{"id":823054,"date":"2026-08-23T10:50:08","date_gmt":"2026-08-23T10:50:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/823054\/"},"modified":"2026-08-23T10:50:08","modified_gmt":"2026-08-23T10:50:08","slug":"what-rejoining-the-eu-single-market-would-mean-for-the-uk-economy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/823054\/","title":{"rendered":"What rejoining the EU single market would mean for the UK economy"},"content":{"rendered":"<p>Your support helps us to tell the story<\/p>\n<p class=\"sc-1uza6dc-0 iOIawn\">From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it&#8217;s investigating the financials of Elon Musk&#8217;s pro-Trump PAC or producing our latest documentary, &#8216;The A Word&#8217;, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.<\/p>\n<p class=\"sc-1uza6dc-0 iOIawn\">At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.<\/p>\n<p class=\"sc-1uza6dc-0 iOIawn\">The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.<\/p>\n<p>Your support makes all the difference.Read more<\/p>\n<p><a href=\"https:\/\/www.independent.co.uk\/topic\/andy-burnham\" rel=\"nofollow noopener\" target=\"_blank\">Andy Burnham<\/a> has been told that taking Britain back into the <a href=\"https:\/\/www.independent.co.uk\/topic\/eu\" rel=\"nofollow noopener\" target=\"_blank\">EU<\/a> <a href=\"https:\/\/www.independent.co.uk\/topic\/single-market\" rel=\"nofollow noopener\" target=\"_blank\">single market<\/a> would secure him a <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/eu-single-market-brexit-nick-boles-andy-burnham-b3036607.html\" rel=\"nofollow noopener\" target=\"_blank\">general election victory and give him a legacy akin to Tony Blair\u2019s<\/a> &#8211; but would it provide an economic boost the country so dearly needs?<\/p>\n<p><a href=\"https:\/\/www.independent.co.uk\/topic\/nick-boles\" rel=\"nofollow noopener\" target=\"_blank\">Nick Boles, <\/a>who served as a minister in David Cameron\u2019s <a href=\"https:\/\/www.independent.co.uk\/topic\/government\" rel=\"nofollow noopener\" target=\"_blank\">government<\/a> before quitting the Conservatives in 2019 over the party\u2019s <a href=\"https:\/\/www.independent.co.uk\/topic\/brexit\" rel=\"nofollow noopener\" target=\"_blank\">Brexit<\/a> stance and is now a Labour adviser, has urged the new prime minister to strike a deal with European Union leaders <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/eu-single-market-brexit-nick-boles-andy-burnham-b3036607.html\" rel=\"nofollow noopener\" target=\"_blank\">that would protect the continent and boost the UK\u2019s economy.<\/a><\/p>\n<p>Mr Boles is calling for the creation of a \u201cEuropean Confederation\u201d, which he says would provide some of the benefits of European integration such as <a href=\"https:\/\/www.independent.co.uk\/topic\/single-market\" rel=\"nofollow noopener\" target=\"_blank\">single market<\/a> access and youth mobility, but without having to accept free movement or being forced to join the Eurozone.<\/p>\n<p>Mr Burnham, <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/politics\/burnham-farage-labour-reform-makerfield-b2979556.html\" title=\"Inside the Brexit-voting Labour stronghold that looks set to determine our next prime minister\" rel=\"nofollow noopener\" target=\"_blank\">whose Makerfield seat voted 64 per cent in favour of leaving<\/a> the European Union in 2016, has previously said he would like to see the <a href=\"https:\/\/www.independent.co.uk\/topic\/uk\" rel=\"nofollow noopener\" target=\"_blank\">UK<\/a> rejoin the EU in his lifetime. <\/p>\n<p>According to Mr Boles, the move to access the single market again would also deal a \u201cdevastating\u201d blow to the Tories and Reform, securing victory in the next general election and writing Mr Burnham into the history books.<\/p>\n<p>Economically, forging closer ties with Europe could provide a \u00a392bn GDP boost to the UK, according to new economic research.<\/p>\n<\/p>\n<p>Commissioned by Best for Britain, which campaigns for full UK-EU reintegration, the research undertaken by Frontier Economics suggests at least 90 per cent of Brexit&#8217;s economic hit could be recouped by the UK rejoining the EU.<\/p>\n<p>Tom Brufatto, Best for Britain\u2019s executive director of policy and research told The Independent: \u201cWhile all moves towards closer EU relations are welcome, our polling shows that voters vastly prefer EU membership, especially those prepared to vote for Labour at the next election, and the \u00a392bn GDP boost it would create.<\/p>\n<p>\u201cWith the UK being a G7 <a href=\"https:\/\/www.independent.co.uk\/topic\/economy\" rel=\"nofollow noopener\" target=\"_blank\">economy<\/a> and global military power, full EU membership is the only suitable way for us to benefit from access to the single market while ensuring we have a say over the rules that shape it.