b'The following table shows the costs to the UK of EU membership. Unusually, it includes and sets out the indirect costs of the EU.Table 47 Summary of the costs to the UK of its EU membershipPercentage Nature of costof GDPExplanationRelatively easy to quantify from official publications and balance-of- Direct fiscal cost1.25%payments data; concept is of gross payments to EU institutions over which UK government has no further control.Reduced employment due to Social Chapter" - type legislation, cost Costs of6.5%of renewables agenda and financial regulation, businesses closed regulationbecause of substance and procedure regulations. CAP long recognised to cause large resourcemisallocation.This may Costs of resourcenow be only 0.5% -1% of GDP, but other EU protectionism estimated misallocation3.25%by Messerlin 2001, Bouet 2002, Minford 2005 to cost at least 2.5% of GDP. OpenUK labour market from 2004 allowed in 700,000 Eastern Europeans, taking away jobs of over 100,000 UK-born people; Cost of lost jobs0.38%labour market open in 2014 to Bulgaria and Romania, and since then the number of Bulgarians and Romanians has risen by 80%. Current CFP involvesfish discardand effective \'gift\' to other nations Costs of waste,of fishing rights in UK territorial waters, but cost under 0.1% of fraud and0.38%GDP; waste under pillar 2 of CAP; waste of over-prescriptive water corruptionstandards; abuse of UK student loan system.ContingentCosts of \'health tourism\' and \'benefits tourism\', plus some allowance liabilities0.25%for possible recapitalization of EU institutions.Source: Professor Tim CongdonHow Much Does the European Union Cost Britain?108'