Amendment to the Finance Bill

The Finance Bill (No. 3) implements the Budget and also contains a section on “EU Withdrawal”.

On 5 November 2018 the Chancellor told the Treasury Select Committee that “we will publish cross-Whitehall analysis that will certainly include the proposed model, the deal that the Government are putting before Parliament for the meaningful vote. You will have that information.”

Accordingly, this amendment to the Bill forces the Government to publish an economic impact assessment of the withdrawal agreement reached with the European Union on the terms of the UK’s exit from the EU which includes a comparison between the current terms of the UK’s membership of the EU and what is proposed in the withdrawal agreement and the framework for the future relationship finalised between HM Government and the Council of the European Union.  It also provides for an assessment to be made between the current terms and a “no deal” Brexit.  The Office for Budget Responsibility would carry out an independent evaluation of the accuracy of that impact assessment.

The amendment requires the Government to publish such an impact assessment before the “meaningful vote” in the House of Commons to approve any withdrawal agreement with the EU.  The amendment has been tabled for consideration and debate by the whole of the House at the Committee Stage of the Bill on the afternoon of Monday 19th November.

 

Signatories

This cross-party amendment has been tabled and co-ordinated by Chuka Umunna and Anna Soubry, the Labour and Conservative co-chairs of the All Party Parliamentary Group on EU Relations and leading supporters of the People’s Vote campaign.

The amendment has been signed by over 30 MPs from six political parties including at least 9 Conservative members.  Here is a list of those who have signed so far:

1.     Chuka Umunna

2.     Anna Soubry

3.     Chris Leslie

4.     Dr Sarah Wollaston

5.     Angela Smith

6.     Dominic Grieve

7.     Ian Murray

8.     Heidi Allen

9.     Caroline Lucas

10.  Vince Cable

11.  Guto Bebb

12.  Jonathan Edwards

13.  Stephen Gethins

14.  Gavin Shuker

15.  Justine Greening

16.  Luciana Berger

17.  Stephen Doughty

 

18.  Mike Gapes

19.  Jonathan Djanogly

20.  Pat McFadden

21.  Dr Phillip Lee

22.  Phil Wilson

23.  Jess Phillips

24.  Antoinette Sandbach

25.  Anne Coffey

26.  Catherine McKinnell

27.  John Woodcock

28.  Liz Kendall

29.  Jo Swinson

30.  Dame Margaret Hodge

31.  Peter Kyle

32.  Tom Brake

33.  Stella Creasy

34.  Barry Sheerman

 

 Wording of the amendment

Clause 89, page 66, line 30, at end insert –

“(1A) The Chancellor of the Exchequer must, no later than the date provided for in subsection (1C), lay before the House of Commons a statement of the circumstances (in relation to the outcome of negotiations with the EU) that give rise to the exercise of the power.

(1B) The statement under subsection (1A) must be accompanied by –

(a) an assessment of the fiscal and economic effects of the exercise of those powers and the circumstances giving rise to them;

(b) a comparison of those fiscal and economic effects with the effects if –

(i) a negotiated withdrawal agreement and a framework for a future relationship with the EU had been agreed to, and

(ii) the United Kingdom had remained a member of the European Union;

(c) a statement by the Office for Budget Responsibility on the accuracy and comprehensiveness of the assessment under paragraph (a) and the comparison under paragraph (b).

(1C) The date provided for in this subsection is –

(a) a date which is no less than seven days before the date on which a Minister of the Crown proposes to make a motion for the purposes of section 13(1)(b) of the European Union Withdrawal Act 2018 and after the passing of this Act, or

(b) a date which is no less than seven days before the date on which a Minister of the Crown proposes to make a motion for the purposes of section 13(6)(a) of the European Union Withdrawal Act 2018 and after the passing of this Act, or

(c) a date which is no less than seven days before the date on which a Minister of the Crown proposes to make a motion for the purposes of section 13(8)(b)(i) of the European Union Withdrawal Act 2018 and after the passing of this Act, or

(d) the date on which this Act is passed,

whichever is the earliest.”

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