The NHS, schools and defence will face billions of pounds worth of cuts and householders will be £4,300 poorer a year if Britain votes to leave the European Union because of the economic impact of a Brexit, George Osborne will warn.

The Chancellor will on Monday publish landmark Treasury report which is expected to warn that a Brexit will lead to a possible recession, plummeting exports and rising prices.

It will state that the economic impact of a vote to leave the European Union in June is likely to be “permanent” and could leave Britain worse off “for decades to come” and shrink the economy by 6% by 2030.

Source: NHS and public services will face billions in cuts if Britain votes to leave EU, George Osborne to warn