National Income

Treasury written question – answered on 28th November 2018.

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Photo of Jim Cunningham Jim Cunningham Labour, Coventry South

To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the effect on GDP of the UK (a) leaving the EU under the terms of the draft withdrawal agreement and (b) remaining a member of the EU.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Through the Withdrawal Agreement the Government has agreed on the creation of a free trade area for goods, combining deep regulatory and customs co-operation with zero tariffs, no fees, charges or quantitative restrictions across all goods sectors; the first such agreement between an advanced economy and the EU. Government analysis published on 28 November considers the relative impacts of different trading relationships in the long term, after the UK’s new relationship with the EU comes into effect. Bank of England analysis published on 28 November shows how the EU Withdrawal Agreement will affect the Bank’s ability to deliver its statutory remits for monetary and financial stability.

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