Top economist Gerard Lyons says Brexit ‘will save us £12 billion’ as quitting EU slashes red tape
BREXIT will save Britain’s businesses up to £12billion a year by slashing EU red tape, a report reveals today.
Firms predict a “promising and profitable” future for the financial services sector once it is freed from the stifling rules imposed by Brussels.
Bosses are forced to spend hours filling in forms to comply with “burdensome” regulations on everything from product regulation to health and safety.
London’s position as the finance capital of Europe will be strengthened once Britain leaves the EU, according to a study by top economist Gerard Lyons.
The huge savings will safeguard the jobs of up to 300,000 people, while the EU fights to tackle the banking crisis and prop up the ailing euro.
It rejects referendum scare stories that Brexit will damage the City and concludes it will “accelerate” once the UK gains full independence.
Instead, it says escaping the “straitjacket” of expensive EU rules will re-inforce London’s global pre-eminence.
Mr Lyons, who drew up the report for campaign group Leave Means Leave, said the Britain would make potential savings of two to three per cent once it regains legal power to regulate financial services.
This would be worth between £8billion and £12billion a year – flying in the face of claims that Brexit will damage the City of London.
The report lays bare the myth of the importance of the single market to British trade as 59 per cent of British financial sector exports are done outside the EU, where exports are growing much quicker.
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Leave Means Leave chairman Richard Tice said: “As the world’s leading financial sector, the UK is facing a very promising and profitable future outside the EU.
“Being able to cut unnecessary regulation and bring back legal jurisdiction to the UK opens up a whole host of opportunity.
“The EU, on the other hand, faces a very difficult struggle ahead. It is essential that they secure a deal with the UK on financial reciprocity or they will see capital move from Frankfurt, Paris and Madrid to London.”