There are standards and regulations and agreements and whats not. And I must admit I was a bit taken by one of those UKIP twats who so happily declared that now Britain well be able to get rid of regulations and create their own. But there is a problem. Britain will have to produce according to EU regulations when selling to the EU and whatever, as before, in the rest of the world.
So Brits be aware, if regulations, on say food, are watered down in Britain then you might end up eating something the British industry will happily and more "economically produce only for you. Eventually it will also interest manufacturers elsewhere too, who will feel happy to make some extra profit when exporting to the UK.
And now for the next tragicomical event, the presidential election. Could they be as enthusiastic, time will tell.