UK Treasury warns of economic costs of Brexit

British Chancellor of the Exchequer George Osborne (R), flanked by Environment Secretary Liz Truss, outlines the costs of 'Brexit', on April 18, 2016 in BristolBritain will be “permanently poorer” if it leaves the EU in a June referendum and the cost to each household could be £4,300 (5,400 euros, $6,100) a year, finance minister George Osborne warned on Monday. Osborne said a so-called Brexit would cause “profound economic shock and real instability” and it was “complete fantasy” to expect that Britain could then negotiate an advantageous trade deal with the EU. “Britain would be permanently poorer if we left the European Union,” Osborne, who is chancellor of the exchequer, said in a speech at a factory in Bristol in western England, presenting a 200-page report on the financial impact of leaving the European Union.

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