But outside the EU, single market membership also comes at the cost of accepting future regulations designed in the EU without UK input. The IFS said that new agreements would mitigate the economic cost of giving up single market membership. There is all the difference in the world between ‘access to’ and ‘membership of’ the single market. But it said membership of the single market provided additional benefits that might be lost depending on the deal struck by ministers in Theresa May’s government. The challenge facing UK trade negotiators following the EU referendum has been spelled out by a report from one of the country’s leading thinktanks, showing that membership of the European single market is worth an additional 4% of GDP to the economy.

Source: The Guardian August 09, 2016 22:52 UTC