Question to the Department for Business and Trade:

To ask His Majesty's Government, further to the Written Answer by Lord Johnson of Lainston on 16 April (HL3357), how they reconcile the data mentioned in the Answer with the independent analysis from Goldman Sachs which concluded that the UK's economy is 5 per cent smaller than it would have been if the UK had remained in the EU.

Since the referendum, the UK has grown faster than Germany, Italy, and Japan (Q2 2016 – Q4 2023). The International Monetary Fund (IMF) predicts that between 2024-2029 the UK will see the third fastest growth in the G7. The UK’s relative productivity performance versus the G7 has remained around the average for the rest of the G7, from 2010 to 2022; ahead of Canada, Italy and Japan.

The Department for Business and Trade is focussed on delivering the opportunities through: new trade deals, removing market access barriers, and maximising regulatory freedoms to strengthen the UK economy.