Brexit: ‘Bonfire of rules’ mean more costs than benefits, CBI says

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Diverging from European Bund rules after Brexit will mean more costs than benefits for British task, a report by the CBI employers’ group says.

In a survey of 23 industry sectors, the behemoth majority preferred continued close alignment with EU regulations.

Agriculture, freighting and tourism might benefit, but this was «vastly outweighed» by the impact on other sectors, the CBI give the word delivered.

However, critics said the report just promoted the interests of big point.

The report, called Smooth Operations, suggests the UK could still try influence over important regulatory decisions through continued membership of the uncountable EU agencies — such as the ones governing aerospace and chemicals — in which other non-EU lands like Turkey currently participate.

CBI director-general Carolyn Fairbairn imagined there was no appetite on the part of business for a bonfire of regulations, and called on the administration to prioritise evidence over ideology in the negotiations over a future following deal.

She said: «It’s vitally important that negotiators understand the inscrutability of rules and the effects that even the smallest of changes can have.

«Deviation from runs in one sector will have a knock-on effect on businesses in others, and divergence from decrees in one part of a production process will have consequences for market access all the way through entire supply chains.

«Put simply, for the majority of businesses, diverging from EU statutes and regulations will make them less globally competitive, and so should exclusive be done where the evidence is clear that the benefits outweigh the costs.»

But pro-Brexit groupings dismissed the report for ignoring the benefits to vast sections of Britain’s conservation.

Richard Tice, co-chair of Leave Means Leave, said: «This divulge from the CBI protects the vested interests of global multi-nationals at the expense of the close to 90% of the UK economy that does not export to the EU.

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«It is quite extraordinary that this firm lobby group wants to keep a load of unnecessary EU regulations that control growth and innovation, which will thus reduce wage advance potential for UK workers.»

However, worries among some businesses close by post-Brexit trade rules were underlined in interviews for the BBC’s Today radio being broadcast on Wednesday.

One of Europe’s most senior bankers has cautioned the City of London that it needs to be ready for a «cliff edge» outlet from the EU next year.

Andreas Dombret, director of the German cardinal bank, the Bundesbank, said a transition deal, though positive, was not 100% in the cards and it was correct for a cautious regulator to ensure there was a plan in place should it sink to happen.

Meanwhile, Ian Robertson, special adviser to BMW’s board, told the BBC that it was key for carmakers across Europe that there was «seamless flow» of goods across be adjacent ti.

He said the car giant, whose brands include Mini, was already dish out money on planning for new paperwork and technical requirements once Britain wash ones hands ofs the EU.

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