Cameron Warns Leaving EU Is ‘the Self-Destruct Option’ as Vote Approaches

Britain’s two most powerful politicians warned on Monday that a vote to leave the European Union in a month’s time could push the country into a year-long recession and cost at least half a million jobs.

With Britain taking its most important strategic decision in decades on June 23, Prime Minister David Cameron and finance minister George Osborne made a fresh series of warnings of how households would be hit by a vote to leave the EU, ranging from a fall in the value of their homes to costlier foreign holidays.

“It would be a DIY recession,” Cameron said, adding leaving the EU move would jeopardise the efforts made by the country to recover from economic hardship caused by the world financial crisis.

“It would be like surviving a fall and then running straight back to the cliff edge. It is the self-destruct option,” he said.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.