Brexit: Economic Analysis of Various Scenarios

Lord Stoddart of Swindon Excerpts

Wednesday 28th November 2018 Lords Chamber

[Lord Stoddart of Swindon (Ind Lab)]

My Lords, does the Minister agree that the forecasts made during the referendum have proved utterly false and that we should therefore take note of what is being said by the Bank of England and others? Secondly, does he agree that the referendum was not simply about trade or money, but whether this country makes its own laws and decides not to continue to pay into the EU’s coffers?

[Lord Bates]

All of those points were made, but the important one concerns the nature of the analysis itself. It is analysis, not a forecast. The forecast will take into account many other things, such as productivity improvements and demographic changes—those are for later. What was promised was economic analysis of the impact of leaving the European Union in different scenarios.