We are used to hearing that EU membership makes us part of the “biggest market in the world”. And indeed the last time I looked the GDPs of all 28 member states of the EU put together topped the table, with the US a close second.
But when I checked the wikipedia page today I found the GDP tables have been updated to 2015, and the EU 28 have been pushed off the top spot.
Two of the three bodies that publish a figure for the European Union (The IMF and the CIA World Fact Book) put the US ahead of the EU by more than $1 trillon in 2015. Only the World bank still lists the EU at the top, and that is on the figures for 2014 (the World Bank 2015 figures do not come out until next month).
So, EU membership makes us part of “the second biggest market in the world”. The EU is falling behind the rest of the world, its economy hobbled by the disastrous single currency and overregulation. Will we sink with it, or strike out on our own?
I am sure remain politicians will now stop using the “biggest market” line. They would not want to deliberately mislead us, would they?