If We Leave, Families Will Be Poorer: UK's Osborne Backs IMF Brexit Stance

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The International Monetary Fund’s conclusions on negative effects of the United Kingdom leaving the European Union are what the British people needed to hear to vote against it in the upcoming referendum, UK Chancellor of the Exchequer George Osborne said in a statement.

MOSCOW (Sputnik) — Earlier in the day, IMF chief Christine Lagarde said it predicted nothing positive from the potential Brexit, adding that the impact on the British economy could range from "pretty bad to very, very bad".

"These are the facts that the British people need to hear. If we vote to leave, British families will be poorer and Britain will be poorer. Incomes would be hit, businesses would suffer, and we’d have less money to spend. That’s if we vote to leave. But there’s a positive future for Britain on offer if we stay in the EU," Osborne said in a statement.

On June 23, the United Kingdom will vote on whether to remain part of the European Union. Supporters of UK exit from the bloc argue that EU membership has eroded Britain’s independence to legislate, direct its economy and control its borders. Opponents warn that leaving the European Union could deeply harm the country’s economy.

Earlier this month, IMF European Department Deputy Director Mahmood Pradhan said that a UK exit from the European Union had been identified as a risk factor for the EU economy and would disrupt trade and financial services.

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