The Pound has seen its sharpest fall in months amidst worries that Britain may leave the European Union.
George Osborne, the man in charge of UK's exchequer, is seeking divine intervention at London's famed Swami Narayan Mandir. The Chancellor of exchequer told NDTV that an exit from the European Union could mean an 'economic shock, a recession for Britain'.
The Sterling Pound has seen its sharpest fall in months amidst worries that Britain may leave the European Union in less than 10 days from now. Two recent opinion polls show a lead to the 'leave' campaign.
"It will mean an economic shock and nothing less. It will mean uncertainty to businesses too, so many of which are Indian and doing so well. The British treasury, IMF, industry leaders have all predicted enormous damage to the British economy. This is an economic risk which we do not need," Mr Osborne said.
George Osborne visited the temple to give a message to the vibrant Indian community which is close to 1.5 million people. And the message was, "Vote to remain in the EU. India and Britain will grow from strength to strength. Jobs should be created not lost. A Brexit could mean a DIY (do it yourself) recession," the Chancellor added.
The leave campaign accuses the treasury of scare mongering ahead of the referendum on June 23. They claim a fall in the value of Pound could mean good news for exports. The camp is leading in exit polls on the referendum.
"If the British people have the right sense to vote to leave, then I say we will have two years to negotiate trade arrangements with Europe and also with rest of world. India can be given more importance to," said Bob Blackman, a conservative MP rebelling against his Prime Minister David Cameron on the issue.
Britain has been part of the EU for 43 years now. The single largest market access is one of the biggest perks of being in the EU. But that comes with a price of nearly 13 billion pounds a year.