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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/16/eu-referendum-live-osborne-brexit-budget-leave-tories

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Version 8 Version 9
EU referendum live: poll gives six-point lead for Brexit EU referendum live: Bank of England says pound could 'fall sharply' on Brexit
(35 minutes later)
12.15pm BST
12:15
Bank of England says pound could fall, 'perhaps sharply', if UK votes to leave EU
The Bank of England has issued a fresh warning about the impact of Brexit.
In a statement confirming the latest decision taken by the monetary policy committee to keep interest rates will remain unchanged, it says.
Here is the key quote.
As the Committee set out last month, the most significant risks to the MPC’s forecast concern the referendum. A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy. Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise. Through financial market and confidence channels, there are also risks of adverse spill-overs to the global economy. At the same time, supply growth is likely to be lower over the forecast period, reflecting slower capital accumulation and the need to reallocate resources. Sterling is also likely to depreciate further, perhaps sharply. This combination of influences on demand, supply and the exchange rate could lead to a materially lower path for growth and a notably higher path for inflation than in the central projections set out in the May Inflation Report. In such circumstances, the MPC would face a trade-off between stabilising inflation on the one hand and output and employment on the other. The implications for the direction of monetary policy will depend on the relative magnitudes of the demand, supply and exchange rate effects. The MPC will take whatever action is needed, following the outcome of the referendum, to ensure that inflation expectations remain well anchored and inflation returns to the target over the appropriate horizon.
12.01pm BST
12:01
Sturgeon condemns new Ukip poster as "disgusting'
Ukip has unveiled a new EU referendum poster.
It is intended to make a point about immigration, but it uses a picture of refugees.
Ukip's new poster features a picture of refugees in Slovenia in 2015 pic.twitter.com/0ZLCFr8cLw
Nicola Sturgeon, the Scottish first minister and SNP leader, has condemned the poster as “disgusting”.
This is disgusting. https://t.co/eHHI6KrWvp
11.55am BST
11:55
Juncker says Brexit would start period of 'major uncertainty' for UK, EU and the world
Jean-Claude Juncker, the president of the European commission, has been speaking to journalists on a visit to Russia today. He says Brexit would usher in a period of “major uncertainty” for Britain, the EU and the world.
'I think our British friends would be best advised not to do it,’ @JunckerEU pic.twitter.com/GhMzlBKxSw
11.39am BST11.39am BST
11:3911:39
The Corbyn event is now over. I will post a summary soon.The Corbyn event is now over. I will post a summary soon.
11.34am BST11.34am BST
11:3411:34
Corbyn's Q&ACorbyn's Q&A
Q: John McDonnell said today Labour should look again at the free movement of labour in the EU. Do you agree?Q: John McDonnell said today Labour should look again at the free movement of labour in the EU. Do you agree?
Corbyn says the EU depends on free movement of labour. He has set out plans for EU minimum standards. He thinks that is the way foward.Corbyn says the EU depends on free movement of labour. He has set out plans for EU minimum standards. He thinks that is the way foward.
Q: [From the Telegraph’s Michael Deacon] Why are so many Labour supporters planning to vote Leave?Q: [From the Telegraph’s Michael Deacon] Why are so many Labour supporters planning to vote Leave?
Corbyn says people do not appreciate all that the EU has done. He also says there has been a “steady stream of anti-European sentiment” in the papers. Sarcastically, he says he does not include the Telegraph, which he says only has Europe’s best interests at heart. He says a fear strategy will not work. A positive strategy is needed. He says he has tried to set out one today.Corbyn says people do not appreciate all that the EU has done. He also says there has been a “steady stream of anti-European sentiment” in the papers. Sarcastically, he says he does not include the Telegraph, which he says only has Europe’s best interests at heart. He says a fear strategy will not work. A positive strategy is needed. He says he has tried to set out one today.
UpdatedUpdated
at 11.36am BSTat 11.36am BST
11.30am BST11.30am BST
11:3011:30
Corbyn is now wrapping up.Corbyn is now wrapping up.
I have tried to set out today some of Labour vision for Remain and Reform in the European Union.I have tried to set out today some of Labour vision for Remain and Reform in the European Union.
More importantly I hope I’ve been able to restore a bit of faith in what politics can do. If you have a decent government committed to making our country and our world a better place.More importantly I hope I’ve been able to restore a bit of faith in what politics can do. If you have a decent government committed to making our country and our world a better place.
I encourage you all to vote Remain on 23 June and then to support our campaign for the changes we want to see here in Britain and across Europe.I encourage you all to vote Remain on 23 June and then to support our campaign for the changes we want to see here in Britain and across Europe.
Things can and, with your help, they will change.Things can and, with your help, they will change.
11.29am BST11.29am BST
11:2911:29
Corbyn says Labour supports an EU-wide financial transaction taxCorbyn says Labour supports an EU-wide financial transaction tax
Corbyn says Labour should be supporting moves towards a financial transaction tax (aka, the Tobin tax, or Robin Hood tax).Corbyn says Labour should be supporting moves towards a financial transaction tax (aka, the Tobin tax, or Robin Hood tax).
