Six UK Services
- ^ ONS, The Pink Book 2018 https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/datasets/9geographicalbreakdownofthecurrentaccountthepinkbook2016
- ^ United Kingdom Profile, “Trade in Value-Added and Global Value Chains”,22, https://www.wto.org/english/res_e/statis_e/miwi_e/all_Profiles_e.pdf.
- ^ https://www.wto.org/english/res_e/statis_e/wts2017_e/WTO_Chapter_09_tables_e.pdf, 104
- ^ https://data.worldbank.org/indicator/BX.GSR.NFSV.CD
- ^ Borchert, I and Tamberi, N (2018) Brexit and Regional Services Exports: A heat map approach approach. UK Trade Policy Observatory, Briefing Paper 14. http://blogs.sussex.ac.uk/uktpo/files/2018/01/Briefing-paper-14-Heatmap-final.pdf
- ^ We have included EFTA despite Switzerland not being in the single market. The reason is that much of the UK’s services exports to Switzerland reflect the fact that the big international Swiss banks do much of their international business from London due to Switzerland not being in the single market. This generates a lot of services trade, much of which will be lost if the UK quits the single market.
- ^ https://ideas.repec.org/a/eee/eecrev/v53y2009i4p429-444.html
- ^ Ebell, M. (2016) Assessing the impact of trade agreements on trade National Institute Economic Review, No238 November 2016.
- ^ In areas with exclusions, for example, in sectors which in the 1980s had state monopolies, the European Commission will typically conduct an incrementalist approach, gradually reducing both barriers and the boundaries of economic activity to which they apply. For example, in telecoms and railways there have been multiple successive packages of EU legislation to achieve full liberalisation.
- ^ HM Government, Review of the Balance of Competences between the United Kingdom and the European Union, The Single Market: Free movement of services (Summer 2014) p 46.This is not to say that there are not some areas where exceptions to free intra-EU trade have been negotiated by particular Member States. However, EU restrictions are substantially higher for third country providers than they are intra-EU. The areas, particularly financial services, professional services and transport, where the EU has the most restrictions on third country providers are also the sectors where the US has its greatest restrictions on third country providers. Comparison by ECORYS, for example, between EU countries and the US, found some sectors where EU countries were more restrictive and others where the US was more restrictive towards third country providers. Notably, the US was far more restrictive with respect to finance than EU countries. Where trade in financial services was permitted, US restrictions on cross-border trade were estimated to yield a 31.7 percent trade cost increase and the EU restrictions, where trade in financial services was permitted, were estimated to add 11.3 percent to the costs of business. ECORYS (2009) Non-Tariff Measures in EU-US Trade and Investment – An Economic Analysis Reference: OJ 2007/S 180-219493, p. xxx.
- ^ http://openeurope.org. uk/intelligence/economicpolicy-and-trade/still-controlmeasuring-eleven-years-euregulation
- ^ CEPR (2013), Trade and Investment Balance of Competent review, study for the department of Business Innovation and Skills, p.85
- ^ See McFadden and Tarrant (2015) What would “out” look like? Testing Eurosceptic alternatives to EU Membership, Policy Network, p.26
- ^ FTAs may provide for investor protection panels but this is an ex post mechanism for protecting investments made after access.
- ^ https://ec.europa.eu/info/publications/2016-commission-report-and-factsheets-monitoring-application-eu-law_en
- ^ https://www.wto.org/english/tratop_e/dispu_e/find_dispu_cases_e.htm
- ^ Ülengin, Füsun & Çekyay, Bora & Toktaş Palut, Peral & Ülengin, Burç & Kabak, Özgür & Özaydın, Özay & Önsel Ekici, Şule, 2015. "Effects of quotas on Turkish foreign trade: A gravity model," Transport Policy, Elsevier, vol. 38(C), pages 1-7.
- ^ https://www.theguardian.com/politics/2018/feb/08/no-deal-brexit-would-trigger-wave-of-red-tape-for-uk-drivers-and-hauliers
- ^ G Zomer, and D Islam, (2008) Logistics requirements for commercial rail freight services in Europe Liverpool: Chartered Institute of Logistics and Transport
- ^ European Commission Communication from the Commission to the Council and the European Parliament on monitoring development of the rail market COM (2007) 609, p.3
- ^ EU Court of Auditors (2016) Rail freight transport in the EU: still not on the right track
- ^ Fully incorporating trade in services as part of the Common Commercial Policy took place as part of the Lisbon Treaty http://trade.ec.europa.eu/doclib/docs/2010/october/tradoc_146719.pdf, p.1.
- ^ See footnote 16 above for a document setting out the variation in Member States rules relating to third country access for road haulage.
- ^ This is not the case in the EU-Korea FTA where both parties agree to apply UNECE standards for automotive safety. However, UNECE excludes the US and is in practice dominated by the EU, so this is an example of the EU accepting mutual recognition based on another country accepting its standard. (For a short discussion of UNECE see McFadden and Tarrant (2015) What would out look like? Testing Eurosceptic alternatives to EU membership, p.21.
- ^ https://www.theguardian.com/politics/2017/dec/18/uk-cannot-have-a-special-deal-for-the-city-says-eu-brexit-negotiator-barnier
- ^ https://www.politico.eu/european-council-art-50-23-march-2018-draft-guidelines/
- ^ The Chancellor of the Exchequer, Phillip Hammond quoted in City AM” If it could be done with Canada or the USA, it could be done with the UK – the EU’s closest financial services partner by far.I am clear not only that it is possible to include financial services within a trade deal but that it is very much in our mutual interest to do so.” http://www.cityam.com/281797/chancellor-philip-hammond-insists-financial-services-must
- ^ Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at UK Finance, London, 8 February 2018. The future relationship between Germany and the UK in finance after Brexit https://www.bis.org/review/r180209b.htm
- ^ Oliver Wyman, ‘Brexit Impact on the UK-based Financial Services Sector’, September 2016.
- ^ Ibid, para 68.
- ^ Ebell, M. (2016) Assessing the impact of trade agreements on trade National Institute Economic Review, No238 November 2016. Monique Ebell applied econometric techniques to test export outcomes with 2014 data from 42 countries (34 from the OECD), Brazil, Russia, India, Indonesia, China, South Africa, Malaysia and Hong Kong This constitutes most of world trade by volume. This gives 1722 observations with 506 between EEA members, 428 others with a bilateral free trade agreement in goods where one of the parties is not in the single market, of which 214 also involve a services deal. It also leaves 788 pairs where there is no free trade agreement at all. The econometric model includes controls for distance, shared land borders, common languages and whether one country is a former colony of another.