French Save our Cash

If The Business is anything to go by, the French have saved not just our Nation but also our Cash.

An explosive report has revealed that the cost of Britain's membership of the European Union (EU) could easily top £200bn (E290bn, $366bn) a year if the European Constitution is adopted.

Whilst I’m surprised that explosive reports are allowable under EU health and safety regulations, the idea that the constitution might cost us dear is less unexpected. Some major impacts and their costs:

• The harmonisation of Britain's relatively light labour market laws to the standards seen in the rest of the EU under the constitution's charter of fundamental rights would destroy 1.8m UK jobs. It would also reduce output by 6.4%, equivalent to about £70bn a year.
• The cost of harmonisation could eventually hit between 6% and 25% of GDP.
• Bailing out European pensions could cost between 2% and 9% of UK GDP.
• The common agricultural policy raises food prices by about a half.
• The EU's informal agreements and anti-dumping procedures raise manufacturing prices by a similar amount. "For example, they raise the price of cars and furniture by around three-quarters and the price of TVs and audio equipment by around two- thirds.

But its all worth it no doubt, in the interests of Europe.