Owen Smith
Main Page: Owen Smith (Labour - Pontypridd)Department Debates - View all Owen Smith's debates with the HM Treasury
Oral Answers to Questions
Owen Smith Excerpts(5 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mel Stride
My hon. Friend is entirely right. That is why in the last Budget, Scotland benefited from £950 million in additional Barnett funding, and why we are investing £1 billion in up to six new city deals, including in the borderlands area—some of those deals have been concluded and some are under discussion.
Owen Smith (Pontypridd) (Lab)
One of the many flaws in the Government’s analysis of the impact of Brexit on the regions and nations of the UK is that they did not tell us precisely what the GDP reduction would be compared with the status quo. Will the Minister now correct that and tell us how much worse off in GDP terms Scotland will be if we pursue the Brexit deal compared with the present day?
Mel Stride
These are estimates, of course, not forecasts. I can tell the hon. Gentleman that there would be no impact on output in Scotland in the long term—15 years from the end of the implementation period—if we compare the White Paper deal with the situation as it stands today.