Economic Situation

Treasury written question – answered on 7th October 2019.

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Photo of Rachael Maskell Rachael Maskell Shadow Minister (Transport)

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of economic effect of the UK leaving the EU without a deal; and whether that assessment has changed compared with assessments made before 29 March 2019.

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

We would prefer to leave with a deal, and we continue to work in an energetic and determined way to get that better deal.

The Government is turbocharging preparations to ensure we are ready to leave with or without a deal on 31 October, and all necessary funds will be made available.

The fundamentals of the British economy are strong – real wages are growing; employment is at a record high and the unemployment rate is at a historic low.

Short-term forecasting is undertaken by the Office for Budget Responsibility in line with its statutory duty. In line with its remit, the OBR’s forecasts include the economic and fiscal impact of government policy on EU exit where the effects can be quantified with reasonable accuracy.

The Bank of England has provided analysis of the EU exit impacts on the UK economy consistent with its responsibilities on monetary policy.

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