There are currently 10 countries in Europe working together to secure a financial transactions tax across the European Union. This is a small tax on specific financial transactions to help prevent the sort of banking crash we saw a few years back, that led to the deepest economic crisis since the 1930s.There are currently 10 countries in Europe working together to secure a financial transactions tax across the European Union. This is a small tax on specific financial transactions to help prevent the sort of banking crash we saw a few years back, that led to the deepest economic crisis since the 1930s.
What was the British Government’s response to this proposal? To rush to Europe to oppose it, threatening legal action.What was the British Government’s response to this proposal? To rush to Europe to oppose it, threatening legal action.
Labour wants to help drive this reform, to build support for an EU-wide tax as a step towards a global tax. We must reform our banking sector and discourage the dangerous practices that undermined the banks across Europe and globally.Labour wants to help drive this reform, to build support for an EU-wide tax as a step towards a global tax. We must reform our banking sector and discourage the dangerous practices that undermined the banks across Europe and globally.
The process is currently in a fragile state, despite the support of France and Germany, but imagine the impetus Britain’s support could give to the campaign, both in Europe and among major economies around the world.The process is currently in a fragile state, despite the support of France and Germany, but imagine the impetus Britain’s support could give to the campaign, both in Europe and among major economies around the world.
11.26am BST11.26am BST
11:2611:26
This is from the BBC’s Laura Kuenssberg.This is from the BBC’s Laura Kuenssberg.
Corbyn talking about methane capture........ Not quite sure audience is quite staying with him after a strong startCorbyn talking about methane capture........ Not quite sure audience is quite staying with him after a strong start
11.25am BST11.25am BST
11:2511:25
Corbyn calls for an EU-wide minimum wage and EU minimum standards on rights at workCorbyn calls for an EU-wide minimum wage and EU minimum standards on rights at work
Corbyn calls for new European standards on rights at work and minimum pay.Corbyn calls for new European standards on rights at work and minimum pay.
I mentioned the scandal of zero hours contracts earlier too. As well as outlawing these exploitative contracts in Britain, we should go further and work with our allies to establish a European minimum standard of rights at work to stop undercutting and give people the job security they need.I mentioned the scandal of zero hours contracts earlier too. As well as outlawing these exploitative contracts in Britain, we should go further and work with our allies to establish a European minimum standard of rights at work to stop undercutting and give people the job security they need.
And now that Germany has introduced a minimum wage there is an opportunity to move towards a European-wide minimum wage – linked to average pay and the cost of living in each country to halt the race to the bottom in pay and conditions, and increase wages across Europe.And now that Germany has introduced a minimum wage there is an opportunity to move towards a European-wide minimum wage – linked to average pay and the cost of living in each country to halt the race to the bottom in pay and conditions, and increase wages across Europe.
11.22am BST11.22am BST
11:2211:22
Corbyn is now talking about the posting of workers directive, which he has raised at least twice at PMQs.Corbyn is now talking about the posting of workers directive, which he has raised at least twice at PMQs.
There is a little known EU directive, for example, called the Posting of Workers Directive. It allows companies that win contracts in another part of Europe to take workers to other countries. They can post their workers abroad temporarily, rather than go through new recruitment processes.There is a little known EU directive, for example, called the Posting of Workers Directive. It allows companies that win contracts in another part of Europe to take workers to other countries. They can post their workers abroad temporarily, rather than go through new recruitment processes.
But legal judgements have opened up loopholes meaning that these companies are able to undercut the going rate in one country by paying the going rate in another.But legal judgements have opened up loopholes meaning that these companies are able to undercut the going rate in one country by paying the going rate in another.
In extreme cases it has meant workers not being paid the minimum wage of the country they’re working in because it is above the rate of their home nation.In extreme cases it has meant workers not being paid the minimum wage of the country they’re working in because it is above the rate of their home nation.
This loophole can and must be closed and there is a proposal on the table to do so. Labour would work to secure agreement from other countries to back it.This loophole can and must be closed and there is a proposal on the table to do so. Labour would work to secure agreement from other countries to back it.
11.21am BST11.21am BST
11:2111:21
Corbyn says the UK should use its presidency of the EU next year to push for changes.Corbyn says the UK should use its presidency of the EU next year to push for changes.
There are proposals now in Europe for country-by-country tax reporting, which means that companies pay their taxes in the countries where they make their profits.There are proposals now in Europe for country-by-country tax reporting, which means that companies pay their taxes in the countries where they make their profits.
Labour members of the European parliament have backed this plan every time, while Conservatives ones oppose it, time and time again.Labour members of the European parliament have backed this plan every time, while Conservatives ones oppose it, time and time again.
