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Pro-Brexit Tories warn Osborne over emergency 'punishment' budget

Furious pro-Brexit Tories have warned they will block any attempt by George Osborne to impose an emergency "punishment" Budget if there is a vote to leave the European Union - with one backbencher calling on him to resign now.

Fifty-seven Conservative MPs have signed a statement warning that the Chancellor's position would be "untenable" if he tries to push through tax cuts aimed at filling a £30 billion "black hole" in the public finances which ministers say would emerge if Britain pulled out of the EU.

But a defiant Mr Osborne insisted he would have no choice but to act to prevent "chaos" in the public finances and "huge" economic instability.

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Over 50 MPs to vote against Osborne's budget if Leave wins

The Chancellor says a Brexit would trigger £30bn in tax hikes and spending cuts. Credit: PA

More than 50 MPs will vote down George Osborne's emergency budget if Britain votes to Leave the EU.

The Chancellor said he would have to raise taxes and slash public spending to the tune of £30 billion if a Brexit were to happen.

A joint statement signed by MPs including Iain Duncan Smith, Liam Fox and Nadine Dorries said: "We find it incredible that the Chancellor could seriously be threatening to renege on so many manifesto pledges.

"It is absurd to say that if people vote to take back control from the EU that he would want to punish them in this way.

"We do not believe that he would find it possible to get support in Parliament for these proposals to cut the NHS, our police forces and our schools.

"If the Chancellor is serious then we cannot possibly allow this to go ahead. It would be unnecessary, wrong and a rejection of the platform on which we all stood.

"If he were to proceed with these proposals, the Chancellor’s position would become untenable.

‘This is a blatant attempt to talk down the market and the country. The Chancellor risks doing damage to the British economy in his bid to win this political campaign."

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