IMF says Brexit would trigger UK recession

Annual report on the British economy predicts 'negative and substantial' effects if Britain left the EU

Leaving the EU would hit British living standards, stoke inflation and wipe up to 5.5% off GDP, the International Monetary Fund has warned with less than a week to go until the referendum.

The IMF used its annual report on the British economy to say Brexit would plunge the UK into recession next year and that it could see no economic advantage in leaving the EU.

Related: IMF chief urges Britain to stay in Europe