George Osborne will today warn that a vote to leave the UK will result in an emergency budget, where he will have to hike taxes and slash spending.
Osborne and the former chancellor Alastair Darling will publish an illustrative budget, outlining £15bn of tax rises and £15bn spending cuts. According to the Guardian, these measures include a 2p rise in the basic rate of income tax, a 3p rise in the higher rate, and a 5% inheritance tax rate to 45p.
Vote Leave campaigner Iain Duncan Smith, Liam Fox and Owen Paterson dismissed Osborne’s warning, saying “If he were to proceed with these proposals, the chancellor’s position would become untenable.”
