Treasury Committee to review UK's EU membership

A review of the "costs and benefits" of the UK's EU membership is to be conducted by the Treasury Select Committee.

The government is to hold a referendum on the UK's membership of the EU by the end of 2017.

The prime minister is attempting to renegotiate the terms of Britain's membership and the committee said it would examine the potential impact.

Other topics include the effect on the free movement of people and goods.

MPs will also look at the terms under which the UK could leave the EU, and "the likelihood of it securing continued access to EU goods, services and capital markets," it said.

Another area of interest will be the impact of a "Brexit" on the UK's trade in the service industry, and financial services "in particular".

No date has yet been set for the referendum but David Cameron has promised to hold the vote by the end of 2017.

The prime minister has said he will campaign for Britain to remain in the EU if he secures the reforms he wants.

The committee's chairman, Conservative MP Andrew Tyrie, said: "This inquiry will be wide-ranging, dealing with all the economic and financial consequences of the UK's EU membership, and the impact of departure.

"The committee's job will be to attempt to marshal the evidence on this important question into a coherent form, enabling the electorate to make a more informed decision. It welcomes evidence from all those with views and expertise."

It has been announced that Lord Stuart Rose will lead the In Campaign, which wants the UK to remain in the EU.

And Vote.Leave, made up of Conservative, Labour and UKIP MPs and donors, has launched a cross-party campaign to take the UK out of the EU.