The head of the British Treasury, George Osborne, has warned that leaving the EU, known as Brexit, would lead the UK into a year-long recession as well as 820,000 job losses.
Osborne, the Chancellor of the Exchequer, made the remarks on Monday after the finance ministry published an analysis about the immediate economic impact of leaving the bloc.
The Tory Chancellor said the exit from the European Union would cause an “immediate and profound economic shock.”
Osborne said if Britain leaves the EU, “the economy shrinks, the value of the pound falls, inflation rises, unemployment rises and wages are hit.”
The Treasury’s economic forecasts showed that an “Out” vote would make the GDP 3.6%lower than currently predicted. As a result, the pound would fall by 12% in value, some 520,000 jobs would go, average wages would fall by 2.8% and house price would be hit by 10%.
The analysis also predicted that if Britain left the bloc’s market and…