b'7. How does the Single Markets material omission of services impact the UK?Unlike other member states whoseA McKinsey Global Institutes report entitled economies are based primarily onBeyond austerity: A path to economic manufacturing, servicesespecially thegrowth and renewal in Europe has even export of servicesare vital to the UKidentified that a lack of dynamism in the EUs economy; they are the fastest growing part ofservices sectors, which make up around it.70% of EU GDP (1995-2005), is the main cause of the productivitygap with the USA.26Services, however, make up 70% of Europes economies and generate over 90% of newThe UK underwent a major transformation in jobs, but account for only 20% of intra-EUthe period 1992-2008. This may have been in trade.25 That the Single Market is deficientpart due to the internet boom and the growth and defective regarding servicesas statedof global service industries. The share of abovehas an important consequence.business, financial and professional services The EU Single Market offers less to the UK,in the UKs GDP rose from 15% in 1992 to which has a proportionately larger and more22% in 2008, while its manufacturing share prosperous service sector, than any otherfell from 21% to 12%.27See the following member state.table which shows the steady increase in the value of services as UK exports.28131'