Brexit will allow us to focus our trading energy on emerging global economic powerhouses

Brexit will allow us to focus our trading energy on emerging global economic powerhouses

Brexit gives us a chance to become a modern, outward-looking, free-trading nation once again.

17.4 million people asked the political class to take back control over our trade policy so that we could trade freely with other countries, determine our own trade policy and develop our industries and ports so that we can open our country to the world.

Whilst we must do everything we can to move seamlessly to a new trading relationship with our friends and allies in Europe after we leave, we should recognise that we have been guilty in the past of placing far too much emphasis on our relationship with the EU’s Single Market.

The report released yesterday by Global Britain – How the EU is a drag on UK prosperity economy – makes bleak reading and shows that the Single Market has never been central to UK prosperity.

The EU institutions are so focused on their political vanity projects, such as the euro, that they’ve forgotten why they were created in the first place: to look after the needs of the citizens and businesses of Europe.

The EU is failing the countries of Europe. Before the Single Market was formed in the early 1990s, the US and Eurozone each accounted for around a quarter of the global economy. Today, America’s proportion has largely remained untouched but the EU’s share of the world economy has almost halved. Had the Eurozone continued to grow at the same rate as the US the UK could have expected to have sold £82bn more in exports due to greater economic demand.

Unemployment is rife in the EU as well. Levels of unemployment are five times higher than ours in Greece, almost four times higher in Spain, more than double in France and over 17 per cent in much of the south of Italy. More than one in every three young Italians and Spaniards find themselves without a job and youth unemployment stands at a devastating 44 per cent in Greece.

Countries outside the EU will account for 90 per cent of global economic growth in the years ahead and Brexit will give us control over our trade policy so that we can adapt quickly, engage with the emerging global economic powerhouses and prioritise the interests of British consumers and businesses.

We will, at last, be able to look beyond the shores of the EU: to forge a free trade deal with countries like the US and to take up Japan’s invitation to join the Trans-Pacific Partnership. The Trans-Pacific Partnership would link us to our Commonwealth partners and we would be the only non-Pacific country with preferential access to this huge market.

This doesn’t mean that we will be turning our backs on our close trading partners in Europe. We will continue to trade with, protect and work closely with our friends in Europe – but we shall do this as a sovereign nation, championing free trade around the world.

By unshackling ourselves from an organisation that is more concerned about super-state status than economic competence, there are no limits to what our country is capable of. And we can re-focus on raising the living standards and future opportunities of many generations to come.