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Written Question
UK Membership of EU
Tuesday 3rd May 2016

Asked by: Lord Watson of Richmond (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask Her Majesty’s Government how seriously they view the warnings from the IMF and the Bank of England of the detrimental impact on both the UK and the global economy if the UK withdraws from the EU.

Answered by Lord O'Neill of Gatley

On 13 April 2016, HM Treasury published its analysis of the long-term economic impact of EU membership and the alternatives. It concluded that the UK would be permanently poorer if it left the EU. The document also notes that a UK exit from the EU would be likely to have a significant negative effect on the economy in the short term. A subsequent government document will examine in detail the short-term economic implications associated with leaving the EU.