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Osborne's Brexit budget says Britain would not be able to 'grow its way out of this problem' pic.twitter.com/AzIbWkFWE9
11.16am BST
11:16
Alistair Darling and @George_Osborne join together to warn of the economic impact of a vote to leave #strongerin pic.twitter.com/XPZpvobq00
11.12am BST
11:12
Here is the key chart from the document.
.@George_Osborne and Darling leak their post Brexit emergency budget. Hmmm pic.twitter.com/6Q9ry7yByr
11.11am BST
11:11
Journalists have been handed the Brexit budget.
Osborne's Brexit Budget has a very Brown look about it... pic.twitter.com/W8CkBL7lqd
11.07am BST
11:07
George Osborne is about to make his announcement about his proposed post-Brexit emergency budget shortly.
Waiting for Osborne's emergency #Brexit budget pic.twitter.com/89L2vDyWiy
11.02am BST
11:02
David Cameron is trying to arrange a joint pro-EU appearance with his predecessors Gordon Brown, Tony Blair and Sir John Major, Christian Today reports. The story by James Macintyre (who used to be the New Statesman’s political correspondent) says: “Plans are well developed for the prime minister to appear on a platform next week alongside Gordon Brown, Tony Blair and Sir John Major.”
10.57am BST
10:57
But the Mirror’s Mikey Smith is with Bob Geldof on a rival Remain flottila.
So I’m on a Remain boat with Bob Geldof and Rachel Johnson. They’re heading off Nigel Farage’s Thames flotilla. pic.twitter.com/JU3vpuwWtK
General consensus is Farage has more boats, but Sir Bob has a better sound system. pic.twitter.com/ILjTpUuSKJ
SHOTS FIRED! A Leave vessel just hit Remain supporters with a hose
Putin also here. #BattleOfTheThames pic.twitter.com/MhTGORVMZt
10.54am BST
10:54
Here are some pictures from the Brexit flotilla coming up the Thames.
And here is a statement from Nigel Farage, the Ukip leader, about the flotilla.
The governing principle of the common fisheries policy is that of “equal access to a common resource”. Fish stock is that should be within the UK’s internationally recognised territorial waters are now shared our European Partners. This has led to a 60% drop in oversized landings and the loss of tens of thousands of jobs in our industry.
There are now many harbours without a single commercial vessel, not satisfied with that the EU is now regulating our recreational sea anglers. Under and EU regulation issued in December no anglers may take a single bass for tea.This is now leading to a loss of jobs in our charter angling fleet.
Compare and contrast all of this with Norway who control all fishing stocks up to two hundred miles within the North Sea and has a booming commercial and angling tourism industry. EU membership has destroyed our industry.
Today’s flotilla is not a celebration or a party but a full throttled protest. We want our waters back!
10.48am BST
10:48
It is an opposition day in the Commons, which means the afternoon has been set aside for a debate on a motion tabled by Labour. Their motion, tabled by Jeremy Corbyn and others, is about the economic benefits of membership of the EU. This is what it says:
That this House believes that the UK needs to stay in the EU because it offers the best framework for trade, manufacturing, employment rights and cooperation to meet the challenges the UK faces in the world in the twenty-first century; and notes that tens of billions of pounds worth of investment and millions of jobs are linked to the UK’s membership of the EU, the biggest market in the world.
10.36am BST
10.36am BST
10:36
10:36
McDonnell says Labour would never support Osborne's proposed post-Brexit emergency budget
McDonnell says Labour would never support Osborne's proposed post-Brexit emergency budget
Rowena Mason
Rowena Mason
John McDonnell, the shadow chancellor, said the party would never support such an emergency budget and disowned Alistair Darling’s backing for the approach.
John McDonnell, the shadow chancellor, said the party would never support such an emergency budget and disowned Alistair Darling’s backing for the approach.
This maybe a natural Tory approach but no Labour chancellor would respond to an economic shock in this manner. And neither did Alistair Darling in 2008. Any credible economist would tell you that raising taxes or cutting spending or both in response to an economic shock is the wrong thing to do.
This maybe a natural Tory approach but no Labour chancellor would respond to an economic shock in this manner. And neither did Alistair Darling in 2008. Any credible economist would tell you that raising taxes or cutting spending or both in response to an economic shock is the wrong thing to do.
It’s deeply worryingly that this suggests the current Tory chancellor thinks this is a sensible response. But it highlights what is on offer under a Tory Brexit as George Osborne is only saying what those Tories campaigning for a Tory Brexit truly believe deep down.
It’s deeply worryingly that this suggests the current Tory chancellor thinks this is a sensible response. But it highlights what is on offer under a Tory Brexit as George Osborne is only saying what those Tories campaigning for a Tory Brexit truly believe deep down.
10.31am BST
10.31am BST
10:31
10:31
Sturgeon warns Brexit will lead to 'rightwing Tory takeover' of UK
Sturgeon warns Brexit will lead to 'rightwing Tory takeover' of UK
Severin Carrell
Severin Carrell
Nicola Sturgeon has warned that a Brexit vote next week will lead to “a rightwing Tory takeover” of the UK, allowing a “power grab” by Conservatives who believe David Cameron and George Osborne are moderates.
