Instead the IFS says the United Kingdom would save £8bn a year in EU contributions if it left the union, but points out that a fall in national income of 0.6 per cent would offset these savings.
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Mr Johnson told BBC Radio 4’s Today programme that the think-tank received European funding for some of its “academic work” – as did other institutions outside the EU.
The Institute for Fiscal Studies said Britain could face two more years of austerity if there is a Leave victory in the June 23 referendum.
However, the benefit to the public finances would be negated if national income fell by more than 0.6 per cent, which is overwhelmingly likely.
The IFS report, based on figured from the National Institute of Economic and Social Research, found that, although leaving the EU and halting the UK’s European budgetary contributions could directly free up about £8bn a year, the move would mean GDP in 2019 could be between 2.1 per cent and 3.5 per cent lower.
The proportion of funding the IFS gets from the European Union has increased in recent years – from 5.9% of funding in 2009 to 11% in 2014 – the last year funding has been published.
Instead of returning to surplus in the 2019-20 fiscal year as now planned, Britain may face a budget deficit of as much as £30bn if Britons vote for a so-called Brexit next month, the London-based IFS said in a report published on Wednesday.
Vote Leave cast doubt on the independence of the IFS, which receives a small part of its funding from the European Union, and claimed its forecast was based on faulty data.
“The impact for us in terms of business, to be honest, would be relatively limited”, Total CEO Patrick Pouyanne said Tuesday during the energy company’s annual shareholders meeting in Paris, Reuters reported.
He called on the G7 to maintain ” effective remedial measures, consistent with their World Trade Organisation rights and obligations, against exports from countries in which market economy conditions do not prevail”. “Yet this is entirely irrelevant for what is a purely economic argument”.
A statement signed by steel trade groups from the US, Europe, Canada, Japan – and by UK Steel in Britain – warned that the current crisis will continue to put pressure on producers, with the potential for more plant closures without action to deal with the problem at source.
A Number 10 source said: “The prime minister has been very clear that Britain will be stronger, safer and better off in a reformed European Union”. With one army and one currency and one unifying set of values?’
“If you go to gov.uk, it only takes three minutes”. He says himself it would close down much of manufacturing, some of agriculture, to be replaced with more productive services.
Mr Cameron said: “I thought it was a very good visit and a real strengthening of our bilateral relations on trade and investment, political co-operation and security issues”.
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“If he were a member of the public or a backbench MP, or a junior minister or even a cabinet minister, I’m certain he would be for leave”, Mr Hilton said.
