Why The British Shouldn't Be So Eager For A Boycott

Stephen Pollard writes for The Spectator about Israel's contribution to Great Britain:

As I'm sure you'll know, this month is the 60th anniversary of the foundation of the state of Israel. Oxford Economics has just produced a report [PDF] on the ties between Israel and the UK, and it makes for fascinating reading. Among the more interesting facts:

Economic ties between the UK and Israel contributed a total of £1.7 billion to UK GDP in 2006, the most recent year for which figures can be calculated. This number takes no account of any indirect effects, such as additional purchases generated further down the supply chain, which would multiply the figure.

Israel is one of the UK’s top fifty trading partners and ranks 26th on a national per capita basis (ahead of the US, Japanese and South African per capita figures)Israelis own £8.5 billion of assets in the UK, while UK residents own £3.8 billion of assets in Israel.

The latest data show Israeli companies own £734 million of direct investments in the UK (or 4.2% of their total FDI). We estimate this investment employs 14,000 people and created £630 million in gross value added in the UK in 2005.

The report, Linkages between the UK and Israel, gives the background on the reason for the report:

The Britain-Israel Communications and Research Centre (BICOM) has requested that Oxford Economics investigate the scale and nature of economic and academic links between Israel and the UK as well as other significant ties (e.g. sporting and cultural links). These ties could be affected if there was a disruption to trade (such as a boycott) between the two countries. [emphasis added]

Something for the British to keep in mind.

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