May 23, 2016 / 9:47 AM / in a year

UK would lose at least 500,000 jobs after Brexit vote: Osborne

A British Union flag and an European Union flag are seen flying above offices in London, Britain, March 30, 2016. REUTERS/Toby Melville

EASTLEIGH, England (Reuters) - Britain would lose at least half a million jobs within two years of a vote to leave the European Union and a fall in the value of the pound would push up inflation sharply, finance minister George Osborne said on Monday.

With a month to go until Britain holds its European Union membership referendum, Osborne said workers’ earnings, when adjusted for inflation, would be almost 3 percent lower in two years’ time, equivalent to a pay cut worth almost 800 pounds a year for someone working full time on the average wage.

Osborne was speaking as the finance ministry published a new report on the short-term implications of an “Out” vote.

Writing by William Schomberg, editing by Kate Holton

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