This map shows British businesses are essential to the EU economy – even after Brexit
Goods made in the UK form part of a 'production line' within the EU single market
EUROPEAN Union countries should still welcome Britain in the single market after Brexit because they rely on our goods, new research reveals.
Financial services company Credit Suisse has produced a European map showing which EU members buy the most-British made goods.
In Credit Suisse's map the dark blue segment of each pie chart is the proportion of UK imports that are consumed in that country and the rest are re-exported to other countries.
The percentage underneath the pie chart is that value as a percentage of that country's GDP.
Ireland, Germany, Luxembourg, Belgium, the Netherlands, Denmark and Sweden are some of the biggest consumers.
The research shows instead of products being made in Britain and then sold in Europe, things we make here are now sometimes part of a production line.
And the final destination of something British-made may not be the EU.
If this does not continue after Britain leaves the EU then it could be costly and expensive for the businesses which take our imports to find other suppliers.
reports the example of a factory in Britain making a car door and it then being shipped to Germany where it would be attached to the full vehicle.
This car could then be sold on in Africa or somewhere else in the world.
According to Credit Suisse, industries like computers, mining and petrochemicals see more than 20% of their exports to the EU re-exported to other countries.
RELATED STORIES
And the amount of British-made goods exported to the EU and just used there instead of then being exported somewhere else is declining.
Credit Suisse suggests if Britain left the single market then it would be a disaster for both us and other EU countries.
The bank said: "Inasmuch as these supply chains have grown and matured in the environment of the single market, there’s a very real risk that leaving the single market would lead these supply chains to wither.
“[Many UK industries have] become increasingly specialised in goods and services that add value to the production of EU exports, rather than producing final goods and services."
The data from Credit Suisse comes a day after a leading think tank the Institute for Fiscal Studies also said it was essential for Britain to stay in the single market.
In its latest study, the IFS warned Britain now faces some “very big choices” in negotiations with the EU.
It said staying part of the single market removes trade barriers, such as licensing and other regulatory constraints, to supplying goods or services.
The report added: “Membership may come at the cost of continuing to contribute to the EU Budget and accepting future regulations designed in the EU.
“Those costs are salient and the benefits of membership are diffuse – but the financial benefits are real and, at the moment at least, likely to outweigh the financial costs.”