Andy Burnham's £15 billion Brexit 'surrender deal' will help just 2% of British businesses
Lord Redwood accuses Labour of living in a 'dream world'
TL;DR
- A proposed £15 billion Brexit deal could tie 98% of British companies to EU rules and regulations, even those not exporting to the EU.
- The potential cost of regulatory alignment with EU's Sanitary and Phytosanitary (SPS) rules is estimated at £15 billion over five years, or 0.5% of GDP.
- Only 1.9% of UK businesses export to the EU (including those also exporting elsewhere), and just 2.2% export any goods overseas.
- Critics argue the deal will harm UK GDP by increasing costs for businesses and benefiting the EU's trade surplus, which already stands at £114 billion.
- The government claims an agreement could add 0.4% to UK GDP, but this forecast has not been published or scrutinized.
- Former Secretary of State Lord Redwood warns that the UK would not have the ability to resist or amend harmful EU laws under the proposed deal.