Research Team at Investec, notes that the UK Chancellor George Osborne yesterday presented a gloomy outlook if the UK were to leave the EU. Key Quotes “The UK Treasury's 200 page analysis document warned the British government would lose £36 billion in net tax receipts, equivalent to 8p on the basic rate of income tax or 7p on VAT, if the UK leaves the EU and negotiates a bilateral trade agreement with the bloc. The study concluded that a Canadian-style model (if the UK negotiated a new trade deal with the EU that did not require freedom of movement) would leave Britain’s GDP by 6.2% smaller by 2030, relative to a scenario where the UK remains in the EU. Many press articles ran with the Treasury's estimate that an exit could cost households £4,300 a year. The Pound rallied on the day as the Treasury’s scenarios may have been seen by investors as a convincing argument for the UK to vote remain. The Chancellor is scheduled to discuss the findings with the Treasury Select Committee next Thursday.” For more information, read our latest forex news.