EU economy shrinks further

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It’s not been a good year for the EU and we’re only in February. At the beginning of January the Eurozone posted its worst unemployment statistics ever, with almost 12% unemployment.

The horsemeat scandal has exposed the failures of the EU single market and its regulations.

As these things come in threes, this morning Eurostat confirms EU GDP is down 0.5% and Eurozone GDP down 0.6% and there’s no reason to believe things will get better. The Eurozone is never going to go away and nor will the economic malaise that comes with it.

These statistics, however, should put a stop to the ridiculous scare stories that the EU won’t trade with the UK if we left the EU. Given its parlous finances, it can’t afford not to. Every year our trade deficit with the EU widens, that means more EU jobs are dependent on trade with the UK.

The economic reality makes it a certainty that outside the EU the UK can have a free trade relationship with the EU without its rules legislating over the entire UK. We can trade with the EU but won’t down with the ship.

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