Tory MPs threaten to block George Osborne’s post-Brexit budget. Osborne’s proposed emergency tax rises and spending cuts would have the very recessionary effect Osborne claims to be trying to avoid.
From The Guardian:
George Osborne is facing an extraordinary challenge to his authority as chancellor from 57 Conservative MPs, who are threatening to block his emergency budget of tax rises and spending cuts if Britain votes to leave the EU.
Several former cabinet ministers, including Iain Duncan Smith, Liam Fox, and Owen Paterson are among 57 MPs who have said Osborne’s position would be “untenable” if he tried to impose a “punishment budget” in the the event of Brexit.
Osborne claimed cross party support for an emergency budget after his warning was backed by his Labour predecessor, Alistair Darling, but has not yet secured the backing of the current Labour leadership and shadow chancellor who would be extremely unlikely to endorse any austerity measures.