BRITISH businesses will enjoy a multi-billion pound a year windfall if we fully quit the single market for services, shock EU analysis reveals.
Eurocrats have admitted that UK firms could flourish freed from costly Brussels red tape, giving them an advantage over continental rivals.
Just seven EU regulations are costing UK business £5.4billion a year, the EU has found[/caption]
Internal number crunching carried out by the EU Commission revealed the huge amount current European laws cost our companies.
It was presented to member states a few days before the Government laid out its proposals for a trade deal with Brussels in the white paper.
The analysis, briefed to Politico, showed that just seven of the most costly regulations set back British firms a whopping £5.4 billion a year.
Tory MEP David Campbell Bannerman, who sits on the EU Parliament’s trade committee, said it showed why the UK should fully leave the Single Market.
Tory MEP David Campbell Bannerman said it showed why the UK should fully leave the Single Market[/caption]
He told The Sun: “There are more than 40,000 EU laws and here we have just seven regulations able to save us £5.4 billion a year.
“Second only to regaining British democratic self government, the economic opportunity to slash unnecessary EU red tape is a major benefit of Brexit.
“This is just putting our toe in the water. There are a lot more opportunities to save on waste to come.”
The PM has pledged to follow a “common rulebook” on goods to mirror current EU legislation and non-regression clauses on environmental and social laws.
CITY LURES INVESTORS
THE number of company debuts on the London stock market is “showing no sign of slowing” before Brexit — and 2018 could be a record.
Equiniti Group, which provides share registrations for initial public offerings, said the 17 flotations it had handled in 2018 was already equal to the total for 2017.
A spokesman said: “These figures show that London continues to attract significant investor capital.”
EU chief negotiator Michel Barnier worries British plans could undermine the Single Market[/caption]
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However, the white paper envisages “regulatory freedom” for the UK to make its own laws in the digital and services sectors.
Eurocrats have raised fears UK firms will benefit over time from reduced levels of red tape allowing them to beat European ones bidding for contracts.
Chief negotiator Michel Barnier even warned the plan would “undermine the Single Market” by giving Britain an unfair advantage. The revelations came as Ireland’s deputy PM called on Britain to “develop its position further” on trade in order to seal a deal.
Simon Coveney said if the UK moves the EU must respond with its own compromises, adding: “I am sure our union can be imaginative in return.”
The Sun Says
THE EU shares a guilty secret with our most maniacal Remainers: they are all petrified we will succeed post-Brexit.
Brussels’ analysis reveals our firms will be billions of pounds a year better off if we quit the single market for services and are freed from its red tape.
Which goes to the heart of the EU’s belligerence. It’s not just about punishing us for leaving, and deterring others. It’s about preventing us from becoming an economic powerhouse on their doorstep.
Remain diehards, meanwhile, aren’t genuinely worried about the “No Deal Brexit apocalypse”. After all, that would briefly prove them “right”, wouldn’t it? And they’d like nothing more than that.
They are far more concerned we will thrive and kill off any chance of ever rejoining the EU. Which matters because to them EU membership is not a trading arrangement, it’s virtually a religion.
Neither the EU nor these Remoaners can admit to their genuine fears.
So they rely on smokescreen and deceit.
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