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Economics: EU Costs Britain £170 bilion per year (11% of GDP)

30th Jan, 15

The Economic argument for leaving the EU is simple and straight forward.

Today the EU costs us £20 billion per year in direct membership fees (£55 million per day) and only 40% is returned via EU repayments and rebates, but we must also add to this the huge cost of EU regulation, resource misallocation, lost jobs, and fraud, and the frequent extra budget contribution demands.  

When all this is added together Britain is £170 billion worse off in the European Union

This figure is about 11 per cent of GDP national output - and more than £6,000 for every household every year. 

These staggering figures are based on a comprehensive Economic report published in 2012 (updated in 2013) by Professor Tim Congdon . 

(Click watch video to see Tim Congdon discussing his analysis & report).

Between 1993 and 1997 Tim Congdon was a member of the Treasury Panel that advised the Conservative government on economic policy, sometimes referred to as the "wise men".

The three old parties make all sorts of claims about why we cannot leave the EU and most of these are listed and de-bunked here  Why we must leave the EU

Prof.Congdon lambasted the three old parties for failing to produce any of their own detailed cost-benefit analyses to challenge his assessment and back their own claims for staying in the EU.  All they do instead is repeat the same old myths again and again.