Business, Innovation and Skills written question – answered at on 11 December 2012.
To ask the Secretary of State for Business, Innovation and Skills what estimate his Department has made of the potential cost to the UK and UK business of the UK not being part of the EU single market.
The Government maintains the view that membership of the EU (and hence the single market) is in the best interest of the UK. Access to the single market provides UK-based businesses with tariff-free access to a market of around 500 million customers and worth approximately £11 trillion in 2011.
Being part of the single market enables the UK to influence the rules that govern it, instead of being subject to decisions that would otherwise be out of the UK's control. Between 1992 and 2008, the single market is estimated to have raised EU GDP by 2.13% and created 2.77 million new jobs, and it is estimated that these benefits could be doubled with the removal of the remaining trade barriers.
European markets count for under half of UK exports of goods and services (47% in 2011). In order to meet the Chancellor of the Exchequer's target of doubling exports to £1 trillion by 2020, the UK will need to increase exports to the EU as well as to other developed and emerging global markets.
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