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Credit agency Moody's says a vote to leave EU would hit the UK economy

Credit Agency Moody’s has warned that a vote to leave the EU would hit the British economy and have a “significant impact on confidence”.

The group’s quarterly report says leaving was the “most immediate concern” and renewed its warning that in the event of a vote to leave the EU, “prolonged uncertainty until alternative agreements emerge would be a cause for economic stress”.

Commenting, Vicky Pryce, economist and former Joint Head of the Government Economic Service, said:

“Moody’s have warned that the uncertainty caused by a leap in the dark out of Europe would damage our economy and make families worse off.

“Treasury analysis shows leaving would damage our economy to the tune of £4,300 a year for the average household. Staying in Europe will mean more jobs, lower prices and more financial security for British families.

“The OECD, IMF, IFS, and Bank of England have all highlighted the risks that leaving the EU could create. The likelihood is that prospects for the UK economy will worsen under any of the possible alternative scenarios and the economic case for staying in the EU is overwhelming."