Brexit

Last year, a narrow majority of the British people voted in favour of leaving the European Union.

British Prime Minister Theresa May announced that her country will withdraw from the European single market, and this increases the likelihood of a hard Brexit.

However, this decision is not self-evident to both sides, since the UK is closely linked to Europe (including Belgium):

Fact 1

45% of the UK’s exports goes to the EU. 7 out of 10 of its top trading partners are EU Member States. Belgium comes sixth in that list.

Fact 2

  • 8.8% of Belgian exports goes to the UK.
  • 5.1% of our imports comes from the UK.

Fact 3

More than 5,000 UK-registered financial institutions work along the lines of the European passport system. This allows them to provide services to customers from the European continent.

Fact 4

The City of London draws 50 billion £ of its annual income from EU-related activities, i.e. about 59 billion EUR.

 

Source: Belgian Foreign Trade Agency, Office for National Statistics, Financial Conduct Authority, House of Lords