I derive considerable enjoyment from reading the musings of Martin Scicluna, however, in his column of June 14 the prognosis for Brexit was too pessimistic.

It is true that Britain does considerable trade with the EU; however, it is also a fact that, last year, our trade deficit with them was €70 billion. Of all the member states only Malta, Denmark and Ireland bought more from us than we bought from them. A botched trade negotiation will be particularly damaging to the economies of Germany, Spain, Belgium and Holland.

Membership of the EU’s Single Market does not make a country economically competitive. Portugal, Italy, Greece and Spain are cases in point. A competitive economy, producing goods and services that people want to buy, does not come from protectionism.

The Single Market has unfairly impacted the trade of developing nations in particular. Outside the confines of the EU, Britain will be able to access cheaper food from Africa in the same way we purchase cheap electrical items from South Korea and clothing from Bangladesh.

Expensive food – subsidised by the CAP – and losing control of our fishing waters were two disastrous consequences of joining the EEC in 1973. At some point, the EU will suffer another existential crisis. The EU has enough problems of its own and, ultimately, the only solution will be fiscal union. To put it simply, a European Treasury and a European government. Monetary union, on its own, will not suffice.

The UK has never actually defaulted on its debt, even allowing for depreciations and devaluations. If Britain remained in the EU, it would have been a matter of time before we were coerced into ‘adopting’ the euro as a condition of access to the Single Market. Thank God, we are getting out now.