Service Industries: UK Trade with EU
The question
To ask the Chancellor of the Exchequer, what modelling her Department has done of the potential impact of deeper UK–EU regulatory cooperation on services trade and employment.
Answered by Lucy Rigby
The Government is committed to providing appropriate analysis of any agreement made with the EU, but we will not be able to provide a full assessment of the impacts whilst detailed negotiations are ongoing. We have made a choice to align in some areas where it makes sense to do so in our national interest. For example, to unlock the SPS and carbon pricing agreements, which will add up to £9 billion a year to the UK economy by 2040. The carbon pricing deal also avoids the risk of taxes on £7bn worth of UK exports to the EU. Where we agree to dynamically align, we will have decision-shaping rights, as well technical adaptations and phasing in to make this deal work for the UK. The details of these are subject to negotiation.
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