Nicola Sturgeon has warned that a Brexit vote next week will lead to “a rightwing Tory takeover” of the UK, allowing a “power grab” by Conservatives who believe David Cameron and George Osborne are moderates.
Urging remain supporters to “vote in big numbers” next week, the first minister has said a Brexit vote would leave Scotland “vulnerable to the most rightwing Tory government in modern history.”
Urging remain supporters to “vote in big numbers” next week, the first minister has said a Brexit vote would leave Scotland “vulnerable to the most rightwing Tory government in modern history.”
Her message also appeared aimed at the third of Scottish National party voters thought to back the leave campaign, which is now seeing a clear lead in the latest UK opinion polls.
Her message also appeared aimed at the third of Scottish National party voters thought to back the leave campaign, which is now seeing a clear lead in the latest UK opinion polls.
“If we leave Europe, they will take it as a green light to scrap workers’ rights and employment protection, slash public spending as part of their ideologically driven austerity obsession – and would target Scotland for extra cuts,” she added.
“If we leave Europe, they will take it as a green light to scrap workers’ rights and employment protection, slash public spending as part of their ideologically driven austerity obsession – and would target Scotland for extra cuts,” she added.
“Scotland needs to send as strong a message as possible that we reject this right-wing Tory agenda entirely – and the only way to do that is for people to vote in big numbers to stay in Europe. In doing so, we can also help the progressive case across the UK.”
“Scotland needs to send as strong a message as possible that we reject this right-wing Tory agenda entirely – and the only way to do that is for people to vote in big numbers to stay in Europe. In doing so, we can also help the progressive case across the UK.”
10.28am BST
10:28
Here is a Guardian video explaining some of the EU referendum lies, myths and half-truths.
10.23am BST
10:23
Unemployment falls to 8-year low
It is not all bad news from George Osborne today.
At 5%, unemployment at its lowest rate for eleven years - let's not put that at risk by irreversible decision to quit EU #StrongerIn
And here is the top of the Press Association story about the unemployment figures - although PA are saying unemployment is at its lowest level for eight years, not for 11 years.
Unemployment has fallen to an eight-year low as the numbers in work continues to reach record levels, new figures have shown.
The jobless total was cut by 20,000 in the quarter to April to 1.67m, the lowest since the spring of 2008.
But the number of women out of work was 12,000 higher at 779,000, the Office for National Statistics reported.
The final set of official labour market figures before the EU referendum next week also showed that 31.5 million people are in work - the highest since records began in 1971.
10.07am BST
10:07
Farage says Osborne's claims 'not credible'
And here is some Ukip reaction to George Osborne.
From Nigel Farage, the Ukip leader
Academic review shows Treasury wildly exaggerating impact of Leaving EU. Mr. Osborne's claims not credible. https://t.co/Ht2P8If5L8
From Suzanne Evans
If my timeline is anything to go by, Osborne is toast.
#punishmentbudget illustrates the depth of contempt Osborne & #Remain chums have for us, the UK & his own -quite clearly - lying manifesto.
10.03am BST
10:03
Here is ITV’s Robert Peston on George Osborne’s stance.
.@George_Osborne bet his job as Chancellor on winning referendum vote for Remain, as 57 Tory MPs say he has to go if pushes emergency budget
This is probably true, although the idea that Osborne had any chance of merrily carrying on a chancellor if Britain voted to leave the EU was implausible anyway. Although many senior Leave figures say publicly that they would want David Cameron to stay on as prime minister if Leave wins, in reality almost everyone thinks he would resign before the end of the year. And, with Leave winning and Cameron gone, Osborne would be out too.
9.58am BST
09:58
Here is Jonathan Portes, a former senior government economist and now a fellow at the National Institute of Economic and Social Research, on George Osborne’s proposals.
Post-Brexit, an "emergency Budget" to raise taxes & cut spending would be precisely wrong response. My thoughts: pic.twitter.com/LiX8RSZOyD
9.51am BST
09:51
Osborne on Today - Verdict from the Twitter commentariat
This is what journalists are saying about George Osborne’s Today interview, and about his post-Brexit emergency budget proposal generally.
From PoliticsHome’s Kevin Schofield
That might be the worst Today interview George Osborne has ever given. Sounded rattled.
From the Telegraph’s Allison Pearson
Bravo @MishalHusainBBC for calling out George Osborne on apocalyptic Punishment Budget threat @BBCr4today
From the Financial Times’ Chris Giles
After Brexit, public finances need 2 things: Immediate flexibility, & a plan for postponed prudence. Osborne weak on 1), strong on 2)
From the Financial Times’ Stefan Stern
I would not play a game of chicken with George Osborne. He has a stronger nerve than most. Certainly stronger than flapping backbenchers.
