British Finance Minister George Osborne has warned that Brexit would trigger tax hikes and spending cuts across the UK.
Osborne, who is campaigning for Britain to remain in the EU, made the remarks Wednesday as stock markets plunged on the prospect of Brexit.
He said that funding for schools, hospitals and the army would be slashed if the pro-Brexit side prevails.
"Quitting the EU would hit investment, hurt families and harm the British economy," he said in released remarks.
"I would have a responsibility to try to restore stability to the public finances and that would mean an emergency budget where we would have to increase taxes and cut spending."
He also said leaving the EU would create a 30 billion-pound hole in national finances, adding, as a result, the basic rate of income tax would increase, inheritance tax would be raised, and the budget for services including the National Health Service (NHS) would be reduced.
Britons will vote on June 23 on whether or not it should stay in the EU. The decision has far-reaching consequences for both the country and the 28-member bloc.
According to two recent opinion polls, “Leave” and “Remain” campaigns will have a very close contest in the upcoming referendum, as polls results stand at about 50-50.
British Prime Minister David Cameron, who supports the “Remain” camp, said on Sunday that “if we vote to come out, we are putting ourselves deliberately in a less good economic position in our absolute key market.”