Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish information on the net financial benefit to the (a) Exchequer and (b) UK economy as a result of the UK leaving the EU after one year; and if he will make a statement.

The Treasury does not prepare forecasts for the UK economy and public finances, these are the responsibility of the independent Office for Budget Responsibility (OBR). The latest forecasts from the OBR will be published alongside the Budget on Wednesday 3 March 2021.

The UK-EU Trade and Cooperation Agreement is the first free trade agreement that the EU has ever reached based on zero tariffs and zero quotas. The deal protects high quality jobs and investment right across the UK. Our economy will thrive as we take back control of our money, borders, laws, trade and our fishing waters with a great deal with the EU. We are no longer contributing to the EU budget as a Member State. Taking into account the financial settlement with the EU, the Government has determined how an additional £14.6 billion of spending by 2024-25 can be allocated to its domestic priorities. This additional spending was included in the government’s plans set out at the Spending Review in November 2020. These prioritised funding to support the government’s response to Covid-19, invest in the UK’s recovery for all nations and regions and deliver on promises to the British people.