Treasury select committee divided over EU probe

The influential Treasury select committee is to launch a probe of the costs and implications of next year’s vote on EU membership, but members have been unable to agree the terms of the inquiry.

The committee, which is chaired by Andrew Tyrie, reached an informal agreement to report on the EU at a recent private session, Fundweb sister publication Money Marketing understands.

However, process has been stymied by the failure of members to agree its premise.

EU sceptics including Steve Baker, who founded Brexit campaign group Conservatives for Britain, and Jacob Rees-Mogg are understood to be keen to focus on the current cost of membership, while other members want to look at the cost of an exit.

Both Baker and Rees-Mogg declined to comment, but fellow TSC member and Labour MP Bill Esterson says: “I would like to see us study as far as possible what is the evidence of the impact on the economy of retaining our membership, what would be the effect of leaving on the likes of Jaguar Land Rover and Tata, and what is needed for them to continue their investment in jobs and prosperity in this country.

“We could also ask what renegotiations the Prime Minister should be getting. Given that he is not telling us maybe we should help him out.”