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Osborne’s warning is the latest in a series from Downing Street forecasting dire consequences if voters decide to leave the EU. More likely, the numbers are just made up.” Iain Duncan Smith told Sky News: ‘We couldn’t trust Treasury reports.’ Photograph: Will Oliver/EPAĬhris Giles, the economics editor of the Financial Times, wrote: “The best that can be said for these housing claims is that they are educated guesses. That affects the value of people’s homes and the Treasury analysis shows that there would be a hit to the value of people’s homes by at least 10% and up to 18%.” “In the long term, the country and the people in the country are going to be poorer. People will not know what the future looks like. Speaking at the G7 summit in Japan, Osborne said: “If we leave the European Union, there will be an immediate economic shock that will hit financial markets. Osborne made his claim as it emerged that property investors were inserting “Brexit clauses” in commercial deals to allow them to pull out. The chancellor said he would publish an official analysis next week saying house prices would be at least 10% lower, and up to 18% lower compared with what is expected if Britain remains in the EU. Now what we have had is a whole series of Treasury reports telling us the world is going to end, we are going to end up with lower house prices, the economy is going to be bad.”
“So, we gave that over to the OBR, that is independent, because we couldn’t trust Treasury reports.
“Let me just remind everybody that it was the Treasury and George Osborne who said when we came into power in 2010 we couldn’t trust Treasury reports because they were always fiddled with by chancellors of the exchequer,” Duncan Smith told Sky News.
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