The fifth largest economy?
Dear Sirs,
"We are the fifth largest economy" seems to be the mantra and solution to any problems or difficulties, continuously repeated by May and the three Brexiteers during the Conservative Conference. But is it still true?
In 2015 we were indeed in the fifth largest economy with nominal GDP US $ 2.848 trillions. On the 5 October 2015 one pound bought US$ 1.51. On the 5 October 2016 the same pound bought US$ 1.27. We lost 16% in our value. We lost US$ 453 billions of our GDP. That gives you of over 45 years of the EU contribution.
We are now the sixth largest economy at US$ 2.39 trillion. After France (US$ 2.63 trillion). And the loss was achieved in 100 days and one declaration about Article 50. That is some doing by any standard.
Even with being the sixth largest economy is misleading: The difference between the top three (US, EU and China) and the 4th, 5th and 6th is a difference in multiples. China almost 4.5 times as big as the UK, EU almost 7 times as big, US 7.5 times as big.
"We are the fifth largest economy and we can negotiate more or less what we want." I would not count on that. This is not #Brexit this is #Blindxit.
J G Šmíd
Rose Lodge, King's Cliffe Road Wansford PE8 6NU
tel: +44 1780 782 303, mob: +44 7950 021 062, Skype: "georgesmid"
Facebook: www.facebook.com/jgeorge.smid
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