Remain campaign dials up warnings on economic danger of Brexit

Posted On: 
17th April 2016

The pro-EU campaign is stepping up its warnings about the economic risks of Brexit, with a senior minister comparing the potential damage to the 2008 banking crisis.

Stephen Crabb has compared the risks of Brexit to the 2008 economic crash
PA images

Work and Pensions Secretary Stephen Crabb warned Brexit would leave an “indelible toll on families and communities” as a result of lost jobs and investment.

Alongside Mr Crabb’s intervention, the Treasury is expected to publish its own analysis of the impact of leaving the European Union this week, possibly as early as tomorrow.

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Meanwhile Barack Obama will make a high-profile intervention in favour of Remain on Friday.

In a piece for the Sunday Telegraph, Mr Crabb wrote that a Leave vote could unpick progress made since 2008.

He said: “When those who want Britain to leave the EU complacently wave away expert predictions of an economic shock, or casually dismiss the warnings of British businesses that employ millions of workers, I think about what that would mean for families who are striving day by day to improve their circumstances.

“And I am troubled by how relaxed they are about the real life consequences of the economic rupture that is at the heart of their position.”

He added: “No one should be complacent about the potential consequences for working people and their families if Britain votes to exit the EU. This is not a theoretical debate.”

The pro-Brexit campaign dismissed Mr Crabb’s comments, however.

Justice Secretary Michael Gove, a key figure in the Vote Leave group, told the Telegraph: “Ultimately people will be able to recognise the hard brute facts... We give the European Union more every week, every year than it gives us in cash terms. No one argues with that.”

According to the Observer, George Osborne will also make a speech this week warning about the risks of job losses if the UK votes to leave the EU on 23 June.