Is the EU needed?

The (EU) traditional role as Britain’s European Union’s main export market and source of overseas earnings is coming to an end, a think-tank has revealed.
For the first time, less than half of Britain’s earnings are now derived from Europe, a revelation which could trigger a sea-change in Britain’s attitude to membership of the EU.

Only 48% of Britain’s earnings from the export of goods and services, receipts of income from investments and transfer payments were derived from the 24 other EU member states last year, according to an analysis of official figures by the Global Britain think-tank. This is significantly less than the 52% seen as recently as 2003 and comes as the EU has underperformed the rest of the world economy.

Over the period 1999-2005, British earnings from outside the EU grew by almost 8% a year, 45% faster than British exports to the EU, which grew at only 5.5% per year. Taking only continental Europe – the 24 EU economies minus Ireland – the disparities in growth rates become even more striking: UK earnings from the world (including Ireland) outside continental Europe grew 67% faster than British earnings from continental EU.

The percentage of trade from the EU has decreased 4% in just 3 years and long may it continue. We should try and make the EU even more irrelevant than it is now to show the Europhiles that it is not needed.

Do we still need the EU? Did we ever need the EU?

Hat tip: Ranting Stan.