Oral Answers to Questions

Lord Hanson of Flint Excerpts

Tuesday 16th June 2015 Commons Chamber

The Chancellor of the Exchequer was asked—

[Mr David Hanson (Delyn) (Lab)]

1. If he will make representations to the Bank of England on the publication prior to the EU referendum of its assessment of the effect on the UK economy of the UK leaving the EU.

[The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)]

Thanks to this Government, the British people will at last have their say on British membership of the European Union. The Bank of England is of course independent, and any questions about publication should be directed to it. The priority of the British Government is clear: the best outcome for the UK economy is that we achieve major economic reform of the European Union for the benefit of Britain and for the whole of Europe. That is why the Prime Minister and the rest of the Government are now fighting hard to achieve that, and we are confident we will succeed.

[Mr Hanson]

Airbus industries, Toyota vehicles and Vauxhall Motors—all serving my constituency, and employing thousands of people—have all said they believe that the future of the UK economy is in Europe. Would it not be useful for the Chancellor to put pressure on the Bank of England to produce any internal report, and indeed to publish any Treasury reports, so that we can see once and for all what exit from the European Union would mean for our UK economy?

[Mr Osborne]

I completely agree with the right hon. Gentleman that companies such as Airbus make a huge contribution to the economy not just of north Wales but of the whole United Kingdom, and we want them to succeed. That is why we want the European Union to be a place that attracts jobs and investment from around the world. We are seeking reforms because we do not think at the moment that the European Union is heading in the right direction. I welcome his participation in this debate, and I can assure him that the Treasury will participate in it as well.