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Sajid Javid: Leaving EU could cost UK businesses £34bn

Sajid Javid speaking at Canary Wharf. Credit: ITV News

British exporting businesses could be hit by £34 billion in additional red tape costs if the UK leaves the EU, Sajid Javid has said.

The business secretary said being outside the EU's common rule book could severely hit businesses trading in goods and services and cost an average of £80,000 for each exporting business.

Speaking in Canary Wharf as part of the EU referendum campaign trail, he said: "Faced with those huge extra burdens, our companies would simply export less - that would mean lower growth and it would mean fewer jobs."

He added that the EU is crucial for Britain's services sector, which is a "massive driver of our economy" because it is responsible for "80% of UK jobs".

Mr Javid insisted that as a member of the EU, Britain helps sets the rules, and "90% of the time, we get the rules that we want".

The business secretary was speaking at the event with Labour politician Peter Mandelson.

Sajid Javid in Brussels for international steel talks

Sajid Javid will discuss steel overproduction in Brussels on Monday Credit: PA

Sajid Javid will be in Brussels for talks on Monday to discuss the global overproduction of steel.

The Business Secretary will hold talks in the Belgian capital with counterparts from China, India and 27 other nations to "seek solutions to the overcapacity crisis".

Tata Steel, the Indian-owned conglomerate, announced it was putting its UK assets - including the Port Talbot plant - up for sale in March after prices were hit by China "dumping" steel on the global market.

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