'Brexit, profound economic shock for UK'
As the UK is preparing for a historic referendum on the country’s future membership in the EU, the Treasury Chief George Osborne says Britain will undergo a "profound economic shock" should voters decide to leave the EU.
Visiting China for a meeting of the Group of 20 leading economies, Osborne said that the recent weakness of the pound "reminds us all that this is not some political parlor game."
"leaving the EU would represent a profound economic shock for our country, for all of us," Osborne said.
Media reports say Osborne would urge other leaders attending the meeting in Shanghai to warn against a so-called British exit or Brexit.
Earlier, British Prime Minister David Cameron issued a fresh warning against his country leaving the European Union.
Cameron, said jobs would be at risk in Britain if the country votes to leave the 28-nation bloc.
"We are clearly better off inside a reformed European Union rather than take the leap in the dark", he said while addressing employees of defense giant BAE Systems in Warton, Lancashire on Thursday.
Last week, the EU leaders in Brussels unanimously supported Cameron’s proposed reforms to keep Britain in the EU.
Cameron in the past had cited global terrorism and the Russian interference in Ukraine as reason for Britain to remain in the EU bloc. Now, he has added economy and national security concerns in order to avoid a much-feared Brexit.
British voters will go to the polls in June to decide whether to leave the EU or stay in, a debate that has intensified since the 2015 general elections. Recent opinion polls so far have suggested that UK voters remain sharply divided on the matter.
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