Osborne uses Brexit for more cuts, '£30bn hole' in UK budget

[TonyGosling]

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Osborne predicts £30bn hole in public finance if UK votes to leave EU
Chancellor delivers stark warning of £15bn tax rises, increase in fuel and alcohol duties and £15bn cuts to health, education and defence
http://www.theguardian.com/politics/2016/jun/14/osborne-predicts-30bn- hole-in-public-finance-if-uk-votes-to-leave-eu

Anushka Asthana, Rowena Mason and Phillip Inman
Tuesday 14 June 2016 22.15 BST Last modified on Tuesday 14 June 2016 22.16 BST

George Osborne will warn that he would have to fill the £30bn blackhole in public finances triggered by a vote to leave the European Union by hiking income tax, alcohol and petrol duties and making massive cuts to the NHS, schools and defence.

In a sign of the panic gripping the remain campaign, the chancellor plans to say that the hit to the economy will be so large that he will have little choice but to tear apart Conservative manifesto promises in an emergency budget delivered within weeks of an out vote.

“Far from freeing up money to spend on public services as the leave campaign would like you to believe, quitting the EU would mean less money,” Osborne will say. “Billions less. It’s a lose-lose situation for British families and we shouldn’t risk it.”

The chancellor will spell out his concerns at an event where he will be joined by his predecessor, Alistair Darling. The Labour politician will say he is more worried now than he was during the 2008 financial crisis, arguing that a Brexit vote will result in not just one emergency budget but “one after another”.

The pair will publish an “illustrative budget scorecard” comprising a long list of the sort of measures they say may have to be implementedincluding:

1. £15bn of tax rises, comprising a 2p rise in the basic rate of income tax to 22%, a 3p rise in the higher rate to 43% plus a 5% rise in the inheritance tax rate to 45p
2. An increase in alcohol and petrol duties by 5%
3. Spending cuts worth £15bn, including a 2% reduction for health, defence and education, equivalent to £2.5bn, £1.2bn, £1.15bn a year respectively
4. Larger cuts of 5% from policing, transport and local government budgets

Vote Leave, the official out campaign, responded to leaks of the plans by accusing the chancellor of breaking seven key Tory pledges on which they were elected last year, and set out a competing vision of a post-Brexit world in which Britain would claw back money from the EU. The campaign group said that parliament would react to an out vote by bringing in legislation to cut VAT on fuel, boost NHS funding and bring in a points-based system for immigration.

Brexit-supporting Conservative politicians warned that Osborne’s credibility would be damaged and that he and David Cameron could be toppled from their positions in the party.

Steve Baker, a high profile Tory out campaigner, said he was shocked that the chancellor was “threatening to break so many key manifestos on which all Conservative MPs were elected”. And in a sign of the potential Tory rebellion Osborne could face if he does try to drive through the emergency measures, Baker said he would refuse to back the cuts to the NHS or the tax rises for “hard-working families”.

David Campbell Bannerman, a Tory MEP who co-chairs Conservatives for Britain with Baker, said a remain victory won by causing panic on the markets “would lead to an immediate leadership challenge”.

Liam Fox, a former defence secretary and out campaigner, added: “A punishment budget would be rejected by both sides of the House of Commons. It would damage the chancellor’s credibility and would be putting his own position in jeopardy.

“I think the British public would react adversely to such a threat based on the chancellor being afraid they will vote the wrong way in his opinion. The in campaign are panicking – but no one will believe these hysterical prophecies of doom anymore.”......

[Wakeymedia]

A bit late but worth a listen -


Link

[Wakeymedia]

Brexit Playlist with excellent points made by Tony Benn, Tariq Ali, Bernard Connolly and more . . .

Link - http://www.youtube.com/watch?v=HJWxsRCHOKc&list=PLuqtzLIQ8c2T7XtJkoObl LUSCB8RL9PC_