Europe

UK Treasury chief warns of tax rises in case of EU exit

  • WITH STORY BRITAIN EU FUTURE - In this Friday, June 26, 2015 file photo, British Prime Minister David Cameron pauses before speaking during a media conference at an EU summit in Brussels.  Opinion polls suggest a vote could go either way on June 23, 2016 when Britain chooses whether to leave the 28-nation bloc it joined in 1973. (AP Photo/Virginia Mayo, File)

    WITH STORY BRITAIN EU FUTURE - In this Friday, June 26, 2015 file photo, British Prime Minister David Cameron pauses before speaking during a media conference at an EU summit in Brussels. Opinion polls suggest a vote could go either way on June 23, 2016 when Britain chooses whether to leave the 28-nation bloc it joined in 1973. (AP Photo/Virginia Mayo, File)  (The Associated Press)

  • Irish singer Bob Geldof, center, gestures on board a boat taking part in a pro-EU counter demonstration, as a Fishing for Leave pro-Brexit "flotilla" makes its way along the River Thames in London, Wednesday, June 15, 2016. (Stefan Rousseau/PA via AP) UNITED KINGDOM OUT

    Irish singer Bob Geldof, center, gestures on board a boat taking part in a pro-EU counter demonstration, as a Fishing for Leave pro-Brexit "flotilla" makes its way along the River Thames in London, Wednesday, June 15, 2016. (Stefan Rousseau/PA via AP) UNITED KINGDOM OUT  (The Associated Press)

  • Labour party leader Jeremy Corbyn speaks during the TUC 'NHS safer in the EU' event at the TUC Congress Centre, London, where he pleaded for his party's supporters and trade unionists to vote Remain in the EU referendum in order to safeguard and extend the rights of ordinary workers.   Britain goes to the polls in a referendum on Thursday June 23 on whether Britain should remain or leave the EU. (Anthony Devlin/PA via AP)

    Labour party leader Jeremy Corbyn speaks during the TUC 'NHS safer in the EU' event at the TUC Congress Centre, London, where he pleaded for his party's supporters and trade unionists to vote Remain in the EU referendum in order to safeguard and extend the rights of ordinary workers. Britain goes to the polls in a referendum on Thursday June 23 on whether Britain should remain or leave the EU. (Anthony Devlin/PA via AP)  (The Associated Press)

Britain's Treasury chief, George Osborne, has warned that taxes will rise and spending will be cut in the event that voters choose to leave the European Union in a June 23 referendum.

Osborne says he will have to act to avert chaos and fill a budget black hole that ministers say will emerge if Britain leaves the EU.

He told the BBC on Wednesday that "no Conservative wants to raise taxes — least of all me."

Furious members of his party backing Britain's exit say they'll block any attempts to impose an emergency "punishment" budget and warned that Osborne's position would be "untenable" if he tries to push through tax increases.

Vote Leave described the "remain" camp's position as "hysterical prophecies of doom."