Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the effect of uncertainty over the UK’s relationship with the EU after the transition period for the UK’s departure from the EU on the economy.

The government has been clear that the end of the transition period will bring both changes and opportunities, regardless of our future trade relationship with the EU.

The government has provided certainty about the actions businesses and individuals need to take in preparation for the end of the transition period through the ‘Time is running out’ campaign and published the ‘Reasonable Worst Case Scenario’ for borders illustrating the costs of a lack of preparedness while there is still time to prepare.

At Spending Round 2019, the government provided £2 billion of funding to departments to prepare for the UK’s exit from the EU. These preparations have continued over the course of 2020. SR20 provides over £2 billion to support repatriation of functions from the EU and to take back control of UK borders.

The end of the transition period also brings opportunities for the UK to seize and Spending Review 2020 supports this. For instance, ensuring the UK’s economy is ready to attract the best and brightest from around the world as the government introduces a new points-based immigration system, with an additional £217 million to deliver the Future Borders and Immigration System, and ensuring departments can make the most of the opportunities this freedom provides, with effective promotion of the UK to investors around the world, including through the new Office for Investment.