New study underlines benefits of UK single market
A new study out today (Wednesday) has underlined some of the positive benefits of the UK single market for Scottish consumers and businesses.
The Scottish Global Connections Survey estimates the value of exports from Scotland to the rest of the world.
Scotland biggest trading partner continues to be the UK, accounting for £45.5 billion of all exports in 2011. That is equivalent to 66% of all exports.
International sales were estimated at £23.9 billion – accounting for 34% of all exports.
That means Scottish businesses sell more products and services to the rest of the UK than it does to every other country in the world combined.
This is not a one off. In each and every one of the last ten years, Scotland has exported around twice as much to the rest of the UK as the rest of the world.
The report also reveals that we export more than four times as much to the rest of the UK as we do to the European Union.
What is more, exports to the rest of the UK have grown faster than international exports. Over the last decade UK exports have increased by 62%, compared with a 23% for international exports.
This report underlines the importance of the UK single market.
Our single market – with its shared currency and common tax and regulatory regimes – means businesses can trade freely across our United Kingdom. It means less red tape, increased prosperity, more jobs, a wider choice of products and lower prices for consumers here in Scotland.
This is another one of the positive benefits of Scotland being a strong and proud part of the United Kingdom.
If we want Scotland’s business to flourish and create jobs, we should continue to work with our biggest trading partner.
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The full survey is available to read here.