The Union flag, also known as the Union Jack, left, stands next to a European Union (EU) flag during the start of Brexit negotiations in Brussels, Belgium. (Photographer: Jasper Juinen/Bloomberg)

U.K. Treasury to Compare Brexit Deal Costs With Staying in EU

(Bloomberg) -- The U.K. government said it would compare the economic impact of its Brexit deal with remaining in the European Union, marking a win for pro-EU lawmakers pushing for a second referendum.

Facing defeat in its Finance Bill on Monday evening, Treasury Minister Robert Jenrick said the government’s economic impact of its Brexit plan would be compared to both leaving without a deal and the “status quo” of remaining in the bloc.

The Treasury has agreed to publish its analysis on the costs of its deal before lawmakers vote on the deal, but had wanted to compare its plans only to a no-deal scenario.

“This is the biggest decision that this house will be making since the Second World War and it is absolutely vital that we are provided with the requisite data in order to come to an informed decision,” said Labour lawmaker Chuka Umunna in Parliament.

The International Monetary Fund last week said the biggest threat to the U.K.’s outlook is the possibility of a no-deal Brexit, which would disrupt asset prices and have a “large negative impact” on growth.

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