Asked by: William Wragg (Independent - Hazel Grove)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to undertake a consultation exercise on vehicle excise duty for new diesel vehicles.
Answered by Andrew Jones
The Chancellor keeps all taxes under review as part of the on-going Budget process.
Consistent with the government’s tax consultation framework, where possible, the Government will engage interested parties on changes to tax policy and legislation at each key stage of developing and implementing the policy.
Asked by: William Wragg (Independent - Hazel Grove)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to page 148 of his Department's analysis: the long-term economic impact of EU membership and the alternatives, Cm 9250, if he will set out which EU regulations are to be reformed to cause an increase in UK gross domestic product of four per cent after 15 years.
Answered by David Gauke
As set out on pages 145 to 150 of HM Treasury’s analysis on the long-term economic impact of EU membership and the alternatives: “Successful EU-wide economic reform would make a substantial positive contribution to UK economic prospects. Combining the 4 key areas of EU economic reform gives an estimate of the benefits of reform of up to 4% of UK GDP after 15 years. In 2015 terms, this would mean up to an extra £2,800 a year of GDP per household.”
This estimate of the impact of additional reform for the UK inside the EU is constructed and quantified around the best available evidence on 4 reform priorities: Single Market for services, Digital Single Market, single energy market and external trade agreements (i.e. those with non-EU countries).
Further to the quantified benefits of EU reforms that are agreed or in the process of being implemented, there are other additional EU reforms that will bring benefits but are unquantified and not included in the “4% of UK GDP after 15 years” estimate. The UK could benefit from reduced EU regulatory burdens: the UK’s new settlement includes a commitment to reduce the regulatory burden on businesses, particularly small and medium-sized businesses, with specific targets established in key sectors. The EU has also committed to deliver a Capital Markets Union to deepen and integrate the EU’s capital markets.
Asked by: William Wragg (Independent - Hazel Grove)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the level and amount of the UK EU rebate in each year to 2030.
Answered by David Gauke
HM Treasury’s approach to estimating the net cost of the EU budget to the UK over the long term is set out in Annex B of HM Treasury Analysis: the long-term economic impact of EU membership and the alternatives, publicly available at the following link:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/517415/treasury_analysis_economic_impact_of_eu_membership_web.pd
Asked by: William Wragg (Independent - Hazel Grove)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will place in the Library copies of all letters, leaflets and other material from his Department circulated to (a) stakeholders and (b) members of the public on the EU Referendum; what the costs of the production and distribution of that material has been since 1 January 2016; and what he estimates the cost of any further production and distribution of such material will be between 6 May 2016 and 23 June 2016.
Answered by David Gauke
I refer the hon. Member to the answer given by the Minister for the Cabinet Office on 8 June 2016 to Question 38811.
Asked by: William Wragg (Independent - Hazel Grove)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, for what reasons the HM Treasury analysis: the long term economic impact of EU membership and the alternatives did not include an assessment of the potential effect on the UK economy of a potential reduction in GDP in the EU.
Answered by David Gauke
The main estimates in the HM Treasury analysis are based on the EU as it is today, without further reform. The total cost of leaving is likely to be higher. If the economic benefits of reform are realised this could increase UK GDP by up to a further 4% – which equates to £2,800 for every household in the UK. With the UK outside the EU these economic reforms would be less likely to happen. So the cost of exit in terms of the potential loss of GDP would be correspondingly greater.