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
The predicted immediate recession did not occur: annual real GDP grew in 2016, 2017 and 2018. That tests the recession prediction, but observed growth alone cannot test how much higher GDP would have been in the model’s remain baseline.
Source: ONS national accounts and labour market statistics, 2016–2018
The honest caveat. The Treasury’s analysis was conditional on its policy and uncertainty assumptions. The actual exit timetable and monetary-policy response differed. Its recession forecast and its estimated difference from a remain baseline are distinct claims.
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
The Bank of England’s August 2016 Inflation Report recorded a 9% fall in sterling’s effective exchange-rate index since 23 June. This supports the predicted direction, but is not an exact test of the Treasury’s 12% scenario over its full horizon.
Source: Bank of England, Inflation Report August 2016, Section 1 ↗
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
The proposed emergency budget was not delivered after the vote. Osborne left office in July 2016; the subsequent fiscal policy differed from the campaign proposal.
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. Goods exports to non-EU countries changed −8%, while services exports to all partners changed +26%. The EU goods series has a January 2021 recording break. Services are not split by partner here because the comparable split is in current prices, not volumes.
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; the linked Economy page computes the latest position from the current ONS series.
Source: ONS Business investment (current revised series); OBR Brexit analysis ↗
Partly supported: Part of the claim holds and part does not, or it holds on one measure and not another.
RemainEconomy△ CounterfactualNot yet measurable
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
The Treasury’s 10% was a modelled difference from a remain baseline after two years, not a simple forecast of a 10% fall from the pre-vote price level. Rising observed prices alone cannot disprove that counterfactual estimate; this record has no matched causal estimate to validate its size.
Source: ONS/HM Land Registry UK House Price Index
The honest caveat. The comparison is with an unobserved alternative path, not with the starting price. The original two-year horizon has passed, but that does not make the alternative path observable.
Not yet measurable: The horizon has not arrived, or no measurement of the right thing exists yet.