EU exit: UK lawmakers to weigh costs and benefits

British lawmakers will start an inquiry into the costs and benefits of staying in the European Union next week as campaigning gets underway for a referendum on the country’s EU membership.

Legislators from the crossparty Treasury Committee — who normally monitor the Bank of England, finance ministry and banks — are set to start hearing from officials this month. “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,” Andrew Tyrie, the Conservative lawmaker who chairs the crossparty committee, said.

Prime Minister David Cameron, who wants to hold the vote before the end of 2017, is trying to renegotiate Britain’s relationship with the EU, which many members of his party and a sizeable minority of the public want to leave.

Opponents of Britain’s EU membership launched their campaign saying Britain would reclaim sovereignty by leaving, while an umbrella group for supporters of membership is expected to launch its campaign next week.

The lawmakers will look into issues such as the economic impact of migration by EU citizens to Britain and how Britain would be able to renegotiate trade deals if it left the EU.

A person familiar with the procedures said there would be a call for written evidence next week, followed by oral hearings. British government and Brussels officials as well as NGOs were likely to testify.