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IMF: Brexit hit to UK could be 'pretty bad to very, very bad'

Britain leaving the EU could have a "negative and substantial effect" on the UK's economic growth, the International Monetary Fund has said.

"A vote for exit would precipitate a protracted period of heightened uncertainty, leading to financial market volatility and a hit to output," the IMF said in a report published on Friday.

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IMF's 'tough love' Brexit warning comes in for criticism

The head of the International Monetary Fund issued a stark warning to voters ahead of next month's EU referendum, that a Brexit could be "pretty bad to very, very bad".

Christine Lagarde insisted the warning that leaving the EU would be detrimental for the UK economy and could see interest rates rise sharply, was part of the organisation's "tough love" mission.

But Vote Leave campaigners have said its assessment is wrong and have questioned the IMF's independence.

ITV News political correspondent Libby Wiener reports:

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