Lord Stevens of Ludgate – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Stevens of Ludgate on 2014-06-09.

To ask Her Majesty’s Government what assessment they have made of the impact on the European Union’s balance of trade with the United Kingdom of any United Kingdom withdrawal from the European Union.

Lord Deighton

The Government has made no assessment of the impact on the European Union’s balance of trade with the United Kingdom of any withdrawal from the European Union.

The EU represents a market of over 500 million people with a combined GDP of around £10.5 trillion. It is the largest single market in the world.

The EU is the UK’s most important trading partner; 45% of our exports are destined for the EU and seven of the UK’s top ten individual trading partners are EU member states.