EXCESSIVE EU regulation already costs the UK £120 billion per year and this could double if the UK maintains regulatory alignment with the EU, Economists for Free Trade have warned.
Excessive regulation currently costs the UK £120 billion each year but forecasts by the Economists for Free Trade have warned that this could double.
The Economists for Free Trade estimates current regulations cost the UK six per cent of its GDP.
The news comes after a Cabinet debate this week on whether the UK should align or converge from EUrules when the UK leaves the bloc in March 2019.
Professor Patrick Minford says current rules “could just be the beginning” if Britain remains aligned and the EU becomes even more of a “federalist bloc.”
He said: “If Britain seizes the freedom to move away from EU regulations, the current 6 per cent cost could be cut by a third – boosting GDP by 2 per cent and our growth rate in line.”
This news comes after thousands of Leave voters signed a petition calling for the UK to exit the EU without a transition deal after the bloc demanded Britain is subject to Brussels laws for the two year period.
Under proposals agreed by the other 27 member states, Britain will have no say in its decision-making bodies during the implementation period after Brexit in March 2019.
But it would still have to follow all EU rules and regulations, including freedom of movement and face restrictions on signing off new trade deals.
The terms provoked fury among Brexiteers, with some calling for the Government to reject the EU“ultimatum”.
And the news saw support surge for an online petition demanding the UK makes a clean break in March 2019.
Signatories soared past the 10,000 – the benchmark for an official Government response – and had reached 12,500 by Thursday.
To read the Sunday Express’s report in full, click here.