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Between 500,000 and 820,000 jobs could be lost if Britain votes to leave the EU, new Treasury analysis has forecast.
The analysis also says the economy could shrink by as much as 6% in the two years after a Brexit vote.
The Treasury forecasts are based on two models:
- A 'shock' scenario, which the Treasury says uses cautious assumptions and links the size of the transition effect to the central estimate of the UK adopting a negotiated bilateral agreement with the EU
- A 'severe shock' scenario, which is linked to the estimate of Britain leaving the Single Market and defaulting to membership of the World Trade Organisation.
These are the key figures released by the Treasury based on the two scenarios:
It is a month to go until the EU referendum and today could be the biggest day of the campaign so far.
ITV News' Political Editor Robert Peston shares his thoughts:
Iain Duncan Smith accused the Government of getting the Treasury to look at the "very worst possibilities" economically if the UK left the EU.
The former Tory leader's warning comes after the Treasury predicted the country would suffer an "immediate and profound" economic shock if it voted in favour of Brexit on June 23.
Duncan Smith told ITV's Good Morning Britain said there were a "number of economists" who didn't agree with the report.
He added that Government supported remaining in the EU and that it had got the Treasury "to look at the very worst possibilities that could happen".
Duncan Smith said that none of the pro-Remain Government reports mentioned the "chaos and crisis that the euro area is bringing".
Latest ITV News reports
ITV News asked former Cabinet Office chief economist Jonathan Portes whether or not the UK was headed for a recession.
Chancellor George Osborne has said a Brexit will cause "real damage" and "push our economy into a recession".