British Finance Minister George Osborne has warned that Brexit would trigger tax hikes and spending cuts across the UK.
Osborne, who is campaigning for Britain to remain in the EU, made the remarks Wednesday as stock markets plunged on the prospect of Brexit.
He said that funding for schools, hospitals and the army would be slashed if the pro-Brexit side prevails.
“Quitting the EU would hit investment, hurt families and harm the British economy,” he said in released remarks.
“I would have a responsibility to try to restore stability to the public finances and that would mean an emergency budget where we would have to increase taxes and cut spending.”
He also said leaving the EU would create a 30 billion-pound hole in national finances, adding, as a result, the basic rate of income tax would increase, inheritance tax would be raised, and the budget for services including the National Health Service (NHS) would be reduced.
Britons will vote on June 23 on…