Excessive EU regulation already loses British businesses £120bn a year – and economists warn that could DOUBLE after Brexit
FAILING to ditch EU regulations after Brexit could cost the economy £240 billion a year, experts warn today.
Excessive regulation costs the UK £120 billion annually but this could DOUBLE, according to forecasts by the Economists for Free Trade.
It comes as the Cabinet debate this week whether Britain should align or converge from EU rules after March 2019.
The intervention comes from the Economists for Free Trade which estimate current regulations cost 6 per cent of GDP.
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.”