Businesses around the UK are preparing for Brexit and in many cases are still trying to work out what approach to trading and working with the EU would be best in their particular sector.

A lot has been said about the UK having greater control over a range of regulations and laws governing different sectors, but now the CBI has pulled together a report exploring which industries would benefit from diverging from EU regulations, and which would be harmed by failing to stay in line with their EU counterparts.

The chemicals industry, along with the automotive and life sciences sectors, would benefit from staying in sync with the EU, the organisation found.

This is because rules in these industries are “fundamental to the trade or transport of goods”, which means that failing to follow EU regulation could lead to problems for British exporters, as well as increase costs in the affected industries.

However, the CBI report noted that by leaving the EU, the UK will no longer have the same influence over policy changes that it did as a member state, and stressed that the government will need to find a way for UK industries to remain aligned to those in the EU, while also having some influence over any new rules that affect businesses in this country.

By contrast, sectors such as agriculture, shipping and tourism are expected to benefit from being able to break away from EU regulations, the CBI suggested.

Carolyn Fairbairn, CBI director-general, said that it’s “vitally important” that those negotiating the Brexit deal understand the impact that even a small change in regulation can have.

“Deviation from rules in one sector will have a knock-on effect on businesses in others, and divergence from rules in one part of a production process will have consequences for market access throughout entire supply chains,” she asserted.

Firms providing toll processing services in the UK will no doubt be following developments closely, as they are one of many kinds of businesses that is likely to be impacted by any future changes to EU regulations.

According to the CBI report, convergence and cooperation between the two sides will be vital if these issues are to be solved without damaging businesses in certain industries.

However, there is also an opportunity here for both the UK and EU to work together to “set an international precedent in the trade of services and digital products”. Given that cross-border supply chains are expected to become more prevalent, this is a significant opportunity for Europe to lead the world in this element of business.

Last month, analysis by the Chemical Business Association (CBA) predicted that Brexit will lead to a contraction in the UK’s chemical sector. Speaking to Chemistry World, CBA chief executive Peter Newport said that the UK needs to continue to have “full regulatory compliance” with the Reach safety regulations.

Even though the UK government is looking for a way that the country could remain a member of agencies such as Reach, this is not guaranteed at present, which has some in the industry concerned about what it will mean in the future.