Tory Brexit policy expected to do great harm to UK foreign trade and hence the economy:
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UK’s global competitiveness ‘under threat’ from EU exit -
Our new briefing on UK #trade and #tradepolicy after #Brexit is out now! Read it here:

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2019 UK GENERAL ELECTION BRIEFING: UK TRADE AND TRADE POLICY AFTER BREXIT
from National Institute of Economic and Social Research (NIESR)
https://www.niesr.ac.uk/sites/default/files/publications/NIESR%20Election%20Briefing%20-%20UK%20Trade%20and%20Trade%20Policy%20after%20Brexit.pdf
• The UK has a close trading relationship with the EU.
Just under 50 per cent of total trade is directly with other EU countries, and the UK is also immersed in intricate global value chains involving EU businesses.
• With the UK’s exit from the EU, UK’s global competitiveness is under threat because trade is regarded as a key driver of productivity, employment and business creation;
it can boost wages and income, and foster knowledge diffusion and technology adoption.
• While striking early trade deals with non-EU countries will be important to help offset some of the drag that will result from more restricted trading arrangements with the EU,
NIESR research suggests the benefit will be small even if the UK is able to establish FTAs with all Anglo-American and BRIICS countries.
• Political parties offer a variety of Brexit options ranging from staying in the EU to a hard Brexit.
Previous research has established that the closer the link with the EU, the less disruption there will be to trade.
• The governing Conservative party is looking to implement the revised deal that was struck between the EU and the UK in October that is looking to achieve a free trade agreement (FTA).
Under this deal, the UK will exit the Single Market and the Customs Union and will instead be free to strike new trade deals with third countries.
The Labour party offers a ‘permanent and comprehensive UK-wide customs union’ and ‘a close alignment with the Single Market’.
The Liberal Democrats and the Scottish National Party support continued EU membership.
Plaid Cymru favour membership of the EU Single Market and Customs Union
and the Brexit party seeks an exit without a deal.
• The UK runs a trade surplus in services of around £100bn (in 2018) which helps offset some of the deficit in goods trade.
By exiting the EU, service sector trade will then be more exposed because even the most ambitious FTAs have a limited coverage for the services sector.
• All UK regions are exposed to the EU through exports, but the geographical location of exporters is not uniform across the UK.
London and the South East, the East of England and the North West dominate this landscape, accounting for around 60 per cent of total exporters of goods.
London dominates services trade, accounting for around 1/3 of total exporters.
• As a member of the EU, the UK also benefits from trade agreements with third countries such as Canada, Japan, Turkey etc accounting for around 14% of total exports.
Of the 74 countries with which the EU has deals, the UK has signed agreements with 49 of these countries, representing approximately 7% of total exports.
• A loose trading relationship such as an FTA raises the opportunity to strike new deals with other large countries such as the United States, China and India.
Our research shows that distance matters and the benefits of these potential deals would not compensate for the benefits that the UK would lose from exiting the EU
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• The total value of UK exports and imports of goods and services (total trade) amounted to around £1,300 billion in 2018, representing 61% of total GDP.
The EU is UK’s largest trading partner accounting for £642 billion of total trade, or just under half of all UK trade flows (ONS Balance of Payments, 2019)