\u201d <\/p>\n<p>Polling has shown <a rel=\"nofollow noopener\" data-affiliate=\"true\" target=\"_blank\" href=\"http:\/\/go.redirectingat.com\/?id=44681X1458326&amp;xcust=b3037205&amp;url=http%3A%2F%2Fgo.redirectingat.com%2F%3Fid%3D44681X1458326%26xcust%3Db3036607%26url%3Dhttps%253A%252F%252Fyougov.com%252Fen-gb%252Farticles%252F54567-how-strong-is-uk-support-for-rejoining-the-european-union%26sref%3D%2Fnews%2Fuk%2Fpolitics%2Feu-single-market-brexit-nick-boles-andy-burnham-b3036607.html&amp;sref=\/news\/uk\/politics\/what-rejoining-the-eu-single-market-would-mean-for-the-uk-economy-b3037205.html\">Britons favour closer ties with the European Union<\/a>, with research carried out by YouGov in June to mark 10 years since the EU referendum revealing that 59 per cent of voters support a closer UK-Europe relationship, compared with just 20 per cent who do not.<\/p>\n<p>When it comes to the single market, half of Britons support rejoining compared with 26 per cent who do not.<\/p>\n<p>However, Thomas Pugh, chief economist at RSM, a multinational network of accounting firms, said that rejoining the EU could be a \u201cred herring\u201d when it comes to the economy. <\/p>\n<p>\u201cThe impact of rejoining at least partly depends on what that means\u201d, he told The Independent, and he believes rejoining under the previous terms the country had with the EU would have the biggest economic benefit but would be a \u201charder sell\u201d to the country.<\/p>\n<\/p>\n<p>\u201cLet\u2019s say we go back in under the old arrangement. In that case, there would almost certainly be a net economic benefit to the UK. But it wouldn\u2019t offset the losses we\u2019ve already experienced\u201d, he explained.<\/p>\n<p>\u201cIf we take the 4 to 6 per cent economic loss from Brexit, that\u2019s largely from a combination of lower\/different migration, less investment and trade.<\/p>\n<p>\u201cI don\u2019t imagine we get a renewed surge in inward migration if we rejoin given the UK\u2019s relative underperformance compared to most European countries, and attracting investment would be a struggle given other countries, like Ireland, have created very attractive regimes.<\/p>\n<p>\u201cWe would benefit on the trade front, but this is limited given the UK\u2019s small manufacturing sector.\u201d<\/p>\n<p>A Deutsche Bank spokesperson told The Independent that rejoining the single market would primarily benefit the UK in terms of removing economic friction and red tape. 41 per cent of the UK\u2019s exports in 2025 were to EU nations. <\/p>\n<p>\u201cRe-entry would remove the bulk of the friction Brexit created, and crucially it would do so for services \u2014 the UK&#8217;s structural strength\u201d, the spokesperson said.<\/p>\n<p>\u201cBeyond the direct trade channel, single-market membership delivers a productivity dividend that a customs union cannot. Deeper market integration intensifies competition.\u201d<\/p>\n<p>\u201cOBR estimates suggest that the biggest cost from Brexit in the long run can be attributed to a productivity channel &#8211; a 4 per cent long-run productivity loss. Re-entry would also restore the labour-supply flexibility, investment certainty and FDI attractiveness that the uncertainty channel of Brexit eroded.\u201d<\/p>\n<p>The UK would have to weigh up what it would have to offer up for entry to the single market, the bank said, disagreeing with some of Mr Boles\u2019s claims. <\/p>\n<p>\u201cThe single market&#8217;s price is sovereignty\u201d, it said. \u201cMembership requires accepting the four freedoms &#8211; including freedom of movement &#8211; and submitting to EU regulation designed without a UK seat at the table.<\/p>\n<p>\u201cIt also implies a budget contribution. These are precisely the red lines that successive governments have ruled out, which is why the single market is the larger economic prize but the smaller political probability.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The&hellip;\n","protected":false},"author":2,"featured_media":823055,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-823054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/823054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=823054"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/823054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/823055"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=823054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=823054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=823054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}