During questions to the Treasury I called for an EEA based Brexit, because it is the only Brexit deal that would cover services, which accounts for 80% of the UK economy.
Stephen Kinnock: What assessment his Department has made of the effect of the UK leaving the European Economic Area on the economy and the service industry.
The Economic Secretary to the Treasury (John Glen): The Government have undertaken a significant amount of work to assess the economic impacts of leaving the EU, and that is part of our continuing programme of rigorous and extensive analytical work on a range of scenarios. The Government are committed to keeping Parliament informed, provided that doing so would not risk damaging our negotiating position.
Stephen Kinnock: The Chancellor has said that he wants a jobs-first Brexit. Given that 80% of the British economy is in the services sector, and given that the EEA-based model of Brexit is the only one that gives maximum access for our services industries, does the Minister agree that an EEA-based Brexit is the only viable option for our country?
John Glen: What we can agree is that the Government are united in working to secure the best and most ambitious Brexit deal. That will mean a bespoke deal that will not damage the long-term interests of the economy.