UK Economy: Post-Referendum Assessment

Martin Vickers Excerpts

Monday 23rd May 2016 Commons Chamber

[Mr Gauke]

The hon. Gentleman is absolutely right: mainstream opinion does support the United Kingdom’s being part of the European Union. I should be fascinated to read a report similar to ours arguing the other case. We produced our long-term report last month, and I look forward to receiving a proper, detailed response to it. I think that the reason no analysis of that kind has yet been produced is that there is insufficient support for such a view, and I hope that that will become more and more apparent over the next month.

[Martin Vickers (Cleethorpes) (Con)]

Each year we have a Budget statement and an autumn statement in which the Chancellor corrects the forecasts in the previous statement. Will the Minister assure us that, after we vote for Brexit, the Chancellor will come to the House regularly to correct the forecasts contained in this document?

[Mr Gauke]

This scenario has been set out by means of perfectly normal, widely used techniques, and signed off by the leading economist in the field. We have made a number of assumptions that have been cautious, and have in no way sought to exaggerate the risks. I have to say to my hon. Friend that there is a real risk to the UK economy. This is not fearmongering, or scaremongering; it is simply setting out what the risks are to the British people—matters of which the British people should be aware when they vote on 23 June.