The UK’s oil and gas, manufacturing and financial services industries are the most heavily dependent on European export markets and will have most to lose when Britain exits the European Union, according to a parliamentary briefing paper.
The report, Importance of Trade with the EU for UK Industries, was published by the House of Commons Library on 1 August. The analysis used the Office for National Statistics’ UK input-output analytical tables for 2013, which were published on 9 March.
Manufacturing, health and social care and the hospitality industries were also found to be vulnerable due to their heavy reliance on staff, services and materials that are imported into the UK from Europe and they may face increased costs following Brexit.
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