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Chancellor to confirm or update economic analysis of Brexit

18 October 2019

In June 2018, the Treasury Committee asked HM Treasury, the Bank of England and the Financial Conduct Authority to produce analysis of the impact of Brexit in differing scenarios, and in good time before Parliament came to vote on the eventual Brexit deal. The Committee published the analysis in November 2018.

On 17 July 2019, the Committee asked HM Treasury whether officials have been updating the existing analysis. The Committee also asked the Bank of England whether its analysis remains fully relevant, and where relevant, to provide the Committee with an updated version of its analysis.

The Committee published the Bank of England's updated analysis on 4 September 2019 here, but so far it has not received a response from HM Treasury.

Interim Chair's comments

Today, Catherine McKinnell MP, Interim Chair of the Treasury Committee, has written to Rt Hon. Sajid Javid MP, Chancellor of the Exchequer, asking HM Treasury to publish its updated economic analysis ahead of the meaningful vote on Saturday. Commenting on the correspondence, Ms McKinnell said:

“The Treasury Committee asked HM Treasury whether the Government has updated its economic analysis of Brexit three months ago, yet we are still awaiting a response.

“It is unacceptable that the Committee has not received this information from HM Treasury. It appears to be an attempt to avoid scrutiny. If the Chancellor does not provide the Committee with an update, we can only assume that the existing analysis stands.

“I have asked the Chancellor, therefore, if the Government does stand by the existing analysis, or if not, to provide the Committee with a new or updated economic impact assessment of the new Withdrawal Agreement and Political Declaration.

“When MPs vote on the Government's new deal on Saturday, we should do so with as much information as possible. I have asked the Chancellor, therefore, to respond prior to the meaningful vote.”

Further information

Image: Creative Commons