Oh the irony!!! Just days after spreading fear and panic over the outcome of a Brexit vote, propangandizing that The Uk will sufffer "years of recession," UK Chancellor George Osborne will issue a statement early on Monday morning in a bid to calm markets after the surprise Brexit vote triggered turmoil on Friday.
A week ago, IBTimes reports, up to 800,000 jobs across the UK could be axed if Britain broke away from the EU, George Osborne has warned. The chancellor, speaking at home improvement store B&Q, claimed a 'Leave' vote at the 23 June referendum would almost immediately trigger a year-long "DIY recession".
"It's only been eight years since Britain entered the deepest recession since our country had seen since the Second World War," Osborne said.
"Every part of country suffered and the British people have worked so hard to get our country back on track. Do we want to throw it all away? Can we knowingly vote for a recession? Does Britain really want this DIY recession?"
The chancellor's speech coincided with the release of the Treasury's analysis into the immediate economic impact of a split from Brussels. The department looked at two scenarios – a 'shock' outcome and 'severe shock' outcome.
Osborne was joined by David Cameron at the 23 May event, with exactly a month to go before the historic ballot. "I believe leaving the EU would put our security at huge risk. That it would be the wrong track for Britain," the prime minister declared.
"Why? Because as we know, and as even leave campaigners now freely admit, we would lose full access to the European single market. We would be abandoning the largest market place in the world, half a billion people."
The official Brexit campaign, Vote Leave, hit back by claiming the real risk to the UK would be to vote 'Remain' and pay the bill for the euro's failures.
"Instead of talking about forecasts and woolly predictions, we should instead talk about what is happening now. It is a fact that – every week – we send millions to Brussels. That is what is happening right now," a spokesperson for Vote Leave said. "The same old scare stories simply don't wash. The real risk to the economy is to stay tied to the failing single currency with an obligation to pay its bills. That's why the safer choice is to take back control of our economy by voting to leave the EU on 23 June."
But now that it is done, Osborne is coming out to calm markets (and we assume explain that Brexit is not the armageddon he explained it was)… (via The BBC)
The Chancellor has not spoken publicly since the Leave campaign won Thursday's referendum.
He will reveal how the Government intended to "protect the national interest" after its referendum defeat.
Mr Osborne will speak before European markets open at 08:00 and endeavour to avert another stock market sell-off.
A Treasury spokesman said: "The Chancellor will make a statement to provide reassurance about financial and economic stability in light of the referendum result and the actions that he and the rest of the Government will be taking to protect the national interest over the coming period."
Mr Osborne will also need to clarify whether he intends to announce the emergency Budget that he insisted during the referendum campaign would be necessary in the event of Brexit.
He said that £30bn in tax rises and spending cuts would be necessary to compensate for the negative effects of voting to leave.
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We suggest the old "just kidding" or "taken out of context" esxcuse many not be enough here… how long til Osborne resigns?
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