THE £8.5 billion a year it costs the UK to be part of the European Union is far outweighed by the value of the trading relationship, according to the Institute of Chartered Accountants of Scotland.
The professional body, which represents 21,000 accountants in more than 100 countries, noted that 44 per cent of the UK’s exports – worth £223bn – were to other EU countries, while 53 per cent of the UK’s imports – worth £291bn – come from the rest of the EU.
“This illustrates that the fiscal aspect of the UK’s relationship with the EU, while important, is dwarfed by the significance of the UK/EU trading relationship, and regardless of the outcome of the vote it is critical that this is maintained,” said David Wood, executive director of technical policy at ICAS.
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