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Osborne defends 'impartial' Treasury analysis on EU

Mr Osborne said the report was clear there were costs and benefits of being part of the EU Credit: ITV News

George Osborne has defended the Treasury's report on the cost to the country of leaving the EU as an impartial analysis of the cost of Brexit.

He said the report was clear there were costs and benefits of being part of the EU, but that its analysis the UK was better off remaining in the EU was shared by international institutions like the OECD and companies of all sizes.

Mr Osborne was responding to a question by ITV News' Deputy Political Editor Chris Ship.

The government's official position is that Britain should remain in the EU, but the Conservative party is split on the issue and a number of ministers are campaigning in favour of the leave campaign.


Ministers join chancellor to outline cost of leaving EU

Liz Truss (left), Amber Rudd (second from right) and Stephen Crabb (right) joined the chancellor Credit: ITV News

Ministers have joined George Osborne to outline what the Chancellor has called the Treasury's "sober and serious" analysis of the cost tot he UK of leaving the EU

Alongside the chancellor, Liz Truss, the environment secretary, spoke about adopting a Norwegian model relationship with the EU; Work and Pensions Secretary Stephen Crabb spoke about adopting a WTO model; and Energy Secretary Amber Rudd spoke on a Canadian style relationship.

According to the Treasury analysis outlined by the ministers:

  • GDP would be 4% lower under a Norwegian-style relationship
  • GDP would be 7.5% lower under a WTO model
  • GDP would be 6% lower under a Canadian-style relationship

LIVE: Osborne speaks on 'cost to UK families' of Brexit

  • This event is now over

Chancellor George Osborne and other ministers are speaking on the economic consequences to the UK of pulling out of the EU.

Their comments come ahead of the release of Treasury report that warns British families could eventually be £4,300 a year worse off if the UK models its relationship with Brussels on a Canadian-style trade agreement.

Speaking alongside Osborne are Liz Truss, the environment secretary, and Stephen Crabb, the work and pensions secretary.


Treasury 'can't be trusted' on EU

John Redwood said the Treasury Credit: PA

Claims that a vote to leave the European Union would leave British households £4,300 worse off in 15 years time are "wrong".

Chancellor George Osborne said on Sunday night that each household in the UK would suffer financially if Britain votes in favour of Brexit on June 23.

The claims are part of a wider piece of work by the Treasury on the cost of leaving the EU.

But Leave campaigner John Redwood MP said the Treasury's judgement on the EU "should not be trusted".

"The Prime Minister was one of the senior advisers working in the Treasury while John Major's Government tried to keep this country in the EU's disastrous Exchange Rate Mechanism", he said.

'The ERM destroyed jobs and caused misery for families across the country.

'The Remainers were wrong then, and they are wrong now - people should not trust their judgement on the EU".

George Osborne defends Remain camp's 'scare tactics'

Chancellor George Osborne has defended the so-called 'scare tactics' employed by the Remain camp to convince Britain to vote to stay in the European Union.

Speaking to ITV News Mr Osborne said that "the British people want the facts" adding: "There is an overwhelming view from those around the world...which is we would be worse off outside the EU and stronger, better off inside the EU."

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