September 2nd, 2008, 7:46 am
I think the truth is somewhere in between.Although a net importer of energy, British oil fields have a mix that means it exports as well. Same with food.Peak oil production in Britain has been passed, so the contribution of oil to GDP is being hit both ways.However, the British economy is less directly dependant upon imported raw materials, mostly because services are so much more important than manufacturing.Sadly, the services are often financial, which is not as good as it was a year ago.Traditionally, a larger % of British GDP is exported than otherwise comparable countries, and more is imported. If world trade goes down the toilet, Britain is hurt as bad as China would be.