UK Treasury rejects OECD's call for second Brexit referendum

Thinktank warns Britain must stay close to EU or face long-term decline as it suggests a second poll

The Treasury has flatly rejected calls for a second EU referendum after the west's leading economic thinktank, the Organisation for Economic Cooperation and Development, said reversing the decision to leave would significantly benefit the economy.

"We are leaving the EU and there will not be a second referendum," the Treasury said in a terse statement that reflected the government's unhappiness with the OECD's intervention.

Britain wants to discuss its future trading relationship with the EU because 44% of UK exports go to, and 53% of imports come from, the EU 27 countries. Post-Brexit conditions of trade could, therefore, have a major effect on Britain's economy.