EU regulation instigated back in 2009, has cost businesses in Britain around £12 billion, according to a major business campaign group in the UK.
Business for Britain, identified that new regulations incurred from the Lisbon Treaty back in 2009, have severely crippled businesses across the UK financially, due to the external legislative powers granted to the EU, and is currently costing British companies over £6 billion each year.
The campaign group have urged the Prime Minister David Cameron to follow through on his previous promises to renegotiate Britainís legislative powers in the EU, with a referendum on the countryís membership expected to be undertaken in 2017.
Debilitating policies that have been forced on British companies include new carbon emission regulations on car companies, and other green house gas thresholds that must be met by a multitude of organisations in the manufacturing industry.
“The Lisbon Treaty was hugely unpopular at the time, and we can now see that it has increased the cost of doing business in Britain,” said Matthew Elliott, CEO of Business for Britain.
“Our research makes a compelling case for the government to use the forthcoming renegotiation to reverse some of the most expensive provisions of the Lisbon Treaty.”
Conversely, another campaign group, British Influence, has argued that the UK would have implement the business regulations independently of the EU, and has urged the government to remain in the EU, but under different regulations.
It published data which indicated that UK national income which relied on exports to the EU each year had doubled in the period since 1997 to £207 billion, comprising 15% of GDP.
It published research which it said showed that UK national income dependent on exports to the EU each year had almost doubled since 1997 to reach 207 billion pounds, representing 15 percent of gross domestic product.
“Almost 85 percent of the 12 billion potential costs identified by Business for Britain would come from efforts to reduce CO2 emissions,” Peter Wilding, BI’s director, said in a statement.
“The UK has often set stricter targets for itself than the EU so we may well have these types of rules regardless of the EU. We must keep our eye on the bigger prize that is the 207 billion a year of trade with have with EU states.”