Britain could potentially rejoin the European Union within a single parliamentary term, according to a new report from the pro-European campaign group Best for Britain.

The report argues that the UK’s previous membership of the bloc and relatively high level of regulatory alignment could allow an accession process to move faster than for a typical applicant.

Best for Britain points to Finland, which applied to join the EU in March 1992 and became a member in January 1995. Its formal accession negotiations lasted around 13 months.

Finland cited as precedent

The group says Finland’s experience shows EU accession can be completed relatively quickly where there is strong political will and close alignment with EU rules.

However, the report does not represent an agreed timetable with Brussels, and there is no guarantee the UK could match Finland’s schedule.

Any application would have to proceed under Article 49 of the Treaty on European Union, requiring agreement from existing member states and approval of an accession treaty.

Euro and Schengen among possible sticking points

Questions over the euro, the Schengen passport-free area and the terms of any future British membership would all have to be negotiated.

Best for Britain argues that new members do not automatically join either the euro or Schengen upon accession and points to existing EU members that remain outside one or both arrangements.

Britain could not assume it would regain all of the opt-outs and special arrangements it held before Brexit.

Burnham considering future relationship with EU

Prime Minister Andy Burnham said at the Labour Party conference in September that the government would set out options for Britain’s long-term relationship with the EU.

Those options include maintaining current arrangements, forming a customs union, joining the Single Market or eventually seeking full EU membership.

Labour has not committed to rejoining the EU, and no formal application has been made.

Rejoining would require unanimous political support

Even if a future government decided to pursue membership, the process would depend heavily on political support in both Britain and the EU.

Every existing member state would ultimately have a say, meaning one government could delay or block accession.

The report therefore presents a possible route and timetable rather than an agreed plan for Britain to return to the EU.