Treasury written question – answered on 9th July 2020.

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Photo of Ruth Jones Ruth Jones Labour, Newport West

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential effect on the economy of reaching the end of the transition period without a trade deal with the EU in place.

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

The UK wants a relationship with the EU, which is based on friendly cooperation between sovereign equals, and centered on free trade. We are looking for a deal like those the EU has struck with other friendly countries like Canada.

The economic impacts of our trade deal with the EU are the subject of public debate among analysts. It is impossible for a single model, number or scenario to capture that complexity or represent the varying impacts that will be felt across different parts of the economy. The specifics of EU exit depend on the outcome of detailed negotiations.

We will continue to keep Parliament informed with appropriate analysis at appropriate times in a way that does not impede our ability to strike the best deal for the UK.

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