For the same amount of money, the UK could abolish its entire budget deficit.
"Despite some attempts at reform, the cost of EU regulation continues to rise year on year. Some of these regulations might be helpful but far too often the cost of EU rules outweigh the benefits. The UK is facing a massive public deficit, so the Government should be doing everything it can to save money. Targeting even just a few of the most costly EU regulations could save taxpayers and business billions every year.
"There is almost no point in trying to cut regulation without concentrating on EU rules, since 72% of the total cost of UK regulation now originates in Brussels. The next UK Government must take a new, radical approach to cutting red tape, and this means getting smarter and tougher when negotiating in Europe.To read the full Top 100 list, click here.
- The Working Time Regulations Cost by 2020: £32.8 bn Prescriptive working time rules which have caused massive problems for the UK’s public sector, including compromising NHS patients’ safety, according to a recent Government report.
- The Climate Change Act 2008 Cost by 2020: £28.2 bn A slew of new energy targets and rules which will add £130 to £200 a year to the annual domestic energy bill for a family of four in Britain. The package does not represent the most cost effective way to cut carbon emissions.
- Energy Performance Certificates for buildings Cost by 2020: £20.2 bn This Directive gave rise to the Home Information Packs, which have been widely criticised by estate agents, chartered surveyors and consumer groups for creating extra costs for home owners while providing little benefit.
- Temporary Agency Workers Directive Cost by 2020: £15.6 bn New rules for temporary agency workers, which, according to former Business Secretary John Hutton, could consign “literally thousands of people to benefit dependency“ in the UK.
For more information on Open Europe’s proposals for how to tackle EU overregulation, see here (Chapter 5).
Where regulations do not run until 2020, or are not implemented until after 2010, the cost estimates have been adjusted accordingly.
Further information on the methodology used for the 'Top 100 list' can be found in 'Out of control? Measuring a decade of EU regulation' – Annex 1.