Vote Leave launch £50m competition - but you must predict every European Championship result

Vote Leave have upped the ante in their EU Referendum campaign, by launching a competition worth £50m for the lucky person who can correctly predict all matches in the European Championships.

The competition is free, and if nobody wins the top prize, there is a guaranteed prize of £50,000 for the person who correctly guesses the highest number of consecutive games.

The prize is being funded through an insurance policy which has been taken out with underwriters at Lloyds.

They declined to say how much they had paid for the insurance policy, telling the Press Association that it would be "declared in the normal way".

The contest was "being funded specifically by two donors", they said.

Bookmaker Ladbrokes said the odds of winning the top prize were extremely long.

Correctly predicting just the group stages would be an eight billion to one shot, it said.

The £50 million figure is claimed to be the amount that we send to the EU every day - a figure which has been highly disputed.

The chairman of the UK Statistics Authority, Sir Andrew Dilnot, has already said the figure was "potentially misleading".

He added today that the Authority is "disappointed to note that there continue to be suggestions that the UK contributes £350 million to the EU each week, and that this full amount could be spent elsewhere."

Boris Johnson was also forced to backtrack and admit that it is not the net sum we send to the EU.