h/t to MT across the road.
It’s Quite OK to Walk Away - A review of the UK’s Brexit options with the help of seven international databases - Michael Burrage
Worth a read if only because the Remain Camp dislikes it with a passion.
Introduction to the Summary:
The image of the EU’s Single Market as an economically successful project, and as ‘a vital national interest’ for the UK, has rested on the hopes and repeated assurances of leading politicians, on a sympathetic media, and on the occasional endorsements of individual companies, rather than on any credible evidence about its bene ts for the UK economy as a whole.
No UK government over the past 23 years has sought to monitor its impact until the rushed analysis of HM Treasury published just before the referendum. On many counts, this was an unreliable and untrustworthy document. There is, therefore, no authoritative evidence to enable one to assess the economic consequences of the government’s decision to leave the Single Market, or of any future agreement it might negotiate, or of a decision to leave with no deal and to trade with the EU under World Trade Organization (WTO) rules.
Seven international databases are used in this report to assess the bene ts of the Single Market for the UK, and to compare its performance with that of other EU members, and with non- members who have traded with the EU either as members of the European Economic Area (EEA), or under bilateral agreements or as WTO members.
The key metric in this report is the growth of exports, since that is what the Single Market was expected to deliver for the UK, and is often thought to have delivered. The data presented shows, by multiple measures, that this has not happened. By comparison with the Common Market decades from 1973 to 1992, the Single Market years from 1993 to 2015 have been an era of declining UK export growth to the EU.
When ranked among the top 40 fastest-growing exporters to the other founder members of the Single Market the UK comes 36th. It has been surpassed by numerous countries trading with the EU under WTO rules. Moreover, the growth of UK exports to the 111 countries, with which it has itself traded under WTO rules since 1993, has been four times greater than that of its exports to the EU.
Over the 43 years of EU membership, UK exports of goods to 11 long-standing members of the EU have grown just two per cent more, and at a compound annual growth rate (CAGR) just 0.02 percentage points higher, than 14 countries trading under WTO rules. EU12 exports to each other have grown just 1 per cent more than the exports of these 14 countries.
In other words, the growth of goods exports of the UK to 11 long-standing members of the EU over these 43 years are barely distinguishable from those of 14 countries exporting under WTO rules, and they of course have not incurred any of the costs of EU membership.
Over the 23 years of the Single Market, however, exports from these same 14 countries have grown 27 per cent more than exports from the UK, at a CAGR that is 0.93 points higher. Norway and Iceland, members of the EEA, and Swi erland and Turkey, which have had bilateral agreements with EU over most of these years, have performed similarly and very much better than the EU members and the UK.
The other 170 odd pages are here:
hTTp://www.civitas.org.uk/content/files/itsquiteoktowalkaway.pdf