From Paul Mason, a Guardian columnist
Osborne's attempt to scare people with Brexit=Cuts is irresponsible nonsense - I'll try to persuade you to Remain calmly & rationally (1/2)
(2/2) as Macmillan said: UK workers beat Hitler & Kaiser... They won't be scared sh*tless by Osborne and the Institute for Fiscal Studies
From Sky’s Faisal Islam
On Osborne Brexit fiscal black hole fears -said similar re Scotland 2014 - Project Fear? - It turned out even worse: pic.twitter.com/geTdBoQxr3
- on above tables, look at the last line "Memo" - Osborne 2014 warning of £4bn fall in volatile North Sea revenues - correct, conservative
From the Daily Mail’s Jason Groves
Starting to think Osborne may have delivered his last Budget, whichever way the referendum goes
From the BBC’s Andrew Neil
Substantial Tory backbench revolt says if Mr Osborne proceeded with his "punishment" budget, his position as Chancellor would be untenable.
From the Times’ Michael Savage
If there's a #Remain vote, Osborne has now dented his reputation with huge chunk of Tory MPs. Big sign of #Brexit worry inside Downing St.
From ConservativeHome’s Paul Goodman
If Brexit happens, MPs will stop Osborne's emergency budget. And he won’t be in post for long anyway. https://t.co/OvP9cxhEnM
From the Daily Mail’s Isabel Oakeshott
Bear in mind that if Britain votes for Brexit @George_Osborne wont be Chancellor any more. He'd prob have to resign within hours
9.42am BST
09:42
Here is Robert Oxley, head of media for Vote Leave, on George Osborne’s proposed post-Brexit emergency budget.
Osborne says this is how any Chancellor would respond. Darling faced with an actual crisis in 2008 chose precisely opposite fiscal policies
Oxley is referring to the way that, when faced with an economic crisis in 2008, the then chancellor Alistair Darling increased borrowing and cut VAT by 2.5% to stimulate the economy.
9.35am BST
09:35
Gisela Stuart says Labour would never back Osborne's proposed post-Brexit emergency budget
Here is the Labour MP Gisela Stuart, chair of Vote Leave, on George Osborne’s claims about the need for a tax-raising emergency budget after a vote to leave the EU. She said:
I simply can’t believe that Alistair Darling and the Labour party would support an Osborne punishment budget that is designed to hit the poorest hardest. George Osborne’s reckless and shameful proposals would, if not blocked, cut the NHS, cut pensions and cut funding for schools and I will never vote for this and nor do I think will any of my Labour colleagues.
I hope the Labour party will now make clear that these desperate proposals would never have our support, and are nothing more than another sorry attempt to scare the British people into supporting George Osborne, David Cameron, and their rich friends who want us to remain in the EU.
9.26am BST
09:26
Duncan Smith says Osborne's post-Brexit budget warning most irresponsible thing he's seen from a chancellor
Iain Duncan Smith, the Conservative former work and pensions secretary and one of the 57 Tory MPs who has signed the letter saying they would vote down George Osborne’s proposed post-Brexit emergency budget (see 8.29am) has told LBC that Osborne’s warning is the most irresponsible thing he has seen from a chancellor.
IDS on LBC: Osborne’s budget claim the most irresponsible thing I’ve seen from a Chancellor https://t.co/XXNMVjAEbE pic.twitter.com/hA3kKJ9x6B
9.20am BST
09:20
George Osborne's Today interview - Summary
Here are the main points from George Osborne’s Today interview.
No Conservatives want to raise taxes, least of all me. But equally Conservatives understand, and indeed I suspect many Labour politicians understand, you cannot have chaos in your public finances. You have to deal with the hole that would emerge if we quit the EU.
He also pointed out that Tory MPs voted to raise VAT in 2010.
The point is the county does not have a plan if we quit the EU. We would wake up, in just over a week’s time, with no plan for our country, with financial instability, with year’s of uncertainty. And you have to cut your cloth accordingly. The country would not be able to afford the size of the public services we have at the moment and we would have to increase taxes. That is the reality of a country that is not just immediately poorer, because of the uncertainty and the financial markets, but for decades ahead would be doing less trade with its key partners, its key allies, and the rest of the world.
Just look at the people voting with their own money. They are not British people. They are investors in Britain. All around the world, sterling is falling, money is coming out of our stock market. You have got big companies like Rolls-Royce warning their workforce. You’ve got big property developers saying people aren’t buying homes. You’ve got small businesses worried about their future. This isn’t warnings just from a Conservative chancellor. This is real money out there in the real world.
Brexit might be for the very richest in our country. But it is the people on lower and middle incomes who will be affected, it is the people with job insecurity who will lose their jobs. They are the people who will pay the price for this enormous leap in the dark.
And by the way, when we walk through that door next Thursday, there is no coming back. We are not going to be rejoining the European Union in years to come when we think we have made a mistake. It will be a one-way exit, and that is going to live with us for decades to come.
The short answer is no, because we have a plan and the plan is to restrict the welfare that people have when they come to this country.
