No more blaming the eurozone: largest fall in exports is to non-EU countries

So much for the recession being made in the Eurozone. The latest figures from the Office for National Statistics (ONS) show that net trade is down and the largest fall in exports is to non-EU countries.

So much for the recession being made in the Eurozone. The latest figures from the Office for National Statistics (ONS) show that net trade is down and the largest fall in exports is to non-EU countries.

The UK’s deficit on trade in goods and services was estimated at £3.6 billion in February 2013, compared with £2.5 billion in January.

The biggest drop was in exports to non-EU countries, putting paid to George Osborne’s suggestion that the eurozone is to blame for Britain’s economic woes.

In February 2013, the deficit on trade in goods with non-EU countries increased by £0.9 billion to £4.3 billion.

Exports to non-EU countries decreased by £0.6 billion (4.7 per cent) to £11.8 billion and imports from non- EU countries increased by £0.3 billion (2.0 per cent) to £16.1 billion. At the commodity level:
Net exports down

4 Responses to “No more blaming the eurozone: largest fall in exports is to non-EU countries”

  1. LB

    High taxes and regulations

    1. Taxes on employment such as employer’s NI
    2. Business rates
    3. Red tape – see new tax regulations such as real time taxation
    4. High capital gains tax – end result jobs move where taxes are low.

    ….

  2. Democritus

    Employers have been paying their contribution since 1978 So you can’t blame the recent fall in exports on NI.

    The present form of business rates was introduced in 1988, However other forms existed before from the introduction of The poor law in 1572. Sorry that’s not to blame either

    Corporation tax is the lowest it’s ever been. Tax avoidance is the highest it’s ever been
    Red tape mainly comes in the form of employee and consumer protection.

    End result is some in this country want no employee or consumer protection, no minimum wage, no responsibility. They want their workforce educated and trained for free, to make use of all the country’s resources and as a gateway into the largest market in the world while turning our country into a sweatshop economy.

    And this Government are doing just that by keeping the economy in recession. They have continuously blamed the Eurozone for the lack of economic recovery. But now as the above article points out that excuse is redundant.

  3. Democritus

    Employers have been paying their contribution since 1978 So you can’t blame the recent fall in exports on NI.

    The present form of business rates was introduced in 1988, However other forms existed before from the introduction of The poor law in 1572. Sorry that’s not to blame either

    Corporation tax is the lowest it’s ever been. Tax avoidance is the highest it’s ever been
    Red tape mainly comes in the form of employee and consumer protection.

    End result is some in this country want no employee or consumer protection, no minimum wage, no responsibility. They want their workforce educated and trained for free, to make use of all the country’s resources and as a gateway into the largest market in the world while turning our country into a sweatshop economy.

    And this Government are doing just that by keeping the economy in recession. They have continuously blamed the Eurozone for the lack of economic recovery. But now as the above article points out that excuse is redundant.

  4. Mike Hanlon

    Hasn’t the recession being going on a bit longer than a month, and even a year? The eurozone related problem is not so much trade but that continued uncertainty over its flawed single currency is causing businesses to stockpile cash – not invest, or employ. Abandoning the euro will cause short-term unheaval, but at least everyone will then know where the land lies and can focus on a return to balance. As opposed to what we have now, lurching from one bailout to the next, clamping down on public spending in every case, until we get to a country that’s just too big to help.

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