Friday , May 29 2020

EU on brink: How UK’s exit hits harder than 18 other members leaving at once | UK | News

The new figures expose just how much of an influence the UK has in terms of GDP on Brussels and its weight compared to other EU countries. The bombshell data was analysed by pro-Brexit organisation Facts4EU, which dissects data released by the European Commission. It shows that the UK’s GDP in 2019 was a whopping €2.52trillion (£2.26trillion), which will be lost once the UK’s transition position is concluded later this year.

And most worryingly for the bloc, the UK’s GDP figure is even bigger than the 18 smallest countries’ GDPs combined.

There are 28 EU member states, and Facts4EU says that losing the UK would be “as if the ‘EU28’ became the ‘EU10’ – overnight”, such was the magnitude of its loss of Britain.

The combined total of the smallest nations, the EU Commission said in data released last month, was €2.35trillion (£2.10trillion).

The nations which make up this figure are Ireland, Greece, Lithuania, Denmark, Hungary, Slovenia, Finland, Slovakia, Latvia, Romania, Luxembourg, Estonia, Czechia, Bulgaria, Cyprus, Portugal, Croatia and Malta.

According to the data, the EU claims that once the UK leaves Brexit, its overall size will plunge by 15.3 percent.

This figure does not include any major shrinkage expected as a result of the current coronavirus pandemic, which is ravaging nations throughout the bloc.

Facts4EU argue that this could be one reason as to why the EU is hesitating in its current trade discussions with the UK.

Facts4EU said: “The EU’s press release last week gave wholly incorrect percentages for the relative sizes of each EU economy, for the simple reason that they completely omitted the United Kingdom from their figures.

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“It’s our sincere hope that we will be able to do this from 1 January 2021, if the United Kingdom has fully exited the Transition Period and is once again a free and independent country.”

The UK is aiming to strike a trade deal with the EU by December 31.

If no deal is struck, London and Brussels will trade on World Trade Organisation terms.

Talks, however, have been severely hampered in recent months as a result of the coronavirus.

However, the UK Government is continuing to pursue discussions and has made it clear it will not accept an extension to any Brexit negotiations that go past the end of this year.

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