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Economic impact of Brexit and food checks at Irish Sea to be examined by new commission

Thursday's evidence session will focus on the economic impact of the Brexit deal. Picture by AP Photo/Virginia Mayo
Thursday's evidence session will focus on the economic impact of the Brexit deal. Picture by AP Photo/Virginia Mayo Thursday's evidence session will focus on the economic impact of the Brexit deal. Picture by AP Photo/Virginia Mayo

THE economic impact of Brexit and food checks at the Irish Sea border will be examined by a new commission made up of business leaders, MPs and economists.

The UK Trade and Business Commission, convened by Labour MP Hilary Benn and Virgin chairman Peter Norris, is holding its first evidence session on Thursday after launching yesterday.

The group, which also has Northern Ireland MPs Claire Hanna, Stephen Farry and Paul Girvan among its members, says it will "provide independent scrutiny of the UK's trade deals with Europe and the rest of the world".

There has been criticism that Westminster has not been allowing MPs enough time to properly consider legislation - with commentators pointing out the parliament spent almost twice as long paying tribute to Prince Philip yesterday as debating the final Brexit trade deal in December.

Thursday's evidence session will focus on the economic impact of the Brexit agreement, with a second session later this month looking at food checks between Britain and Northern Ireland.

The commission said it is undertaking the work as "the government has yet to publish its own economic impact assessment on the UK having left the transition period".

It plans to make "regular recommendations" to the government for "potential improvements to its trade deals" to help business and industry "bounce back from the double whammy of Covid and Brexit", as well as "lessons that need to be learned for future negotiations".

A recent assessment by the Office of Budgetary Responsibility forecast that the EU-UK Trade and Cooperation Agreement would reduce UK GDP by 0.4 per cent in the short-term and by four per cent in the longer term, leading to "weaker average earnings".

Mr Benn said that analysis "underlines the importance of subjecting this agreement and other trade deals to independent scrutiny".

Conservative MP Roger Gale, who also sits on the commission, said it is "is about setting ideology aside and finding a pragmatic, evidence-based way forward".

Mr Norris said it "will be focused on identifying solutions and ensuring firms are able to make the most of the opportunities created by the UK's existing and new trading relationships".