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Brexit commentators ignoring damage to EU

Published 01/08/2016

Most commentators on Brexit have concentrated on the damage it may do to the UK. Little comment has been made about the damage the loss of UK markets will inflict on the EU.

German experts will be wondering where they will find markets for their exports of €92bn. The same goes for the Netherlands' €46bn, France's €41bn, Italy's €24bn and Spain's €20bn. The UK is also the biggest European tourist "exporter", representing 22% of all tourist bed nights.

China's market for luxury goods is contracting and, as a result of Russia's escapade in the Ukraine, the EU has imposed a trade embargo on exports to Russia.

The worst nightmare might still happen: should he win the US presidency, Donald Trump might succeed in reigniting Detroit as the world's leading car manufacturing city.

It is very likely that the UK's demand for restrictions of some sort on border control will be acceptable to the European exporting countries - indeed, with the emergence of "home-grown terrorists", all countries will probably look favourably on border controls for the entire EU.


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