There can be little doubt that some of the EU’s regulations impose more costs than benefts. But many of its regulations are justifed: there would be no single market without them. Moreover, European rules are not a major constraint upon Britain’s economy.
According to OECD data, Britain has the second least regulated product markets in the developed world, after the Netherlands. Both are EU members.
The OECD’s labour market protection index shows that Britain has similar levels of labour market regulation to the US, Canada or Australia – and far lower than continental European countries. EU employment rules therefore do little to inhibit Britain’s fexible labour market.
It follows that leaving the EU and‘de-Europeanising’British regulation would do little to boost its economy.
In any case, Britain would fnd it difcult to avoid EU regulation even if it left the club. Outside the Union, the UK would lose access to the single market unless it signed up to EU rules. Membership of the European Economic Area (EEA) would resolve little. This group, which includes