Boosting UK exports could result in a £500bn Brexit uplift creating some five million new jobs, according to the Global Britain Commission, a group of business leaders led by former trade minister Liam Fox.
The blueprint for the post-Brexit UK points out that if Britain boosted its exports per capita to match those of Germany, the country could rake and additional £474 every year, points out the Global Britain Commission.
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 in 2020, 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.
Moreover, the group said that for every £1m of exports, 11.6 new jobs would be created, which would mean around 5.2m jobs if a windfall of £474bn was achieved.
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, Brazil, Mexico and South Africa.
‘Candidly, all of this is about progressively eradicating poverty and deprivation. The prize is all about better lives for all, better health outcomes, better life expectancy and this is the fuel.
“What is abundantly clear is that the right focus on a truly global Britain can reap huge economic benefits for everyone in the UK,” Dr Liam Fox reportedly said.
“Post-Brexit, there is a new trading reality, and British and global businesses can grasp these new opportunities to the benefit of the economy, business and workers,” he concluded.
Global Britain’s commissioner Sir Roger Marsh, who is also chairman of public-private partnerships for business in the north, told the Daily Mail the plans may signal a “new dawn” for Britain’s international trade around the world.
Since leaving the EU, Britain has been free to pursue trade deals without curbs – a liberty welcomed by business leaders looking to expand their reach.