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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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Jeremy Corbyn criticises Osborne's 'Brexit budget'

Labour leader Jeremy Corbyn. Credit: ITV News

Labour leader Jeremy Corbyn has said his party will oppose any post-Brexit budget.

His comments come on the day George Osborne launched an 'illustrative budget' which highlights how far the economy could slide if the UK vote to leave the EU.

Mr Corbyn said Labour: "Would oppose any post-Brexit budget, just as we've opposed any austerity budget put forward by this Government."

"We're going to be voting to remain because it's the best way to protect families, protect jobs and protect public services.

Mr Corbyn criticised Conservative MPs who formulated the budget by stating they were "members who backed the bedroom tax, backed cutting disability benefits and slashed care for the elderly".

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

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