Morgan calls for Brexit analysis before Parliament votes

Morgan calls for Brexit analysis before Parliament votes

The chairman of the Treasury select committee has written to the Bank of England and Financial Conduct Authority saying the committee expected to receive analysis of the impact of the Brexit agreement "in good time".

Nicky Morgan wrote to both regulators in June asking for an analysis and future framework, but on Thursday she contacted both again to underscore the importance of receiving this analysis "before any parliamentary votes".

She said Parliament must be provided with an assessment of the consequences of the EU Withdrawal Agreement and future relationship with the EU before a vote.

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"Without such analysis, any vote cannot be considered meaningful," she said. "When negotiations between the Government and the European Commission have concluded, the committee has asked the Bank and the FCA to publish its analysis in good time before any Parliamentary votes on the withdrawal agreement and future relationship."

Mrs Morgan said the Bank of England and the FCA should provide analysis of any deal agreed and of a ‘no-deal’ scenario, in the event of a breakdown in negotiations or a parliamentary vote against the agreement.

She added: "They should also consider providing analysis for the scenario in which the UK leaves the EU with no trade agreement at the end of a transition period. This analysis will ensure that Parliament’s decisions are based on the best possible evidence."

Both the Bank of England and FCA committed to providing an update in July and wrote to Mrs Morgan saying once a deal had been agreed they would offer a more substantial analysis.

Negotiations over Britain's departure from the EU are expected to conclude before the end of the year, giving both parties enough time to ratify the agreement before the UK leaves the trade bloc in March.