Economic Growth: EU Law

HM Treasury written question – answered at on 10 June 2016.

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Photo of William Wragg William Wragg Conservative, Hazel Grove

To ask Mr Chancellor of the Exchequer, with reference to page 148 of his Department's analysis: the long-term economic impact of EU membership and the alternatives, Cm 9250, if he will set out which EU regulations are to be reformed to cause an increase in UK gross domestic product of four per cent after 15 years.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

As set out on pages 145 to 150 of HM Treasury’s analysis on the long-term economic impact of EU membership and the alternatives: “Successful EU-wide economic reform would make a substantial positive contribution to UK economic prospects. Combining the 4 key areas of EU economic reform gives an estimate of the benefits of reform of up to 4% of UK GDP after 15 years. In 2015 terms, this would mean up to an extra £2,800 a year of GDP per household.”

This estimate of the impact of additional reform for the UK inside the EU is constructed and quantified around the best available evidence on 4 reform priorities: Single Market for services, Digital Single Market, single energy market and external trade agreements (i.e. those with non-EU countries).

Further to the quantified benefits of EU reforms that are agreed or in the process of being implemented, there are other additional EU reforms that will bring benefits but are unquantified and not included in the “4% of UK GDP after 15 years” estimate. The UK could benefit from reduced EU regulatory burdens: the UK’s new settlement includes a commitment to reduce the regulatory burden on businesses, particularly small and medium-sized businesses, with specific targets established in key sectors. The EU has also committed to deliver a Capital Markets Union to deepen and integrate the EU’s capital markets.

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