This half of the page is the one usually missing. The Treasury’s immediate-impact analysis predicted a recession and 500,000 job losses that did not happen, and the damage that did to the credibility of official economic forecasting is still being paid for in every argument about the OBR’s current estimates.
RemainEconomyNot supported
A vote to leave would tip the UK into a year-long recession, with around 500,000 jobs lost and GDP around 3.6% lower after two years, in the Treasury’s “shock” scenario.
HM Treasury, under Chancellor George Osborne · 23 May 2016
Source of the claim: HM Treasury analysis: the immediate economic impact of leaving the EU (Cm 9292) ↗
What happened
No recession followed the vote. The UK economy continued to grow through 2016, 2017 and 2018, and unemployment fell to its lowest level since the mid-1970s. This is the clearest failed prediction of the campaign on either side, and it did lasting damage to the credibility of official economic forecasting in exactly the way its critics said it would.
Source: ONS national accounts and labour market statistics, 2016–2018
The honest caveat. In fairness to the analysis: it modelled an immediate Article 50 notification and a rapid transition, neither of which happened, and the Bank of England cut rates in August 2016 partly to offset the shock. But the prediction was made without those conditions attached, and it was wrong as made.
Not supported: The thing claimed has not happened, measured as the claim framed it.
RemainEconomy△ CounterfactualNot yet measurable
Leaving the EU would leave UK households £4,300 a year worse off by 2030.
HM Treasury, under Chancellor George Osborne · 18 April 2016
Source of the claim: HM Treasury analysis: the long-term economic impact of EU membership and the alternatives. KCL recorded it in 365 articles — more coverage than the £350m claim received ↗
What happened
The stated horizon is 2030, which has not arrived. The direction of the underlying estimate is broadly consistent with the OBR’s current assumption of a 4% long-run productivity reduction, but the two are different models measuring different things over different periods.
Source: OBR Brexit analysis, updated 20 July 2026 ↗
The honest caveat. The presentation was criticised at the time and the criticism was fair: the figure was GDP loss divided by number of households, which is not the same as households being £4,300 poorer in their own pockets. A defensible number was framed in an indefensible way.
Not yet measurable: The horizon has not arrived, or no measurement of the right thing exists yet.
RemainEconomySupported
Sterling would fall sharply — by around 12% in the Treasury’s shock scenario.
HM Treasury; also warned by the Bank of England · 23 May 2016
Source of the claim: HM Treasury analysis: the immediate economic impact of leaving the EU
What happened
Sterling fell around 10% on a trade-weighted basis in the days after the vote and has not returned to its pre-referendum level in the decade since. The resulting rise in import prices contributed to the 2017 inflation squeeze on real wages.
Source: Bank of England effective exchange rate index
Supported: The thing claimed has happened, on the measure the claim itself used.
RemainEconomyNot supported
An emergency budget would be needed within weeks of a Leave vote, raising taxes and cutting spending.
George Osborne, Chancellor of the Exchequer · 15 June 2016
Source of the claim: Public statements during the campaign
What happened
No emergency budget was held. Osborne left office in July 2016 and his successor abandoned the fiscal targets rather than tightening. The claim is notable because it was widely reported at the time as scaremongering, and on this occasion the accusation was correct.
Source: HM Treasury; no emergency budget was delivered in 2016
Not supported: The thing claimed has not happened, measured as the claim framed it.
RemainTrade△ CounterfactualSupported
Leaving the single market and customs union would create new barriers and reduce UK–EU trade.
Remain campaign, HM Treasury, and a broad range of economic institutions · 2016
Source of the claim: Campaign material and official analysis
The honest caveat. Exports to non-EU countries were also 8% below 2019, so not all of the goods weakness is Brexit — the pandemic, energy prices and global supply chains all fall in the same window. UK services exports to the EU, by contrast, were 28% above their 2019 level.
Supported: The thing claimed has happened, on the measure the claim itself used.
RemainNorthern IrelandSupported
Leaving would create serious problems for the Irish border and the Good Friday Agreement settlement.
Remain campaigners, including former Prime Ministers John Major and Tony Blair · 2016
Source of the claim: Campaign speeches, June 2016
What happened
The Irish border was the central obstacle to the Withdrawal Agreement and caused its rejection three times. It produced the Northern Ireland Protocol, a trade border in the Irish Sea, the collapse of power-sharing at Stormont for two years, and a renegotiation in the form of the Windsor Framework in 2023.
Source: Windsor Framework; Northern Ireland Assembly restoration, February 2024 ↗
Supported: The thing claimed has happened, on the measure the claim itself used.
RemainEconomy△ CounterfactualPartly supported
Business investment would be damaged by uncertainty and reduced market access.
Remain campaign and multiple economic institutions · 2016
Source of the claim: Campaign material and official analysis
What happened
Business investment stagnated between the referendum and the pandemic, in a period when it was growing in comparable economies, and the OBR judges that around two-fifths of its estimated 4% productivity effect had already occurred before the TCA even came into force — through uncertainty weighing on investment. Investment has since recovered and grew 1.7% in the second quarter of 2026.
Source: ONS Business investment, Q2 2026 (published 13 August 2026); OBR Brexit analysis ↗
Partly supported: Part of the claim holds and part does not, or it holds on one measure and not another.
RemainEconomyNot supported
Brexit would reduce house prices — in the Treasury’s shock scenario, by around 10%.
HM Treasury; recorded by KCL as an argument appearing in 216 articles · May 2016
Source of the claim: HM Treasury analysis: the immediate economic impact of leaving the EU
What happened
UK house prices did not fall after the referendum. They continued rising through 2016–2022, and the subsequent softening was driven by interest rates rather than by EU exit.
Source: ONS/HM Land Registry UK House Price Index
The honest caveat. Worth noting because it was framed as a warning, and to many readers a 10% fall in house prices would have sounded like a promise.
Not supported: The thing claimed has not happened, measured as the claim framed it.