“The report out today from the Treasury further underlies the weakness of the UK’s economy thanks to six years of George Osborne’s failed policies leaving us with a recovery built on sand, as well as the fragile state of the global economy and the serious risks a Tory Brexit poses.

“This is yet more evidence that a Tory Brexit would only make matters worse for working people already struggling under a Tory Government.

“I welcome the admission by David Cameron and George Osborne that the last recession was not caused by the then Labour Government and that a recession post Brexit would be a Tory recession.

“However, the Treasury report worryingly suggests that the Chancellor would respond to a possible recession as a result of Tory Brexit by doing nothing. Something UK households simply cannot afford.

“Our economy needs a government committed to delivering investment to build the secure foundations of the high-tech, high-wage economy of the future. Labour wants to remain and reform the EU so we can work in unison with our neighbours to grow our economy and create jobs. “