HMRC Impact Analysis: Customs

Part of the debate – in the House of Commons at 1:38 pm on 8th October 2019.

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Photo of Edward Davey Edward Davey Liberal Democrat Spokesperson (Treasury), Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Deputy Leader, Liberal Democrats 1:38 pm, 8th October 2019

Given that HMRC has now shown that Brexit means red tape, and that this would harm trade, destroy jobs and cut growth, what estimate has the Treasury made of the impact of lower growth on Britain’s public finances? Does the Minister accept that the Office for Budget Responsibility has said—and now the IFS analysis has shown—that borrowing will rocket under a no deal? Is it not now clear that under the blues, we will be going into the red?