European Union (EU) law-making has played a key role in promoting social equity in the UK through safer working conditions, enhanced rights for workers, and by reducing environmental pollution. Concerns over its effect on business competitiveness have long been a major driver of Euroscepticism, underpinning criticism of the EU by influential opinion formers within British conservatism. The Leave Campaign argued that EU laws damage the UK economy by imposing unnecessary costs on British business, claiming that EU regulations cost the UK economy £33.3 billion per year. This paper examines the reliability of, and assumptions that underpin, aggregated estimates of the costs and benefits of EU-derived regulation, and considers how the economisation of public policy influences understanding of the social value of regulation. It brings together the findings of studies that have evaluated the accuracy of the estimated costs and benefits in formal impact assessments and analyses impact assessments of EU-derived policy instruments aimed at regulating working conditions. Our findings suggest that aggregated estimates represent poor guides to understanding the social costs and benefits of social regulation and highlight the value of discarding impact assessment estimates of costs and benefits in the context of efforts to shape social policy post-Brexit.
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