Back in 2005, our Gordon contributed to the debate. While he was still having to put up with the ignominy of being the UK’s number two, but was at least revered as a man with the golden touch, GB did some sums.
In 1980, reckoned the previous Scottish Chancellor, the EU accounted for 26 per cent of world output. But by 2003 this has fallen to 22 per cent, and by 2015 it will be down to 17 per cent. All figures are at Purchasing Power Parity, by the way.
China’s share of world output was just 3 per cent in 1980, and by 2015 is expected to account for 19 per cent, and in that year it is expected to tie with the US for being the joint largest contributor to global output.
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