Global Britain: £500bn Brexit boost and 5m jobs via supercharge of UK exports and new trade ties
Supercharging UK exports may result in a £500bn Brexit boost and could create up to 5m new jobs, according to a group of business leaders.
The Global Britain Commission, which was set up by former trade minister Liam Fox, has set out detail for a blueprint for Global Britain in a post-Brexit world.
If Britain boosted its exports per capita to match those of Europe’s largest market, Germany, the country could rake in an additional £474 every year, the group said.
Even though the UK is one of the most significant trading nations in terms of absolute export value, bringing in £601bn of exports and £598bn of imports last year, on a per-capita basis Britain’s record lags behind many other major economies.
Global Britain said that, on a per capita basis, exports of goods and services in the UK in 2020 were around £8,597 per capita, compared to £15,645 in Germany, so if the UK boosted its exports per capita equal to Germany’s numbers, Britain would pull in an additional £474bn, the group said.
As a result, UK workers could expect an average salary of £33,475, compared with the national average of £31,285 currently, a theoretical jump of £2,190.
Moreover, the group said that for every £1m of exports, 11.6 new jobs would be created, which would mean around 5.2m jobs if a windfall of £474bn was achieved.
Trade with emerging economies
The business group, which comprises representatives from companies such as Virgin Atlantic, Heathrow and EY, said the government should focus more on boosting exports, thereby forging close trade ties with emerging markets around the world, such as Indonesia, Vietnam, Mexico and South Africa.
Global Britain’s commissioner Sir Roger Marsh, who is also chairman of public-private partnerships for business in the north, told the Daily Mail the plans may signal a “new dawn” for Britain’s international trade around the world.
Sinceleaving the EU, Britain has been free to pursue trade deals without curbs – a liberty welcomed by business leaders looking to expand their reach.
“It’s not just for the sake of it, it’s the ultimate prize and the outcome of a global Britain.”
Sir Roger Marsh
The commission’s plan – part of its year-long project to assist with the Government’s ambition to ‘level up’ the UK at home and abroad – says if Britain increased exports per capita to match those of Germany, the country would record an additional £474 billion each year.
‘It’s a restatement of Britain’s prowess when it comes to being a global trading nation,’ he reportedly said.
‘This economic success… will help us towards that, because that is what this is all about.
‘Candidly, all of this is about progressively eradicating poverty and deprivation. The prize is all about better lives for all, better health outcomes, better life expectancy and this is the fuel.
“What is abundantly clear is that the right focus on a truly global Britain can reap huge economic benefits for everyone in the UK,” Dr Liam Fox reportedly said.
“Post-Brexit, there is a new trading reality, and British and global businesses can grasp these new opportunities to the benefit of the economy, business and workers,” he concluded.