George Osborne: UK 'permanently poorer' out of EU

George Osborne says it is “economically illiterate” to imagine the UK can have all the benefits of the EU without the obligation to member states.

Speaking to Today programme presenter Nick Robinson, the Chancellor said that the poorest would be hit hardest if we leave.

The Treasury is releasing forecasts of the possible impact of an EU exit on the UK economy, which claim that Britain's national income could be 6% smaller by 2030 under one scenario, a claim that John Redwood, of Vote Leave, describes as “completely worthless”.