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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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Osborne lists potential tax rises if the UK leave EU

George Osborne was speaking at the launch of his emergency budget. Credit: ITV News

George Osborne has said businesses would be "hard hit" if the UK decided to leave the EU.

Speaking at the launch of his emergency budget in Ashford, the Chancellor of the Exchequer listed the likely tax increases.

He said there would be a 5% increase on alcohol and fuel, and a similar rise in inheritance tax. There would be £2.5bn cut to the NHS, £1.2bn slashed off the defence budget, education spending will be down £1.5bn and the basic rate of income tax will increase by 10%.

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

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