Theresa May will have a tough task in the future negotiations but she should be prepared to walk
During the last two decades countries outside the bloc have enjoyed an export increase, with the EU, that grew five times faster than the UK, Civitas stated.
Theresa May previously said no deal would be better than a bad deal, and that Britain might adopt a new low tax, low regulation economic model if that were the outcome.
While the benefits of the Single Market cannot be identified, the economic and political costs are known and burdensome
The report, named It’s Quite OK to Walk Away, states: “While the benefits of the Single Market cannot be identified, the economic and political costs are known and burdensome.
“They include budget contributions, the surrender of the right to negotiate trade agreements, the regulation of the entire UK economy in the interest of the small sections of it that export to the EU, and the inability to form an independent migration policy.
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The European Convention on Human Rights is an international treaty to protect human rights and fundamental freedoms in Europe.
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“These are in addition, of course, to the political costs of the subjection of the UK Parliament to an unaccountable law-making executive bureaucracy and to the European Court of Justice.”
The report suggest the Government should withdraw from the Single Market, and be prepared to rely on the World Trade Organisation’s rules.
Author Michael Burrage said: "The evidence shows that the disadvantages of non-membership of the EU and single market have been vastly exaggerated and that the supposed benefits of membership, whether for exports of goods and services, for productivity, for world-wide trade, or for employment, are largely imaginary.
"The Government appears to have decided to leave the single market on the basis that we should return full control of UK laws to the UK but trade data also offers strong support for the decision and provides comfort for those worried about relying on WTO rules if no deal emerges.
Hammond will be happy with the reports as leaving the EU will impact the economy
"The benefits of EU and single market membership have been illusory, while its costs are real, onerous and unacceptable to a majority of the British people."
Negotiations could take a nasty turn as EU officials are understood to be discussing the possibility of taking Britain to the International Court of Justice in The Hague if the Government refused to settle the divorce bill they demand.
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The Brexit Secretary has already started his tour of EU countries to try and work out deals
The report said: “The growth of goods exports of the UK to 11 long-standing members of the EU over these 43 years are barely distinguishable from those of 14 countries exporting under WTO rules, and they, of course, have not incurred any of the costs of EU membership.”