Engagements

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:00 am on 15 June 2016.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 12:00, 15 June 2016

These figures are not based on what the Chancellor of the Exchequer is saying; they are based on what the Institute for Fiscal Studies and the National Institute of Economic and Social Research are saying. They are talking about a £20 billion to £40 billion hole in our public finances if Brexit were to go ahead. Those organisations are often quoted across this House—many times against the Government—because they are respected for their independence. Clearly, if that is the impact on the public finances, decisions to cut public spending in the UK Budget do have an impact, through Barnett, on Scotland. To anyone who says, “Well, these warnings could of course be wrong, or they could be inaccurate”, I would make the point—it is perhaps an uncomfortable one for the right hon. Gentleman—that there were of course warnings about the oil price before the Scottish referendum, and it turned out actually to be worse than the experts warned.