George Osborne warns of long-term effects

The consequences of Brexit could be “quite a lot worse” for the UK than independent economists have forecast, chancellor George Osborne has warned.

The IMF has warned Britain face a long-term hit to its national income of 5.6% if it failed to strike a deal to access the European single market on leaving the EU.

But Osborne said the economic outcome could be considerably more negative due to the unpredictable uncertainties triggered by Brexit.