According to the Government’s business department, the nation’s income would be given a £20 billion boost if it were to leave the European Union (EU).
This would be due to international trade deals that have already been confirmed, as well as the predicted number of deals that are considered as being likely to go ahead.
In response to a question on the issue of the UK’s future economic position if a ‘Brexit’ were to go ahead, which was put forward by MP Emma Reynolds, business minister Anna Soubry said: “The cumulative impact of all concluded, ongoing and potential trade negotiations currently being undertaken by the EU could boost UK GDP by over £20bn in the long run.”
The figure has been welcomed by groups that are hoping to achieve a UK exit from the EU, ahead of the referendum which is due to take place before 2017.
A number of groups, including Vote Leave and Leave.EU, claim that a Britain outside the union would be able to agree on better trade deals with other countries – such as America, China and Japan – due to the current limitations of being a European member state.
However, recent polls have indicated that the number of those supporting a UK exit are matched by those who are in favour of the UK’s continued existence as part of the EU.
In an interview with The Independent newspaper, Ms Reynolds said: “The UK’s membership of the EU gives us access to other markets around the world on better terms than we could negotiate if we go it alone.
“The EU single market has 500 million consumers. This gives us a powerful hand in trade negotiations with big economies such as those of the US, India and Japan.”