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.
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.
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