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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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Gove to oppose Osborne's 'emergency Brexit budget'

Michael Gove has become the most senior Tory to announce he will oppose the emergency austerity budget the Chancellor intends to hold if Britain backs Brexit.

Michael Gove (R) with David Dimbleby Credit: PA

The move would mean the Leave campaigner would be forced to quit his Cabinet post as Justice Secretary.

The truth is, if we vote to Leave we will be in an economically stronger position. We will be able to take back some of the money that we currently give to the European Union and we can invest it in our priorities."

– Justice secretary Michael Gove

George Osborne is facing open revolt from Eurosceptic Tories, with Mr Gove becoming the 66th MP vowing to rebel against a new financial statement.

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

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