British lawmakers have asked Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney for their expertise on the likelihood of economic damage from Brexit.
In letters released to the media on Tuesday, the Parliament's Treasury Select Committee has asked the Treasury to give a long-term forecast for the UK economy and finances provided that a final divorce deal is negotiated and put into practice.
READ MORE: Brexit Divorce Could Cost Over £10 Billion More Than Estimated – MP Committee
The experts will also predict how London's looming withdrawal from the bloc would affect the economy in the short-run. The analysis would cover the five years after Brexit, and start next March.
The economic ministry was also asked to address a no-deal Brexit scenario which would see Britain leave the bloc next March.
"An assessment of winners and losers from the proposed changes, and the likely countervailing impact on access to EU markets, should also be produced," Nicky Morgan, a Tory MP who chairs the committee, told Hammond.
This comes after the lack of precision on the country's future customs arrangements with the EU made several industrial giants such as Airbus and BMW warn that they may pull out of the country, putting thousands of UK jobs at risk.
Another problem casting a shadow on the future of Brexit is the Irish hard border issue. The UK is expected to leave the customs union in 2020, which would mean establishing a hard border between Britain and EU member Ireland. London has repeatedly committed to maintaining a so-called soft border, fearing that a hard border would damage its economic interests.
In autumn, MPs are set to decide on the new deal Theresa May is expected to bring back to London after negotiations in Brussels.
READ MORE: Brussels Believes There's 'No Hope' of Brexit Deal by October
On June 20, the PM won a vital vote in the parliament, defeating Tory rebels that could potentially get the power to stop Britain from leaving the EU without a deal. The PM assured the MPs that they would have a "meaningful say" and promised that more details of UK-EU post-Brexit links would come soon.
