Brexit Would Plunge U.K. Into Year of Recession, Treasury Warns

The U.K. stands to lose over half a million jobs and sink into a deep, year-long recession if it leaves the European Union, according to bleak analysis released on Monday by the country's finance ministry.

"This is what happens if Britain leaves: the economy shrinks: the value of the pound falls, inflation rises, unemployment rises, real wages are hit, so too are house prices,and as a result – government borrowing goes up," Chancellor of the Exchequer George Osborne said in a statement.