Finance Minister George Osborne said if the UK should move out of the European Union, it would cost about £4,300 reduced in income for every household.
Osborne said the EU is essential to the UK’s economy as EU imports most of Britain’s products. By losing importers, along with less investment, Britain would be poorer.
“Britain would be permanently poorer if it left the European Union. Under any alternative, we’d trade less, do less business and receive less investment,” Osborne said as he homed in on what a Brexit could mean for voters and their living standards.
“The price would be paid by British families. Wages would be lower and prices would be higher.”
Meanwhile, Vote Leave said the Conservative Party’s “scare tactics” blind the public to an independently UK-led market opportunities outside the EU bloc.
London Mayor Boris Johnson said the UK could reach a Canada-type deal that would allow it to stop contributing to the EU budget while retaining all EU-UK employment agreements, including all business deals being honored.
However, Osborne said the deal does not help Britain’s services industry. This would leave the economy about 6.2 per cent smaller by 2030. This had led to the £4,300 reduction for each household in the United Kingdom.