3rd July 2019

Sir Nicholas Soames: To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential effect on (a) financial services and (b) the wider service economy of the UK leaving the EU without an agreement.

John Glen, Economic Secretary to the Treasury: As a responsible Government, we have been preparing for a range of potential EU exit outcomes for over two years, including the possibility of no deal.

In November 2018 the Government published a detailed set of economic analyses on the long-term impacts of EU exit on the UK economy, its sectors, nations and regions, and the public finances.

The analysis shows that the spectrum of outcomes for the future UK-EU relationship would deliver significantly higher economic output than the no deal scenario. Every sector, nation and region would be better-off than in a no deal scenario.

The complete analysis can be found in the “EU Exit: Long-Term Economic Analysis” paper, available on the website in Exiting the European Union: Publications section.