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

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.