11.20am BST
11:20
Corbyn says Labour wants the UK to remain in the EU, but in a reformed EU.
Labour is calling for a vote to remain in Europe at next week’s referendum because we believe staying in the European Union offers our people a better future in terms of jobs, investment, rights at work and environmental protection.
But we are also campaigning for reform of the European Union because we are convinced Europe needs to change to work for all, to become more democratic, strengthen workers’ rights, ditch austerity and end the pressure to privatisation.
11.19am BST
11:19
Corbyn says local authorities should be able to run local energy companies.
Many of you from this part of South Yorkshire will remember that miners used to get free coal. In Denmark, Portugal and Germany today communities are setting up energy companies which sell electricity back to them at discounted rates. But ridiculously, it’s illegal to do that here.
We need to learn from the best in Europe.
11.18am BST
11:18
Corbyn turns to immigration, and he says he challenged David Cameron in the Commons yesterday to explain why he was not taking action to stop firms advertising jobs abroad but not in the UK.
And if we want to stop insecurity at work and the exploitation of zero hours contracts that are being used to drive down pay and conditions, why don’t we do what other European countries have done and simply ban them?
Zero hours contracts are not allowed in Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, Italy, Netherlands, Poland and Spain. It seems we’re the odd one out. Our politicians now in power are choosing not to tackle exploitation, but we will.
11.16am BST
11:16
Corbyn condemns the Tory record on tax avoidance and excessive pay.
Does anyone here own an offshore trust? Do any of your family or friends own an offshore trust? So who was David Cameron standing up for when he wrote to the EU in November 2013 opposing proposals transparency into who owns these shady offshore trusts?
From cuts to disability benefits and cuts tax credits, to tax breaks for the super-rich and corporations. We have a government making the wrong choices and sticking up for the wrong people.
Or take another example, a couple of years ago, the EU also came forward with a proposal to restrict bankers’ bonuses and what did George Osborne do? Again he rushed to Brussels within an army of taxpayer-funded lawyers to oppose it and he lost.
11.15am BST
11:15
Corbyn attacks the Tory Brexiteers, saying they have made bogus spending promises and that they are not to be trusted on the NHS.
He criticises the changes introduced by the Tories in the 1980s and early 1990s.
It was those same governments of the 1980s and early 90s that deregulated the labour market so that zero hours contracts could flourish and the share of wealth going to workers fell off a cliff. It is unscrupulous employers and politicians who have allowed temporary contracts, agency and enforced part-time working, and bogus self-employment to mushroom. So blame the politicians who opened the door to rampant job insecurity.
11.13am BST
11:13
Corbyn is speaking at the University of Sheffield Advanced Manufacturing Research Centre in Sheffield.
He says he wants to try to restore some faith in politics.
Not many people are grateful for the work politicians do. I don’t have any difficulty understanding why, the political class has let our country down in so many ways, but today I want to try and restore a bit of faith in politics, and set out how politics done in a different way, can improve our lives and our communities.
Politicians are failing to address the problems facing modern workers, he says.
The insecurity of work the lack of good well-paid jobs, the high cost of housing, whether to rent or to buy, how we adjust to, and pay for, an ageing society, the failure to ensure decent economic growth in all parts of the country and in which we all share.
That is the failure of politicians, not of the EU or of EU migrants for that matter.
Too many voices in this debate are only playing that old trick the blame game. And when politicians play the blame game, it’s usually because they have nothing serious to offer themselves.
11.10am BST
11:10
Jeremy Corbyn's EU speech
Jeremy Corbyn is delivering his EU speech now. There is a live feed at the top of this blog.
11.06am BST
11:06
Poll suggests more people think Brexit will make them better off than worse off after 5 years
Here are some more findings from the Ipsos MORI phone poll reported in the Evening Standard.
The underlying findings are probably even more worrying for Remain than the headline numbers. That is because they show that Remain’s key message - that leaving the EU would be bad for the economy - is failing to make an impact, because people don’t believe they will be worse off.
The poll also shows that, amazingly, people are more likely to believe the Vote Leave claim that EU membership costs £350m than to disbelieve it - even though it is had been comprehensively dismissed as misleading at best, or outright dishonest at worst, by just about every economic authority there is. This finding alone is devastating for the factchecking industry. They must be wondering now what’s the point.
Updated
at 11.10am BST
10.55am BST
10:55
McDonnell says the problems facing the world are international ones that require international solutions.
The live feed has now gone down, but I will post some more from the speech when I get some words.
10.48am BST
10:48
McDonnell says the Leave campaign have taken the debate into the political gutter.
He says some on the Leave side, including Boris Johnson, have decided where they stand on the EU “purely on the basis of their future ambitions”.
The Tory infighting has squeezed out the Labour voice in the campaign, he says.
But he says it is now clear that the Labour family has come together and that it is united in campaigning for Remain.
And it is important to stress that it would be a Tory Brexit, he says. A Tory government would use it as an opportunity to cut rights.