Chancellor George Osborne was in sunny Solihull today to issue a warning that pensioners would be worse off if Britain "took a leap in the dark" and left the European Union.

Speaking in front of an audience of Stronger In campaigners at the West Warwickshire Leisure Centre, the Conservative Chancellor warned that a vote to leave would be a disaster for pensions.

Treasury analysis found that an average pensioner would lose between £18,000 and £32,000 as assets and investments fell and inflation rose.


George Osbourne speaks with residents at the West Warwickshire Sports Club, Solihull,

Mr Osborne, who was joined by Meriden MP Caroline Spelman at the centre, said: "You'd see the value of the basic state pension go down in real terms. You'd see the value of your things like your family home and your savings fall and, if you're saving for your retirement, you'd have less money when you do retire.

"I don't think that is a price worth paying. I don't think it's worth taking that leap in the dark. I don't think it is worth the damage that leaving the EU would do to people in retirement and people looking forward to retirement."

His cabinet colleague the Justice Secretary Michael Gove will be outlining the Vote Leave case for readers at a special Birmingham Mail EU Referendum event next Wednesday.

And the Mail asked Mr Osborne how he felt about being on opposite sides of the referendum. He said that a lot of people "have strong opinions" and people need to look at the evidence and make their minds up.

"The overwhelming evidence we're getting from external observers, all of our friends and allies in the world and lots of businesses, is that we would be poorer as a country and families would be poorer if we vote to leave," he said.

"And there's a positive view for our country if we vote to remain rather than pull up the drawbridge and cut ourselves off."

Leave campaigner Ian Duncan Smith challenged the pension figures saying: "This is an utterly outrageous attempt by the Government to do down people's pensions and is little more than a cynical attempt to distract from the Government's broken promises on immigration."

* To attend the Birmingham Mail question time with Michael Gove in Birmingham city centre, on June 1 at 11am, please email with your name and address for further details and to register for a free place.

Below: EU referendum - the key dates

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