Europe

‘Huge advantage!’ Brexit export bonanza about to explode – £500BN surge and 5M jobs

Jacob Rees Mogg's new Brexit role pivotal to Boris Johnson

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A report from the Global Britain Commission has said that boosting UK exports to match those of Germany could create an additional £474bn of export income per year. Tory MP Peter Bone threw his weight behind the Commission’s findings, saying “this is the future we’re going to see”. He told Express.co.uk that he is feeling “really upbeat” and “very positive” about Britain’s future on the international stage.

He said the boost in income from exports is “exactly what we said before Brexit would happen and it is happening”, adding: “I think it’s fantastic”.

While the absolute value of UK exports is high – bringing in around £601bn of exports and £598bn of imports last year – it currently lags behind many other major economies when it comes to the per capita value of its exports.

According to the report, exports of goods and services in the UK in 2020 were slightly more than half that of Germany, Europe’s largest market.

They put UK exports at £8,597 per capita compared with £15,645 in Germany.

If the UK boosted its exports per capita to match Germany’s numbers, Britain would see a major boost to its income.

The additional exports would cause UK workers to expect a theoretical salary jump of £2,190, the report said, increasing from £31,285 to £33,475.

The report noted that every £1m of exports would create 11.6 new jobs.

On this basis, 5.2m new jobs would be created as a result of the £474bn export income.

Speaking to Express.co.uk, Mr Bone said: “The simple thing is, we had a Brexit deal which gave us a free trade agreement with Europe and no quotas.

“And at the same time it allowed us to do free trade agreements around the world.

“And that is clearly a huge advantage to us going forward.

“The fact that we are the fastest growing economy in the G7 tends to indicate that we are succeeding very well at that.

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“I think the argument that was made very strongly during Brexit was that the markets in Europe will be a declining market here for us, and it will be the rest of the world where the expansion, and the rest of the world where we sell goods.

“So I think it’s absolutely right that this is the future we’re going to see.

“I’m really pleased for instance that yesterday Jacob Rees-Mogg was made Brexit minister to take advantage of these things and strip away stuff that might be hindering our businesses and strip out regulations that we don’t need, which are only here from the EU days.

“I’m really upbeat and very positive about it.

“I think it’s exactly what we said before Brexit would happen and it is happening and I think its fantastic.”

But Dr Mike Galsworthy, founder of Scientists for EU, hit out at the report, calling it a “fantasy”.

He told Express.co.uk: “These analyses sound like the same fantasy stuff eurosceptic dinosaurs were putting out over half a decade ago.

“In the meantime, Brexit has actually happened in the real world – hitting GDP by a whopping 4 percent, with lorries queuing at Dover, farmers going out of business, and British businesses tangled in red tape.

“And fantasists continue to talk about golden cities just over the next hill.

“Ironically, they also model their vision on Germany – a highly successful global trading nation within the EU.

“Maybe we should have copied Germany, without the Brexit, and saved ourselves a whole load of fuss, time and money.”

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