This article was last updated on April 16, 2022
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UK’s Finance minister George Osborne has warned on Wednesday that he will have to produce an emergency budget in case Britain votes to leave the European Union on June 23 because his original budget did not account for it. However, 57 of his own Conservative Party’s lawmakers have publicly announced to block any such move, especially because the new budget is feared to include spending cuts and tax hikes.
The ruling party is extremely divided over the EU referendum with Osborne and Prime Minister David Cameron battling for a “Remain” vote while other senior figures campaign for “Leave”. Although overall polls have shown an equal race between Leave and Remain campaigns, recent polls show the Leave campaign is gaining more momentum. In his remarks, Mr. Osborne stressed that he would have to respond to a Leave vote with tax rises and spending cuts worth 30 billion pounds ($43 billion). According to Osborne, the new budget would include a 2-point rise in the basic rate of income tax to 22 percent and increases in tax rates and duties on alcohol and petrol, while spending on health, education and defence could be cut by 2 percent.
He stated that “the country does not have a plan if we quit the EU,” adding that “we’d wake up in just over a week’s time with no economic plan for our country, with financial instability, with years of uncertainty and you’d have to cut your cloth accordingly. The country would not be able to afford the size of the public services that we have at the moment.”
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