The Office for Budget Responsibility’s growth forecast are based on the UK staying in the European Union, warning that a vote to leave could usher in economic uncertainty.
The OBR’s expectations for GDP growth, outlined today, are based on the UK public voting to stay in the EU at the referendum on June 23.
“A vote to leave could usher in an extended period of uncertainty,” Osborne quoted the OBR as saying during his Budget speech, adding that it could have “negative implications for business and consumer confidence leading to greater volatility in financial and other assets”.
Osborne added: “Britain will be stronger, safer and better off inside a reformed European Union. We should not risk all the hard work the British people have done to make our economy strong again.”