Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what recent assessment his Department has made of the value for money of the UK's financial contribution to the EU.

HM Treasury’s analysis into the long-term economic impact of EU membership and the alternatives clearly shows that because of the benefits to the economy, membership of the EU is a good deal for the British taxpayer. These benefits include access to the EU Single Market, including the ability of the EU to negotiate access to global markets.

For every £1 paid in tax a little over 1p goes to the EU. As the Chancellor has said, the impact on tax receipts of leaving the EU would be significant; to offset the economic loss, this could mean an increase in taxes equivalent to an additional 8p on the basic rate of income tax. The UK’s financial contribution therefore offers value for money.

Further explanation of these figures and the impact of leaving the EU on public finances can be found in HM Treasury’s analysis into the economic impact of EU membership, available at the following link: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/517415/treasury_analysis_economic_impact_of_eu_membership_web.pdf