Leaving Europe will create £40bn black hole

Responding to the Institute for Fiscal Studies (IFS) report released today, former Chancellor of the Exchequer Alistair Darling said:

“The economic case is now closed. The IFS has made clear that leaving Europe would decimate our public services through spending cuts, and heap tax rises on working families.

“The IFS joins the OECD, the Treasury and the Bank of England in proving that Britain’s economy is stronger in Europe and families’ finances would be worse off outside.

“The leave campaigns now have zero economic credibility – their central claim has been savaged. There would be no saving if we left, only a huge cost, and it would be working families that would pay the price. Leaving is too big a risk to take.”