New data released today by the ONS on trade in services highlights just how vital the EU market is for UK trade in services.
The data shows that the EU remained the UK’s largest trading partner for both exports and imports of services in Quarter 3 (July to September) 2017. Between Q2 and Q3 2017, services exports to the EU rose, whilst in all other regions they fell.
Chuka Umunna MP, leading supporter of the Open Britain campaign said:
“The service sector makes up the majority of our economy and the EU is our largest services trading partner. Any action that risks damaging that trade in services must be avoided like the plague.
“As President Macron made clear yesterday, there can be no ‘cake-and-eat-it’ deal on trade in services: we are either in the Single Market, with full access, or we are not.
“With so many British jobs linked to EU trade in services, it is time for the Government to drop their self-imposed and ideological red lines and protect jobs and the economy by negotiating to stay in the Single Market.”
Notes to editors
The full publication on trade in services from the ONS can be read here.