Lord Inglewood – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Inglewood on 2016-07-19.

To ask Her Majesty’s Government, further to the Written Answer by Lord O’Neill of Gatley on 8 June (HL258), whether that estimate of the effect of leaving the EU single market on total UK tax revenue still applies, and if not, whether they will provide updated figures.

Lord O’Neill of Gatley

The previous Written Answer in question (HL258), cited the estimated impacts of leaving the EU upon UK tax revenues as laid out in the Treasury’s analysis on both the long-term and immediate economic impact of EU membership and alternatives, published in April and May respectively.

There have been no new estimates made for the impact on tax revenue since the EU referendum. The independent Office for Budget Responsibility (OBR) will produce an updated forecast for receipts revenues (Public Sector Current Receipts) at the Autumn Statement later this year.