MPs to analyse economic pros and cons of Britain's EU membership

Exclusive: Committee to examine the benefits and costs of leaving EU

(Carl Court, Getty Images)

Parliament’s powerful Treasury Select Committee is to examine the economic benefits and costs of leaving the European Union.

Mark Garnier, a Conservative seeking re-election to the committee, said the inquiry would be one of the first in the new Parliament. Andrew Tyrie, who is running unopposed for a second five-year term as chairman, is thought to be supportive of the plan.

Mr Garnier is co-chairman of the Conservative Fresh Start group, which wants reform of the EU but not exit. He told The Independent: “One of the most important things we must get on with is an impartial analysis of the economic benefits of the EU or otherwise, and how the options would affect areas like financial services.”

MPs elect committee chairs and members at the start of a parliament. Mr Garnier decided last month against challenging Mr Tyrie, who was widely seen to have done an impressive job of scrutinising the big banks in his last term.

Britain’s possible exit from the EU – an in-out referendum is to be held by 2017 – is exercising the candidates for several select committee chairmanship roles.

Crispin Blunt is promising that the Foreign Affairs Committee would conduct a “cost-benefit analysis” of the possible outcomes of the referendum if he wins the chairmanship. He said he would hold the inquiry within 12 months, but first he must beat Tory rivals Nadhim Zahawi and John Baron in the vote next week.

One of the three candidates for the Business, Innovation and Skills Committee, Labour’s Iain Wright, said that he would like to undertake a similar exercise should he win. Committees can hold joint inquiries if necessary to avoid duplication in their work.

Mr Wright said that he was also keen to look into the implications of the announcement last week that the Government is to sell its remaining stake in the Royal Mail, fully privatising the five-century-old postal service.

The other candidates for the business chairmanship are Roberta Blackman-Woods, a previous member of the committee, and Adrian Bailey, who held the top job in the last parliament.

Mr Bailey has said he wants to investigate suggestions that the business department might be broken up.

Ms Blackman-Woods said that she wanted to examine why small and regional businesses were struggling to get access to financial support, a process that she claimed can be “very, very complicated”.