Chancellor George Osborne claims £30 billion black hole would need to be filled upon Brexit due to proposed tax rises

Osborne and Labour former chancellor Alistair Darling are to warn that the Treasury would be forced to unveil an emergency Budget, consisting of:

• £15bn of tax rises
• £15bn of spending cuts in the case of a vote for Brexit

Osborne is expected to outline tax rises comprising of;

• 2% increase in the basic rate of income tax
• Three pence rise to the higher rate
• Five pence rise to the inheritance tax rate

Osborne and Darling state the statistics are based on the Institute for Fiscal Studies’ forecast about the economic impact of a vote to leave from lower trade, investment and tax receipts.

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