Households '£1,000 better off outside EU'

British households would be nearly £1,000 better off a year outside an unreformed European Union, according to business leaders.

The UK is also overpaying for trading benefits with tariff exemptions amounting to just 66p for every £1 paid in, according to Business for Britain.

The group, which campaigns for fundamental changes in the EU, claims that quitting would be "quite manageable" because the net savings would "vastly outweigh" the cost of supporting the industries that would be hit by the move.

It analysed British exports within the EU and 29 countries with trade treaties linked to the bloc in 2013 and found tariffs would have cost the UK up to £7.4 billion if it had not been a member. That works out to £3.9 billion less than Britain handed over to the Brussels during the year.

British exporters would be hit by an average additional cost on tariffs of 4.3% if the UK severed ties with Brussels, it said.

The BfB report found the average household would be better off by up to £933 outside the EU. Britons would enjoy lower prices on food and clothing, it said.

Around £145 of the annual saving equates to Britain's contribution to the EU budget, while £361 covers agricultural subsidies, according to the Change, of Go report.

Matthew Elliott, chief executive of Business for Britain, said: "Supporters of the status quo in the EU often assert that the worst case scenario would result if Britain left the European Union.

"However, as these latest excerpts from Change, or Go show, even the so-called worst case scenario would be better than life inside an unreformed EU.

"With Britain currently overpaying for access to tariff-free trade, there would be significant scope for a future government to assist industries affected by potential tariffs, and households would also be significantly better off through lower prices.

"This analysis shows that Britain is in a win-win situation and well-placed to secure fundamental change in our relationship with the EU during the renegotiation."

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