MPs call for BoE to provide Brexit report after OBR recession warning

MPs have called on the Bank of England (BoE) and the Treasury to provide a fresh analysis on the UK’s economic impact of Brexit scenarios, to include a no-deal Brexit.

The Treasury Select Committee said they want an “up-to-date and rigorous analysis” of the current Brexit outcomes, this is to enable MPs being fully informed before making any decisions on the EU withdrawal.

This comes as the Office for Budget Responsibility (OBR) published their report on the economic impact of the UK crashing out of the EU.

The fiscal watchdog said the UK will fall into a year long “full blown” recession plus adding £30bn to government borrowing in the event of a no-deal Brexit.

Nicky Morgan, chairwoman of the Treasury Select Committee, said: “Economic analysis of the Withdrawal Agreement and Political Declaration that was produced at the Treasury Committee’s request will be almost a year old on the October 31 Brexit deadline.

“As the committee requested prior to the first meaningful vote, we have asked HM Treasury and the Bank of England to, where necessary, provide updated analysis of the economic impacts of the key scenarios for the UK’s future economic relationship with the EU.

“This will ensure that Parliament is as informed as possible as it considers key decisions about the future of our country.”