Posted on: 17/04/2018
One of the UK’s biggest business bodies has called for the UK to maintain alignment with the European Union’s (EU’s) energy and climate change regulations following Brexit.
In a new report, the CBI warned that the cost of deviating from EU rules would be much higher than any benefits.
While opportunities exist within agriculture, shipping and tourism that could benefit the British economy and consumers, the paper said those benefits would be “vastly” outweighed by the costs of deviating from the rules that will be necessary to ensure smooth access to the EU, which is the UK's largest trading partner.
The CBI highlighted the strong energy connections between the UK and EU, with Europe supplying 12% of Britain’s gas and 5% of its electricity in 2016.
The report said that the UK will need:
● barrier-free access and appropriate regulatory convergence with the Internal Energy Market will be important to ensure energy can be traded effectively;
● to remain as a member of Euratom or have equivalent arrangements to support the development of nuclear power;
● and to have full participation with the EU Emissions Trading Scheme until the end of 2020 with at least equivalence thereafter to help decarbonise the economy.