According to a new CBI study, Brexit is presenting opportunities for regulatory changes in certain sectors that will benefit the UK economy and consumers alike.
The study, which took place over a six-month period, found the opportunities for innovation and divergence were outweighed by the costs of detouring from rules that ensure easy access to the EU market.
It also found that changing the rules in one sector could affect supply chains and companies in other sectors. According to the report, the construction sector has certain regulatory needs, the first being convergence on rules for construction materials and products, which is important to protect manufacturer competitiveness and avoid major trade barriers.
The CBU also insisted that keeping procurement rules between the UK and EU equal is important but there are still opportunities to improve how British procedures work in the construction sector without deviating from EU rules.
Neil Carberry, Managing Director of Infrastructure and People at CBI, said that report provides valuable evidence about construction regulation that can enable good decisions to be made, thereby protecting investment, jobs, and standards of living across Britain.
Mr. Carberry explained that this experience-based evidence of UK companies will be important in the coming months, as negotiators need to understand how complex the rules are and how even small changes can have an effect.
He added that construction is one of the country’s most vital sectors. It literally lays the foundation for other sectors and is the second largest in terms of employment. The EU is important to its success, especially in providing a major part of the workforce.