Roundup: A British exit from EU would have global impact: OECD

A forecast by the Organization for Economic Co-operation and Development (OECD) warned Wednesday that Britain quitting the EU would have a worldwide impact.

The organization's forecast was seized upon by remain campaigners as more evidence of the economic impact of a leave vote in Britain's national referendum on June 23.

Brexit campaigners hit back claiming the OECD report was flawed.

The report came as the countdown to the big vote entered its final month, with immigration also dominating the campaigning landscape.

Light relief came with the announcement that U.S. presidential hopeful Donald Trump will be in Britain on June 24 when the referendum results are announced.

OECD said Britain's economy would suffer "a large negative shock" if it quits the European Union.

They predicted that by 2020, GDP in Britain could be more than 3 percent below the level it might otherwise have been if it had remained in the EU, and 5 percent lower by 2030.

OECD said GDP in the rest of Europe would be about 1 percent weaker as a result of an exit. Moreover the ripples would not end at the frontiers across Europe.

The OECD warned of "substantial negative consequences not only for Britain, but the European Union and the rest of the world."

Brexit would lead to lower trade openness, hitting Britain's economic dynamism and productivity in the long term, coupled with new restrictions after leaving the European Union. It would, OECD's report added, lower net migration inflows, adding to the supply-side challenges.

Leading campaigner from the Britain Best In Europe camp, Chancellor George Osborne welcomed the report, saying: "While the Leave campaign indulges in the fantasy politics of uncosted and unworkable proposals, in the real world we have had another wake-up call of the grim economic consequences of leaving the EU and the single market."

John Longworth from the Vote Leave Business Council said the OECD report found Britain's economy would continue to grow if the Britain left the EU.

"This is a flawed report that makes assumptions which have been roundly dismissed by senior economists," insisted Longworth.

Meanwhile the leader of millions of British workers said Wednesday leaving the EU would be a very, very big gamble with rights, jobs and pay.

Francis O'Grady, General Secretary of the TUC warned leaving the EU would mean trusting a Conservative government to protect the rights of working people. Many trade union members "simply don't trust them to do that," she said.

Energy Secretary Amber Rudd later teamed up in Bristol with former Liberal Democrat business secretary Vince Cable to highlight research by the Centre for Economics and Business Research (CEBR) suggesting more than 100,000 manufacturing jobs in Britain will be created by the EU's single market by 2030 and would be at risk with a leave vote.

On immigration leading Brexit campaigner, the government Justice Secretary Michael Gove said an Australian-style points system for immigration put forward by Vote Leave would give greater control over Britain's borders.

Under an Australian system skilled workers could add to Britain's economic growth and address what he said was a bias in the current system. It would mean Britain deciding who it allowed in.

"At the moment we discriminate against people from outside the European Union. I think that's plain unfair," said Gove.

Prime Minister David Cameron responded that the British economy would be trashed by following an Australian-style points-based immigration system.

"If we were to say to Europeans needed work permits to come to Britain, European countries would say we need work permits to go and work there. So not only would we trash our economy, we'd also reduce opportunities for people to work in other countries," said Cameron. Endit