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World

Osborne says beware Brexit budget cuts

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Opening sequence

World

Osborne says beware Brexit budget cuts

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COMING UP:Osborne says beware Brexit budget cuts

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Transcript

00:00:01
>> There will be Brexit budget cuts. That's the warning from UK chancellor, George Osborne, who says he'll need to fill a 30 billion pound black hole if Britain votes to leave the EU.>> There would have to be cuts.>> The chancellor's stepping up the rhetoric as the opinion polls show momentum swinging to the out camp for the first time.
00:00:20
>> Show us how this works then.>> Osborne says he'll need to slash public spending and hike taxes. The basic rate of income tax to rise as well as duties on alcohol and petrol. Spending on health, education and defense, so far largely shielded from Osborn's six year austerity drive, would be cut 2%.
00:00:38
>> Do we think the prime minister is telling the truth?>> No!>> The lead campaign accusing the chancellor of scare mongering. On Wednesday, it set out a road map for a leave vote. That includes ending free movement, renegotiating trade deals and carving the power of EU courts.
00:00:57
>> Yes.>> The once double digit lead of the in campaign narrowing to just 1% point in an opinion poll late Tuesday. Other polls this week put the out camp ahead, hitting the value of sterling and wiping millions of dollars off global stock markets.