EU mythbusting for businesses

EU mythbusting for businesses

As the referendum is almost upon us, there are a series of facts, figures and statements which are difficult to quantify and to fact-check. Here at BQ, we’re happy to help our readers by doing some research from a neutral platform into those statements you are hearing about in campaigns.

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Do we really send £350m a week to Europe?

The UK contributed £18.8bn to the EU budget in 2014, a figure which works out at closer to £360m per week. However, that is a gross figure – it doesn’t take into account:

  1. The rebate negotiated in 1984
  2. The EU subsidies which flow back into the UK, for example for farmers and deprived areas
  3. Other EU-funded activities we participate in, like grants to universities for research projects.
    1. IFS estimates then make this figure closer to £109m per week.

      Sources: http:blogs.channel4.comfactcheckfactcheck-send-350m-week-brussels22804

      Do just 6% of UK firms export to the EU?

      This figure is actually an estimate, the UK Government (via the Office for National Statistics) does not collect this particular statistic. 5% of VAT registered firms declare trade with the EU, and