In June 2015 I posted a blog titled “Selling the family silver”. In it I remarked that the UK’s exports of gold to China (via Switzerland) were boosting the Eurosceptic No voters mistaken belief, that trade with the non-EU ROW was healthy and rising.
I called it selling the family ‘s silver [gold actually!]
A recent article in the FT took the lid some more off this dirty little secret of Theresa May’s Tory party.
“The Chinese market uses gold bars in a different size to the ones that are held in London so they import via Switzerland where the bars are recast, said Oliver Harvey, a foreign exchange analyst with Deutsche Bank. In the final three months of 2016, UK goods exports to Switzerland increased by 282 per cent to their highest level ever.”
So it dawned on me that’s maybe how the disastrous Q3 non-EU trade figures ONS reported were suddenly reversed in Q4! See the devil is all in the detail.
So I decided to delve a little deeper into the ONS latest Trade report for December 2016 and sure enough, I found the confirmation all is not what it seems to be with Britain’s healthy Brexit trade figures. The report gives us the long anticipated Q4 figures, the second full quarter after the UK’s disastrous Brexit vote.
Look how “unspecified goods” dominate the so called booming post Brexit exports to non EU countries.
In conclusion, I remain an arch sceptic when it comes to all this fake news, purporting to show that after the June 24 decision to leave the EU is far from being in economic melt down. It quite literally is!