Chancellor George Osborne’s pro-EU Treasury figures claim that UK households will be £4,300 worse off on Brexit.
The Institute of Economic Affairs however reveals that remaining in the European Union could cost the United Kingdom at least 13 per cent of gross domestic product (GDP) each year.
In the report published on 3 February 2016 by Cardiff Business School professor Patrick Minford, the Institute of Economic Affairs (IEA) said shifts in EU trade policy, regulations and the single market would lead to annual costs of at least £9,265 per household, in today’s terms.
The IEA said the report suggested a new UK-EU treaty is needed to “preserve the existing relationships that achieve virtuous integration” and the EU should allow the UK to “form its own regulatory structure which will make the UK economy huge savings and will best serve the City and other service sectors’ ability to compete in world financial markets”.
“Currently, the EU has poor and inflexible institutions for dealing with competing economic demands and the changing economic environment, said IEA research director Philip Booth. “It is a highly interventionist organisation, with a strong bias for ‘top-down’ regulation and a ‘socialist’ mind-set that is economically damaging.”
The UK sends Brussels £20 Billion per annum according to the ONS.