Official: UK’s growth rate fell after joining the EU’s ‘Single Market’

Montage © Facts4EU.Org

This report has been co-published with our affiliated organisation, Brexit Facts4EU.Org. We are most grateful for their original research into the raw data which backs what follows.

CIBUK.Org publishes the evidence that membership of EU’s Single Market provided no benefit to the UK

 

“The EU single market did damage to UK business,” says the Rt Hon Sir John Redwood MP

 

30th anniversary of the EU’s Single Market – Special Edition
A CIBUK and Facts4EU.Org three-part special report
on the state of business in the EU’s empire
  1. Part One – It’s much easier to do business in the UK than in the EU, says World Bank report
  2. Part Two – Official: UK’s growth rate fell after the EU adopted its ‘Single Market’ [TODAY]
  3. Part Three – ‘UK benefited least from our greatest achievement,’says EU in last Single Market report before Brexit

In this three-part landmark report, we provide the official facts showing
why the UK should never even think of rejoining the EU

Yesterday, CIBUK.Org and Facts4EU.Org’s report ‘It’s far easier to do business in the UK than in the EU’, says World Bank report once again ‘triggered’ those who are still fighting for the United Kingdom to rejoin the European Union. Our research yesterday showed that the UK easily outranks the EU27 when it comes to doing business – and that is according to the World Bank.

It seems that the more incontrovertible the evidence we provide that they were wrong, the louder the howls of outrage coming from Rejoiner-Remainers.

Given this, our new report today is equally unlikely to go down well amongst the devotees of “The European Movement”, chaired by arch Remainer-Rejoiner Andrew Adonis (see Observations below). We advise them to look away now.

 

In 25 years of the EU Single Market the UK’s growth rate fell

This week the EU is celebrating the 30th anniversary of the launch of the Single Market. The EU claims this project as its ‘greatest achievement’ so we decided to look at its effect on the United Kingdom’s growth rate.

The premise was simple. 25 years is a sufficiently long period over which to gauge the beneficial effects of so momentous an ‘achievement’. We therefore analysed the UK’s average growth rate in the 25 years before, and the 25 years after, the advent of the Single Market.

Summary

Membership of the EU Single Market did not increase UK growth

 

  • ‘Before’ – 1968-1992 : average 2.4% annual growth rate
  • ‘After’ – 1993-2017 : average 2.2% annual growth rate
  • In the 25 years after the Single Market started, the UK’s average annual growth rate didn’t rise, it fell

[Source: Office for National Statistics]

© Brexit Facts4EU.Org – click to enlarge

The Rt Hon Sir John Redwood MP was Lady Thatcher’s Single Market Minister – here are his comments on our report

 

“The EU single market did damage to UK business. In the first 10 years our car output halved as EU imports took over. We lost most of our steel industry to EU and then Chinese competition.

“The Common Agricultural Policy forced cuts in milk production, blocked beef exports, paid farmers to rip out orchards and led to big reductions in home production of vegetables and flowers.The Common Fishing Policy led to most of our fish going to foreign vessels.

“It is time we encouraged much more home production. The EU trade Remain goes on about is many more imports than exports.”

– The Rt Hon Sir John Redwood MP

 

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For the original report, click here : https://facts4eu.org/news/2023_jan_single_market_pt2