THE TRUE COST OF BRITAIN BEING IN THE EU….. 10% OF UK GDP, THAT’S ENOUGH TO ABOLISH INCOME TAX FOR A YEAR.

It has been revealed that the European Union costs the UK economy ten per cent of its Gross Domestic Product, or £148.2billion- Which would be enough to either abolish income tax for a year or cut the national debt by 24 per cent. I haven’t just plucked these figures out from the top of my head. These figures were released last week in a new report on the costs of EU regulation issued by the respected think tank Open Europe.

The study found that 72 per cent of the cost of regulation in the UK stems from EU legislation- basically, the EU regulations which have been introduced over the last 10 years has cost the UK economy almost £107 billion.

Open Europe is a London based think tank which was set up by British business men and women who campaign for reform in the European Union. It has some prominent supporters such as, Lord Leach of Fairford ( he is Open Europe’s chairman.); Derek Scott ( deputy chairman) who was economics advisor to Tony Blair and is currently a visiting professor at London’s Cass Business School; Michael Spencer. He founded and is currently Chief Executive of Icap, the world’s largest interdealer broker; and Simon Wolfson, who is Chief Executive of Next..

The 71 page report measured a decade of the cost that EU regulation has inflicted on Britain since the British government introduced a system of regulatory “Impact Assessments”.

Open Europe used information derived from well over 2,000 of these Impact Assessments, and the following is its conclusions:

Over the ten years, the amount of laws being made in both Whitehall and Brussels has risen dramatically. Open Europe found that the amount of legal acts in force in the EU has risen from 10,800 in 1998 to over 26,000 in 2008. As Open Europe pointed out; the number of regulations adopted each and every year points out the trends, however, they point out that more importantly is the actual cost to the economy.

In 2005, the UK launched its “Regulatory Reform Agenda“; and since then the cost of regulation has risen from £16.5 billion in 2005 to a staggering £28.7 billion in 2008- which means an enormous increase of 74 per cent. Also, the cumulative cost of regulations introduced into Britain between 1998 and 2005 is a jaw-dropping £148.2billion, which, as stated above, is an equivalent to 10 per cent of GDP. This is mental. How can any government allow such wastes. With that £148.2 billion, the British government could abolish income tax, or help get Britain out of debt, cause that staggering amount could pay off 24 per cent off the national debt. All that money lost because of our membership to the tyrannical EU.

According to the report, if current regulation trends continue, by 2018, the cost of EU regulation since 1998 would amount to more than £356 billion. This is about £14,300 per British household. And again, for this insanely high amount, the government could abolish income tax for two years and still have a hell of a lot left over, or they could pay off 60 per cent of this nations debt.

EU labour laws account for a total of 24 per cent of UK’s regulation costs. Labour market legislation that has been introduced in the UK in the last 10 years has cost the British economy £45 billion, of which a huge 69 per cent came from the EU- that’s £31billion. This means folks that 21 percent of the total cost of EU regulations in the UK can be traced to the EU’s labour market laws. And the government could of actually done their job and invest public money in a sensible manner- for instance, that £45 billion could cut corporation tax by two thirds.. But instead it gets wasted because of our EU membership.

All the above is just the tip of one hell of an iceberg. I would be here all day if I was to point every single bit of taxpayers money gets wasted because of our governments determination to be apart of the down right tyrannical European Union. We must end this madness, and get the hell out of the EU before its too late.. Join the National Front today, and join the fight for our peoples future…. Don’t let future generations pay for our mistakes.