Chancellor - OECD report shows "grim economic consequences" of leaving Europe

Responding to today's OECD report outlining the economic damage leaving the European Union could cause to Britain, the Chancellor of the Exchequer, George Osborne, commented:

"While the Leave campaign indulges in the fantasy politics of uncosted and unworkable proposals, in the real world we have had today another wake up call of the grim economic consequences of leaving the EU and the single market.

"The highly respected, independent OECD has significantly downgraded Britain's growth today because of uncertainty about the outcome of the referendum, and they are clear that is just a taste of worse to come if Britain leaves the EU.

"They say our economy would be hit for years to come, with GDP three per cent lower by 2020 and five per cent lower by 2030, and the impact on living standards would be strongly negative.

"If we vote to Remain, however, and continue to take advantage of the free trade and investment that comes with membership of a reformed EU, the OECD is clear that the future is bright, with growth projected to rebound this year. This is a hugely significant and timely intervention.

"It's time for the Leave campaign to tell the British people the truth about the consequences of their damaging plans."