UK Trade 2019

If the UK implements a “Hard Exit” from the EU in October 2019, it is likely that the US will increase trade with the UK to cover its back. US energy exports will buttress costs and increase US exports. This leaves room to import more UK goods.

The annual nominal GDP of the UK for 2019 is $2.8 trillion, the 7^th largest economy. http://statisticstimes.com/economy/projected-world-gdp-ranking.php#targetText=In%202019%2C%20Top%20ten%20countries,Brazil%2C%20United%20Kingdom%20and%20France.

UK Main Industries 2019 - Aerospace, Agriculture, Automotive, Business and Professional Services, Chemicals, Construction, Consumer Goods, Defense Equipment, Education, Electronics, Energy, Entertainment, Financial Services, Food and Beverages, Healthcare, Hospitality and Leisure, Industrial Equipment, Information Technology, Media, Pharmaceuticals, Biotechnology, Processed Metals, Real Estate, Retailing, Scientific Equipment, Telecommunications, Tourism, Transportation, Logistics, Utilities.  Ease of doing business 9^th.

https://en.wikipedia.org/wiki/Economy_of_the_United_Kingdom

The UK has all the industries required to be a stand-alone economic trading partner. Some detail on their Aerospace industry is below.

UK Aerospace - With the UK exiting the European Union, there is uncertainty around the impact of Brexit on the aerospace and defense (A&D) sector.  The relationships between the UK and other countries, especially the U.S., coupled with the future renegotiation of trade agreements, will play a major role in the challenges and opportunities facing the UK’s A&D industry.  UK defense spending is expected to remain steady, with a slight impact on certain defense programs due to economic uncertainty.  Since the Brexit vote in June 2016, the pound sterling has depreciated in value, which is expected to boost the UK’s exports as they become more cost-competitive.  

More than 3,000 aerospace companies operate in the UK, and the aerospace sector has the largest number of SME companies in Europe, providing over 282,000 jobs directly and indirectly.  Domestic companies include BAE Systems, Cobham, GKN, Meggitt, QinetiQ, Rolls-Royce, and Ultra Electronics. 
Airbus UK in Broughton assembles the wings for all Airbus civil aircraft, including the new A350 XWB.  Bombardier in Belfast designs, develops and manufactures lightweight composite wings for the C Series. 

The UK government has demonstrated significant interest in developing and increasing the domestic supply chain. In 2010, UK industry and government established the Aerospace Growth Partnership (AGP), which develops initiatives to encourage UK companies to cooperate closely and to address gaps and problems that affect the sector, tackle barriers to growth, and boost both UK exports and high value jobs.  

Non-domestic companies with a major presence include Boeing, Bombardier, Airbus Group, Leonardo (including its AgustaWestland and Selex ES subsidiaries), General Electric (including its GE Aviation Systems subsidiary), Lockheed Martin, MBDA, Safran, and Thales Group.

In October 2018, Boeing opened a production facility in Sheffield, Boeing’s first manufacturing site in Europe. The $50 million facility is located near the Advanced Manufacturing Research Centre with Boeing (AMRC). GKN Aerospace will also produce the new Advanced Technology Winglet for the Boeing 737 MAX.  Rolls-Royce-manufactured engines power more than 35 types of commercial aircraft. 

https://www.export.gov/article?id=United-Kingdom-Aerospace

Norb Leahy, Dunwoody GA Tea Party Leader