Economic Situation: Wales

(asked on 22nd May 2019) - View Source

Question to the Wales Office:

To ask the Secretary of State for Wales, whether his Department has (a) prepared, (b) commissioned, (c) collaborated on and (d) awareness of any quantitative future projections that show that any form of leaving the EU will be directly beneficial either in terms of improving (i) GVA in Wales, (ii) Welsh GDP growth, (iii) direct foreign investment in Wales and (iv) the quantity or value of Welsh goods and services that are exported from the Welsh economy.


Answered by
Alun Cairns Portrait
Alun Cairns
This question was answered on 5th June 2019

In November last year, the UK Government published economic analysis of EU exit under different scenarios, bringing together evidence from across government. This analysis found that under the modelled White Paper scenario there may be a very small effect on the economy over a long period of time, with Welsh GVA estimated to be 0.1% lower compared to today’s arrangements.

This estimate does not include impact of domestic policies such as our Modern Industrial Strategy and the opportunities arising from additional regulatory flexibility, and these domestic policies can drive growth and productivity in Wales going forwards.

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