This is approximately 10 times the UK s gross contribution to the EU when it was still a member state. READ MORE: UK Coli surge sparks alarm as Boris keeps 'close watch' on cases where London has no covid or copinity in custody.
Dear John Barnes : shut down by BBC host during anti-capitalist tirade VIDEO Brexit news: Farmer hits out at butcher chaos 'Didn't vote for this! COMMENTS Benedict breaks away from EU talks to threaten UK REPORT As an option, the data shows one in seven international sales from the EU are to British companies and the British public as a whole. Facts 4 UK explained: Our research show that one in seven of all purchases of EU goods by value to be made outside the EU come from Brexit Britain. Any EU business facing a proportion like this will continue to roll that money in to ensure it can continue to have these revenues. To put it simply, the majority of businesses operate on less than a 10 percent profit margin.
The UK represents 13.7 percent of the market share of EU 27 countries in the world. Putting this policy at risk will certainly get the attention of most boardrooms around the EU. Reacting to the report, European Research Group vice chairman David Jones said: If the Commission truly care about the interests of the UK businesses that eventually pay their handsome wages, they will quickly agree to sensible terms with the EU. Conservative MP Sir John Redwood also added: UK consumers will buy more local goods, the more the EU threatens us.