Wednesday, June 15, 2016

UK: George Osborne warns of tax hikes in case of Brexit

A vote to leave the European Union in a referendum next week would trigger tax hikes and spending cuts, Britain's finance minister warned, as stock markets sank on the increasingly likely prospect of Brexit.

George Osborne, who is campaigning to remain within the 28-member bloc, announced on Wednesday that schools, hospitals and the army would all have their funding slashed if the pro-Brexit side prevails.

The intervention comes as polls indicate an surge in support for the "Leave" side days before the June 23 vote.

"Quitting the EU would hit investment, hurt families and harm the British economy," he said in released remarks.

"I would have a responsibility to try to restore stability to the public finances and that would mean an emergency budget where we would have to increase taxes and cut spending."...
 [aljazeera.com]
15/6/16
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