Bank of England and Treasury asked to produce Brexit impact assessments
The Treasury and Bank of England have been asked to draw up analyses of the impact of any Brexit deal struck by prime minister Theresa May.
The influential Commons Treasury Select Committee has also requested work from the Financial Conduct Authority on the potential impact of the withdrawal agreement and future framework.
Treasury Committee chairwoman Nicky Morgan said MPs should be "properly informed" before the promised parliamentary vote on the deal.
In a letter to chancellor Philip Hammond, she requested work on the economic impact of any Brexit deal over both the short term and long term.
The long-term analysis would consider both the proposed deal and a "no deal" scenario, with each compared against a "status quo" of staying in the EU.
You may also want to watch:
The requested short-term work would include an assessment of the risks that "systems, infrastructure or personnel required to facilitate cross-border trade flows are not in place" - either in the UK or EU.
It would also examine the danger of the political process for negotiation and ratification over-running beyond the end of the implementation period in December 2020.
- 1 These are the 322 Tory MPs who voted against extending free school meals to children
- 2 Priti Patel set to hand private firms £28 million in government contracts to deport asylum seekers from UK
- 3 Betty Boothroyd delivers scathing assessment of Boris Johnson's government
- 4 Michael Gove's Brexit fantasy is leading us down a perilous path
- 5 Boris Johnson 'plans to resign' in six months because he can't live on £150k salary
- 6 WILL SELF: Two places where everyone knows your name
- 7 German MEP tells Boris Johnson he 'owes' Britons a Brexit deal as she urged a return to EU trade talks
- 8 Question Time: Ex-Tory minister accused of making 'sickening' comment about free schools meals row
- 9 At the upcoming US election, Donald Trump really is toast
- 10 Brexit shambles: A stress of our own making
In her letter to Bank governor Mark Carney, Mrs Morgan suggested Parliament's decisions would have "implications for the Bank's pursuit of monetary and financial stability".
In a statement, Mrs Morgan said: "Parliament's vote on the withdrawal agreement and future relationship can only be meaningful if it is properly informed.
"The chancellor has promised the committee that he will place the 'maximum amount of analysis in the public domain' on the economic and fiscal consequences of implementing the withdrawal agreement and future relationship, once it has been negotiated.
"I have written to him to set out the committee's expectations for what that analysis should contain.
"I also expect the Bank of England and the Financial Conduct Authority to explain how Parliament's decision will affect their ability to meet their objectives, including financial stability and consumer protection.
"In the months ahead, the committee will press for robust and high-quality analysis on the consequences of Brexit for the economy and the public finances, so that Parliament's decisions can be based on the best possible evidence."
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.