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EU US Trade Deal £3.5bn Cost To Exchequer

Friday, June 20, 2014

Proposed New EU-USA Free Trade Deal Will Cost £3.5 Billion Per Year To UK Exchequer

TTIP will mean significant transfer from the Exchequer and is yet another reason to oppose a deal that will give unprecedented power and influence to transnational firms at the expense of UK sovereignty says GMB

Under provisions in the proposed Transatlantic Trade and Investment Partnership (TTIP) between the European Union and the United States of America tariffs on imported goods will be removed.

HMRC figures for 2013 show that the UK received £14 billion in Customs Duty and VAT from US exporters on 22 different categories of goods.  75% of the £14billion was remitted to the European Union. The other 25% is retained by the UK Exchequer. Thus there will a net loss of £3.5 billion to the Exchequer if TTIP goes ahead.

Bert Schouwenburg, GMB International Officer, said “Even if David Cameron’s unsubstantiated and speculative forecast of a £10 billion annual gain for the UK proves to be accurate against that has to be offset £3.5 billion a year that the UK Exchequer will certainly lose.

We have been repeatedly told by civil servants and politicians that the removal of tariffs on imports from the United States is relatively insignificant when set against the supposed benefits accruing from the TTIP free trade agreement.

These figures show that TTIP constitutes a significant transfer of funds away from the Exchequer. It is yet another reason to oppose a deal that will give unprecedented power and influence to transnational firms at the expense of our sovereignty.”

End

Contact Bert Schouwenburg 07974 251 764 or Kathleen Walker Shaw 07841 181 549 or GMB press office 07921 289880

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