EU referendum: CBI warns UK release of "serious shock"

British withdrawal from the EU would cause "severe economic shock", potentially costing the country £ 100 billion and nearly one million jobs, according to a report by CBI request.

Group business lobby said the study showed that the vote to leave will have a "negative reverberations" lasting many years.

He said that the cost may be either 5% of GDP and 950,000 jobs by 2020.

But Vote Leave executive director Matthew Elliott said, employment and the economy will continue to grow after the release.

He said that "even in a distorted selection of CBI in the script to exit," he was "forced to admit" that this will happen.

CBI General Director Carolyn Fairbairn said the EU output "will be a real blow to the life, work and growth."

She said: "The savings from the reduction of EU budget contributions and regulation is largely outweighed by the negative impact on trade and investment.

"Even in the best case, it will cause a serious shock for the economy of the UK."

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For the CBI, the accounting firm PwC investigated what would happen if the United Kingdom have signed a free trade agreement with the EU, or have decided to do business as a member of the World Trade Organization, in the event of a vote in the United Kingdom, to leave in a referendum on June 23.

The company predicts that if Britain had voted to stay in the EU, average GDP growth in the period will be 2.3% between 2016 and 2020.

That compares with a 1.5% economic growth in the framework of the free trade agreement (FTA), and 0.9% if the UK had a deal as a WTO member, PwC's said.

Nevertheless, Mr. Elliott says that the average annual economic growth in both scenarios yield between 2020 and 2030 will be equal to - and in some cases beat - UK GDP forecasts for the remainder of the EU.

If Britain is in, he said PwC's GDP is projected to expand by an average of 2.3% between 2021 and 2025 and between 2026 and 2030.

In free trade scenarios, said PwC's average annual growth of 2.7% between 2021 and 2025, and an average of 2.3% in subsequent years up to 2030.

In the WTO agreement, the average annual GDP growth will be 2.6% between 2021 and 2025 and 2.4% up to 2030, PwC's forecast.

AVERAGE ANNUAL GDP growth forecasts
2016-2020 2021-2025 2026-2030
Britain is 2.3% 2.3% 2.3%
FTA scenario 1.5% 2.7% 2.3%
WTO Scenario 0.9% 2.6% 2.4%
By 2020, PwC's said it expected employment reached 32.2 million, but it could fall to 550,000 in the free trade scenario, and 950,000 in the WTO agreement.

Rate Leave say that jobs will still be created in any of the scenarios presented by PwC. By 2030, if Britain left the EU, employment will reach 34.5 million, said Vote Leave.

If left in the UK and made the free trade deal, employment will reach 34.1 million, or hit 33.9 million in the transaction of the WTO in 2030, according to calculations Vote Leave.

The report PwC said it is likely to be "significant economic and political uncertainty", when Britain voted to leave, because it can take at least two years before the United Kingdom explained its relationship with the EU on trade and other issues .

Ms. Fairbairn said: "The economy will recover slowly over time, but never keeps track of where it would be leaving in the EU would mean a smaller economy in 2030."

Mr Elliott said: "If we want to take back control and strike the kind of deal on free trade CBI refuses to even consider, the only safe option to vote to leave."

The biggest business lobby group Britain issued a report after a recent PwC survey found that 80% of respondents in the survey of members wanted to remain in the EU.

CBI said that no joins both sides of the debate, but, following the results of the survey, presented economic arguments in favor of the UK to remain in the EU.