Brexit: The UK and the EU GTM –UK || 9 y Trade with the UK Tradeoffs for the UK post EU exit % of GDP, 2015 UK exports to the EU MARKET ACCESS TO THE EU EU 14 EU countries exports to the UK Participation in EU legislation process 12 10 Regions exports to the UK 8 UK econom6 Full market access Norway 4 2 0 Market access by negotiation Switzerland UK trade balance with the EU Goods market Turkey GBP billions access but 40 Goods not services 20 Services Canada 0 -20 WTO -40 ACCESS Free movement of labour -60 FDI* in the UK (£bn) Some financial From EU 431 contribution -80 From US 252 No financial contribution EU member -100 Rest of world 267 '99 '01 '03 '05 '07 '09 '11 '13 '15 SHARING OF SOVEREIGNTY Source: (Top left) Eurostat, ONS, J.P. Morgan Asset Management. (Bottom left) Haver Analytics, J.P. Morgan Asset Management. *FDI is foreign direct investment and as measured in 2015. (Right) J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 9