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

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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.

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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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A day of revelations: UK politicians open up their finances

It has been a day of revelations, with some of the UK's most high-profile politicians offering the public a glimpse into their tax affairs.

Chancellor George Osborne released his figures from last year, showing that he earned a taxable income of £198,738 and paid £72,210 in tax.

London Mayor Boris Johnson published four years of records, revealing a total taxable income of £612,583. He paid £260,621 in tax.

Labour leader Jeremy Corbyn revealed that he earned a total taxable income of £72,645 and earned an extra £1,850 from other income sources. He paid £18,912 in tax.

ITV News' Julie Etchingham reports:

PM and chancellor 'should publish full tax return'

Shadow Chancellor John McDonnell Credit: PA

The prime minister nor the chancellor have published their full tax return but just a summary that leaves more questions, the shadow chancellor said.

Chancellor George Osborne published his tax return after the prime minister urged him too amid a row over his personal finances.

This has been a distraction not a true disclosure. Neither the Prime Minister nor the Chancellor has published their full tax return like myself or the Leader of the Labour Party.

Instead they have provided a summary that leaves more questions than answers, which strikes me as an odd approach and is as transparent as dish water.

– Shadow Chancellor John McDonnell
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