Brexit will threaten UK supply chains, warns Osborne

George Osborne has warned the UK’s supply chains would face customs barriers for the first time in half a century if the UK votes for a Brexit on June 23.

George Osborne has warned the UK’s supply chains would face customs barriers for the first time in half a century if the UK votes for a Brexit on June 23.

Osborne made his comments at the unveiling a 200-page Treasury report detailing the likely impact if the UK votes for a Brexit, which he claims would leave British families £4,300 a year worse off, and shrink the economy by 6% by 2030.

Under the scenario of a Canadian-style bilateral trade deal with the EU, Osborne said it would mean “services that make up 80% of our economy cannot do business freely with Europe, and the integrated supply chains that are a feature of our advanced manufacturing face customs barriers for the first time in half a century”.

Osborne went on to say that Brexit would be an “extraordinary self-inflicted wound”, that would cost the British government £36bn in tax receipts.

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