Distinguished economist, Professor Tim Congdon CBE, recently published the 2013 edition of “How Much Does the European Union Cost Britain?”
This is a substantial analysis of the affects our membership of the EU and the effect it has on the British economy.
The headline figure is that the UK is roughly 11% of GDP – about £165 billion to £170 billion – worse-off every year because it is a member of the EU. For non-economists, GDP means the same thing as ‘the UK’s national output’ or ‘what we produce as a nation’. A ‘billion pounds’ is ‘a thousand million pounds’ (using short scale definition).
In 2012 the UK had 26.8 million households. So the total cost of EU membership to the average household was over £6,000 a year. (Yes, seriously.)
An influential economist Professor Congdon was, between 1993 and 1997, a member of the Treasury Panel of Independent Forecasters that advised the Conservative government on economic policy, sometimes referred to as the “wise men”.
For full details, the document can be read on this link: