Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of measures proposed in the EU reset on economic growth, taking account costs on business and the taxpayer of, inter allia, i) new regulations and directives brought into force by the EU since the UK left the EU and to be imposed on the UK; ii) payments which will be required to be paid to the EU by the UK.

At a time of great global uncertainty, we must deepen our relationships with allies whose values we share and whose interests are tied to our own. This is why we will pursue a closer relationship with the EU where it is in our national interest to do so.

The Government is committed to providing appropriate analysis of any agreement that ius made with the EU. The Government estimates that the Sanitary and Phytosanitary Agreement (SPS) and Emissions Trade Scheme Linking (ETS) will add up to £9 billion to the UK economy by 2040.

The 2025 UK-EU Common Understanding sets out that the SPS, ETS and electricity agreements will include appropriate financial contributions.