A report by the Institute for Fiscal Studies which said Britain could be forced to endure two more years of austerity if voters choose to leave the European Union is "based on ludicrous assumptions", a government minister and Leave campaigner has claimed.
Andrea Leadsom, the Minister for Energy and Climate Change, said economic forecasts "are only going to spit out on the assumptions that you put in", and criticised the report for being "a rehash of previous work."
I think people are getting a bit sick and tired of this overwhelming stuff about how the economy is all going to end in tears if we leave the European Union.
The truth is of course that economic forecasts are only going to spit out on the assumptions that you put in. This IFS work isn't new, it's just a rehash of previous work, including that dreadful Treasury report that assumes that the UK won't do any trade, that our productivity will take a hit, just ludicrous assumptions.
And depending on the assumptions you put it, you can get absolute doomsday out the other end.
The former Conservative Deputy Prime Minister Lord Heseltine has told ITV News today's report by the Institute for Fiscal Studies (IFS) is a "killer blow" for the Leave campaign.
The IFS said Britain could be forced to endure two more years of austerity if voters choose to leave the European Union.
It has predicted that a vote to leave the EU could see public finances hit by between £20 billion and £40 billion in 2019/20, if gross domestic product is 2.1% to 3.5% lower over the period.
Lord Heseltine said: "The IFS report is a killer blow for those arguing to leave Europe. And it confirms report after report...that the threat to British savings, to mortgage rates, to living standards, to public expenditure, is very real."
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The prime minister made a speech at EasyJet in Luton on Tuesday.
David Cameron has warned that leaving the EU could push up prices of family holidays to Europe.
The prime minister said that Brexit would mean the value of the pound would fall, which would then put up the cost of going abroad.
He said based on Treasury calculations a family of four going to a European Union destination would see the cost of the holiday rising by an average of £230.
He added that it could also increase the price of air travel and roaming charges.
A full ban on mobile phone roaming charges in the EU will come into force in 2017.
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