Contact Us

Villars Hayward LLP
Boston House, Boston Road
Henley-on-Thames RG9 1DY

Tel: 01491 411077   Fax: 01491 410199

Return to Latest News

 

 

 

 

Brexit ‘will trigger emergency Budget’ to tackle £30bn black hole, warns Chancellor

 

As the EU referendum draws closer, Chancellor George Osborne has warned that the UK will face an emergency Budget to tackle a £30bn black hole in the public finances, in the event of a vote to leave the European Union.

 

The Chancellor said that measures to address the deficit could include raising income tax and inheritance tax, as well as cutting NHS funding.

 

Under the measures outlined by the Chancellor, the basic rate of income tax could stand to rise by 2p, with higher rate taxpayers seeing a 3p increase. In addition, the UK could see cuts of 5% to police spending, transport and local government, as well as cuts to education and defence.

 

However, members of the Leave campaign have dismissed the claims, with some Conservative MPs warning that the Chancellor’s position ‘would become untenable’ if he were to proceed with the proposals.

 

The EU referendum will take place on 23 June.