Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of (a) rejoining (i) the European Union, (ii) the EU Customs Union and (iii) EU Single Market, and (b) joining (iv) the Schengen Area and (v) the Euro Single Currency on (A) the economy, (B) fiscal policy and (C) the level of migration.

We are building a closer relationship with European partners in order to improve our diplomatic, economic, and security cooperation following Brexit. As the Prime Minister has announced, the Government is considering options for a closer relationship with the EU. The expected impacts of any proposals will be presented in the usual way when they are brought forward. The Government continues to deliver the commitments agreed at the May 2025 Summit, including a sanitary and phytosanitary agreement and the linking of the UK and EU Emissions Trading Systems, which are together estimated to add up to £9 billion to the UK economy by 2040.