We have a negative balance of trade with the least competitive trading bloc in the world. Why would we want to stay part of it?
In deciding whether we want to be part of the EU we should ask ourselves whether or not it is advantageous to the UK to be part of that trading bloc. A trading bloc is advantageous if it enables us to access a larger free market for our goods and services. Economic theory from Adam Smith to David Ricardo shows that our prosperity is enhanced when we are able to focus on those goods and services that we are best at, and trade them with others who have different skills.
How is that going with our EU partners? Not very well judging by last year's Office for National Statistics figures. We have a negative balance of trade of £55.7bn with our EU partners: they sold »
- Terry Smith
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