Many business leaders want those firms that do not export to the European Union not to have to adhere to some of the Brussels regulations that are quite burdensome. A Eurosceptic campaign group that represents eight hundred businesses leaders are proposing that only 5% of the UK firms that trade with the continent have to be subject to the single market rules.
The campaign group says that there is need for reform to be the centerpiece of the demands from Britain not to have a strong relationship with the European Union in a renegotiation of their membership that David Cameron promised. Although it may not be clear if other European Union member countries will tolerate such a move, the main plan is to get considerable support among other Eurosceptics like John Redwood the former Cabinet minister and the former Europe Minister David Davis.
Under the so-called new plan, The European Union laws would still apply to supplement the UK business law, but the parliament would need to approve certain regulations that would not be applicable to organizations and companies that do not usually trade with the single market. The group would want UK to remain being a member of a reformed European Union making sure that all firms exporting to the EU still have access to the single market.
However, most of the firms in Britain would not have to adhere to the regulations that cost almost £7.5 billion each year. This may include the limiting working hours directive, the working time directive, and the temporary agency work directive as well as giving both permanent staff and temporary staff equal rights.
The move is likely to benefit jobs in the UK and if other members want to compete on the same level ground then this would have to be replicated across the EU. According to the chief executive of Business for Britain Matthew Elliott, business leaders still want to be able to access the single market for the 5% of companies trading with the EU, however, they also want to make Britain more competitive in the world.
He added that even though there have been many complex ideas that have been brought forward to improve the single market in the European Union, none of these ideas have addressed the financial and regulatory burden that the EU puts on the companies that do not even export to the continent.