Ireland and the Netherlands have the fiscal space to cushion the blow of Brexit, but Belgium has less room to act
lorries are ferried between Rotterdam’s port and Britain every day. They roll on and off the boats, carrying much of the 54m tonnes of goods that are traded between the Netherlands and Britain each year. The precise form of Brexit is still being wrangled over in Westminster. But unless Britain decides to stay in theTruckers might need to ensure that their cargo has the right paperwork, or risk being turned away at the port.
The countries with the closest trading ties with Britain include Belgium, Ireland and the Netherlands. According to thein 2014-16, and those of Belgium and the Netherlands nearly 10%. All three also rely relatively heavily on imports from Britain. Ireland and the Netherlands are intertwined with Britain in other ways too. Thanks to history and geography, migrant flows between Ireland and Britain are large, equivalent to nearly a fifth of the population of Ireland. The Netherlands is a big investor in British business: its stock of foreign direct investment in the country was equivalent to an average of almost 80% of DutchIrish and Dutch financial firms have relatively high exposures to British borrowers.
Larger countries are better insulated, but certain sectors are still exposed. A study by Hans-Ulrich Brautzsch and Oliver Holtemöller for the Halle Institute of Economic Research finds that 15,000 jobs in Germany—around 1% of employment in its car industry—depend either directly or indirectly on exports to Britain.analysts note that Spain is most exposed through its ownership of banks, telecoms and insurance firms in Britain.as a whole would be modest, provided a deal is struck.
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