DHAKA: George Osborne says he will have to slash public spending and increase taxes in an emergency Budget to tackle a £30bn ‘black hole’ if the UK votes to leave the European Union.

The chancellor will say this could include raising income and inheritance taxes and cutting the NHS budget.

But 57 Tory MPs have said his position would be "untenable" if he tries to cut NHS, police and school spending.

And Vote Leave criticized Remain’s ‘hysterical prophecies of doom’.

The UK votes on whether to remain in the EU or to leave on 23 June.

In the latest of a series of government warnings about the consequences of a vote to leave, Osborne will share a stage with his Labor predecessor, Lord Darling, setting out £30bn of ‘illustrative’ tax rises and spending cuts.

BDST: 1312 HRS, JUN 15, 2016
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