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Europe

UK Treasury chief says leaving EU would make country poorer

Associated Press
Published | Updated
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    Italian Finance Minister Pier Carlo Padoan, left, sits with Britain's Chancellor of the Exchequer George Osborne during the International Monetary and Financial Committee (IMFC) conference at the World Bank/IMF Spring Meetings at IMF headquarters in Washington, Saturday, April 16, 2016. ( AP Photo/Jose Luis Magana) (The Associated Press)

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    FILE - This is a Thursday, April 14, 2016. file photo of Britain's Chancellor of the Exchequer George Osborne as he gestures while speaking at a news conference during the the G5 Ministers of Finance meeting during the World Bank/IMF Spring Meetings in Washington. Osborne has put a price tag on leaving the European Union costing Britain the equivalent of $6,100 per household. The estimate is based on a 200-page analysis of the long-term costs and benefits of EU membership and its alternatives that George Osborne published Monday April 18, 2016 ahead of the June 23 referendum. ( AP Photo/Jose Luis Magana, File) (The Associated Press)

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    Chancellor of the Exchequer George Osborne, right, during his speech next to Environment Secretary Liz Truss at the National Composites Centre at the Bristol and Bath Science Park in Bristol, England, Monday, April 18, 2016. Osborne has put a price tag on leaving the European Union, costing Britain the equivalent of $6,100 per household. The estimate is based on a 200-page analysis of the long-term costs and benefits of EU membership and its alternatives that George Osborne published Monday April 18, 2016 ahead of the June 23 referendum. (Matt Cardy/PA via AP) UNITED KINGDOM OUT - NO SALES - NO ARCHIVES (The Associated Press)

LONDON – British Treasury chief George Osborne says the country would be "permanently poorer" if it votes to leave the European Union in a June 23 referendum.

Osborne says in an interview with the BBC that every household in the country stands to lose to the tune of 4,300 pounds ($6,100) and that's "a fact everyone should think about as they consider how to vote."

The comments are based on a 200-page analysis of the long-term costs and benefits of EU membership and its alternatives that the Treasury will publish Monday. The report concludes that all possible alternatives to British membership would lead to a less interconnected and open economy.

Writing in The Times, Osborne says leaving the EU would amount to a "self-inflicted wound."