Oral Answers to Questions

Debate between Steven Bonnar and Jeremy Hunt

Tuesday 7th February 2023 Commons Chamber

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

14. What recent assessment he has made of the impact of the UK’s departure from the EU on the economy.

[The Chancellor of the Exchequer (Jeremy Hunt)]

Busy day for me. With permission, I would like to answer this with question 16.

Leaving the EU has enabled the UK to realise an array of economic opportunities—not just the Solvency II reforms, but 71 trade deals with non-EU countries worth £240 billion to the UK economy in 2021.

[Steven Bonnar]

I thank the Chancellor for that answer, but analysis by Bloomberg estimates that Brexit is costing the UK £100 billion a year in lost output. The Office for Budget Responsibility forecasts the UK economy will be 4% smaller in the medium term, again due to the impacts of Brexit. The Centre for Economic Performance has warned that Brexit has added almost £6 billion on to UK food bills in the two years to the end of 2021. How much more damage will need to be done before this Government take off the red, white and blue goggles and see the reality that Brexit is an economic drag of disastrous proportions for the countries of the UK?