Arab Today, arab today brexit vote would trigger cuts tax hikes
Last Updated : GMT 12:27:49
Arab Today, arab today
Arab Today, arab today

On the increasingly likely prospect

Brexit vote would trigger cuts, tax hikes

Arab Today, arab today

Arab Today, arab today Brexit vote would trigger cuts, tax hikes

Britain's chancellor warned that schools, hospitals
London - Arab Today

A vote to leave the European Union in a referendum next week would trigger tax hikes and spending cuts, Britain's finance minister warned Wednesday, as stock markets sank on the increasingly likely prospect of Brexit.

George Osborne, who is campaigning to remain within the 28-member bloc, announced that schools, hospitals and the army would all have their funding slashed if the pro-Brexit side prevails.

The intervention comes as polls indicate an uptick in support for the "Leave" side days ahead of the June 23 vote.

"Quitting the EU would hit investment, hurt families and harm the British economy," he said in released remarks.

"I would have a responsibility to try to restore stability to the public finances and that would mean an emergency budget where we would have to increase taxes and cut spending."
Osborne warned that leaving the EU would create a £30 billion hole in national finances.

In response, the basic rate of income tax would be raised, inheritance tax would be hiked, and the budget for services including the National Health Service (NHS) would be cut, he said.

Osborne, a member of the ruling Conservative party of Prime Minister David Cameron, was backed up in his announcement by Alistair Darling, a former finance minister from the rival Labour party who managed Britain's finances during the global economic crisis.

"I am even more worried now than I was in 2008," Darling said in released remarks.

- 'Bureaucracy and red tape' -

Investors have responded to the pro-Brexit momentum by selling stocks and putting their money in safe havens, with Europe's main markets down sharply and the euro hitting a 3.5-year low.
For the first time, demand for German government bonds viewed as rock-solid investments on Tuesday pushed their yields into negative territory.

As the campaign enters its final stretch, a poll by ComRes showed the race on a knife edge, with support for remaining at 46 percent and the pro-Brexit side on 45 percent.

This contrasts with a result from the same pollster just one month earlier in which the pro-remain side had an 11 point lead.

The day before Osborne's remarks, rivals from the remain and leave camps clashed in a debate live-streamed on YouTube. 

"The whole European project is a machine for generating excessive bureaucracy and red tape," said Boris Johnson, a Conservative former London mayor and leading pro-Brexit campaigner. 

"It is an economic disaster area."

Alex Salmond, the former Scottish National Party leader who is campaigning to remain, countered that the EU brought social and worker protections and allowed Britain access a trade market of 500 million people.

The bloc had brought "peace and stability" to Europe, he said.

But after the debate, Osborne's warning was dismissed by a pro-Leave Labour lawmaker, John Mann.

"This is more scare tactics from the 'Remain' side," Mann said.

"If we vote to leave and take control of our money we will have more to spend on the priorities that matter to us like the NHS."

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brexit vote would trigger cuts tax hikes Arab Today, arab today brexit vote would trigger cuts tax hikes

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brexit vote would trigger cuts tax hikes Arab Today, arab today brexit vote would trigger cuts tax hikes

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday