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Pro-Brexit Tories warn Osborne over emergency 'punishment' budget

Furious pro-Brexit Tories have warned they will block any attempt by George Osborne to impose an emergency "punishment" Budget if there is a vote to leave the European Union - with one backbencher calling on him to resign now.

Fifty-seven Conservative MPs have signed a statement warning that the Chancellor's position would be "untenable" if he tries to push through tax cuts aimed at filling a £30 billion "black hole" in the public finances which ministers say would emerge if Britain pulled out of the EU.

But a defiant Mr Osborne insisted he would have no choice but to act to prevent "chaos" in the public finances and "huge" economic instability.

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EU vote has consequences: Cameron defends Brexit budget

David Cameron speaks during Prime Minister's Questions on Wednesday. Credit: ITV News

David Cameron defended George Obsorne's Brexit budget, following critisicm from Labour leader Jeremy Corbyn.

Speaking in the House of Commons during Prime Minister's Questions, he said the referendum was a "huge choice for our country", but added that "choices have consequences".

"If we vote out, the experts warn us we will have a smaller economy, less employment, lower wages and therefore less tax receipts - and that's why we would need to have measures to address a huge hole in our public finances.

"Nobody wants to have an emergency budget, nobody wants to have cuts in public services, nobody wants to have tax increases. But there's only one thing worse than not addressing a crisis in our public finances - and that's ignoring it."

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Pro-Brexit Tories warn Osborne over emergency 'punishment' budget

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