Economic Situation

Treasury written question – answered on 29th October 2019.

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Photo of Nicholas Soames Nicholas Soames Independent, Mid Sussex

To ask the Chancellor of the Exchequer, what recent assessment he has made of the benefits to the UK's economy over the next 10 years of the UK leaving the EU.

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

Agreeing the Withdrawal Agreement is self-evidently in our economic interest. It would bring an end to the damaging uncertainty and delay of the past years, and allow businesses to get on with taking decisions, including around recruitment and investment.

Approving the Withdrawal Agreement would also allow us to get on with the process of agreeing a mutually beneficial new trading relationship with our European friends - a comprehensive and ambitious free trade agreement (FTA). Leaving the Customs Union and Single Market allows the UK to pursue an ambitious FTA with the EU as sovereign equals, as well as striking trade deals with other international partners.

The specifics of our own agreement will be the subject of the next phase of negotiations. We will keep Parliament updated throughout those discussions and provide analysis at appropriate points.

The OBR will, of course, continue to take Government policy – including the UK’s future relationship with the EU – as the basis for its economic and fiscal forecasts, and will provide its usual comprehensive analysis as part of these.

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