British Treasury warns leaving EU would cause recession

Leaving the European Union would tip Britain into a “year-long recession”, finance minister George Osborne warned Monday as campaigning stepped up a month from a referendum on membership of the bloc. Analysis released by the Treasury argued that leaving would cause “an immediate and profound economic shock” to Britain and damage economic growth. “With exactly one month to go to the referendum, the British people must ask themselves this question: can we knowingly vote for a recession?” Osborne said in an accompanying statement.

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