Britain outside Europe - a bleak future?

Latest opinion polls suggest nearly three quarters of British people want to leave the European Union or to have a different sort relationship with it. David Cameron is to make a major speech on Europe within weeks and sources close to the prime minister suggest he is ready to offer a referendum on a renegotiated deal with the EU.

Newsnight asked its Economics editor Paul Mason to sketch out the possible consequences of Britain leaving or staying in the bloc. Here he reports on how leaving the EU might be bad for Britain by the year 2020.