Which countries have a trade deficit with the UK?
The UK generally runs a trade deficit with the European Union as a bloc (specifically countries like Germany, France, and Italy) and with major trade partners such as China, Norway, and India. Key countries with significant trade deficits with the UK include China (£42.0 billion), Germany, and France.Which countries does the UK have a trade deficit with?
This is consistent with the rising share of UK trade in services (about 38 percent as of 2021). The UK has trade deficits with China, Norway, Germany, Spain, Poland, Russia, Italy and India; and surpluses with the United States, Ireland, the Netherlands, Switzerland, Singapore and the United Arab Emirates.Is the UK financially worse off after Brexit?
Economists and analysts at Cambridge Econometrics found that, by 2035, the UK is anticipated to have three million fewer jobs, 32% lower investment, 5% lower exports and 16% lower imports, than it would have had been. The report states that the UK will be £311bn worse off by 2035 due to leaving the EU.Who is the UK's biggest trading partner?
Trade pictureThe EU is the UK's biggest trading partner, accounting for 51.7% of UK foreign trade in goods in 2024. The UK is the EU's third-biggest trading partner (10.1%), after the United States and China. Switzerland is the fourth-biggest. The EU's surplus trade in goods with the UK amounted to €176 billion.
How much does the UK owe other countries?
Key information about UK External DebtUnited Kingdom External Debt reached 11,016.5 USD bn in Sep 2025, compared with 10,833.0 USD bn in the previous quarter.
Top 15 Countries with the Largest Trade Deficit and their Deficit Decomposition (1962-2018)
Is France or the UK in more debt?
Yes, France has a higher debt-to-GDP ratio than the UK, meaning its debt is a larger proportion of its economic output, though both nations have very high public debt levels with forecasts suggesting it will continue to rise in both countries through the late 2020s. While the UK's debt was around 101-103% of GDP and France's was about 113-114% in late 2024/early 2025, France's debt is projected to grow to nearly 128% by 2030, compared to around 106% for the UK, indicating a more rapidly worsening situation in France, according to OMFIF and MacroMicro data.Who owns most of the UK debt?
Most of the UK's debt (gilts) is owned by UK financial institutions like pension funds and insurance companies, followed by significant holdings from the Bank of England (via quantitative easing), and substantial amounts held by overseas investors, with UK entities holding roughly two-thirds of the total debt.Has Brexit really harmed UK trade?
Yes, Brexit has significantly harmed UK trade, particularly goods trade with the EU, due to increased red tape, customs checks, and regulatory barriers that raise costs and complexity, leading to reduced trade volumes, especially for smaller firms, though services trade has seen stronger growth, offsetting some losses, but overall UK trade openness has fallen relative to other advanced economies, say. While some argue the impact is exaggerated or offset by non-EU trade, most analyses point to a negative effect, with goods exports to the EU still well below pre-Brexit levels despite recovery in services.Which country contributes most to the UK economy?
£568.6bn Total (2024)- European Union 50.2%
- United States 13.1%
- China 7.6%
- Norway 3.1%
- India 2.8%
- Switzerland 2.2%
- (2024)
Has UK immigration decreased since Brexit?
Following a boom and bust in migration levels under the previous government, net migration to the UK dropped to pre-Brexit levels of around 200,000 in the year ending June 2025, according to new estimates from the Office for National Statistics.Why is the UK struggling economically?
The British economy has endured a series of setbacks in recent years: austerity, Brexit, the global pandemic, soaring energy prices and an increasingly fractured and uncertain world.Do immigrants contribute more than they take in the UK?
Research has indicated that migrants in the UK tend to contribute more in taxes than they receive in benefits, thereby delivering a net positive impact on the public finances. This, in turn, helps drive down deficits and the public debt.Does Scotland benefit from being part of the UK?
As part of the United Kingdom, Scotland benefits from public spending that is around 10% higher than the UK average. This helps fund vital public services like health, education and transport. By staying in the United Kingdom, Scotland's public services are more affordable. An influential voice in important places.Did the UK benefit from being in the EU?
Costs and benefits of membershipThe UK made significant contributions to the EU budget. While a member, there were a number of economic benefits to the UK, particularly arising from being part of the European single market. Britain was one of the largest recipients of research funding from the EU.