More than 50 of George Osborne’s Tory colleagues say they would reject his post-Brexit ‘punishment’ Budget as party tears itself in half over EU

MORE than 50 of George Osborne’s Tory colleagues have said they would reject his “punishment” Budget as the party tears itself in half over the EU.

The Chancellor had unveiled plans to hike and taxes and make swinging public spending cuts to fill a £30billion “black hole” he said would open up if we voted for Brexit.

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But within minutes 57 Conservative MPs had signed a letter saying they would vote down such a Budget, and given the party only has a slim majority the proposal would be dead in the water.

Mr Osborne may also have just seen his own hopes of becoming Prime Minister go up in smoke as a swathe of his colleagues attacked his last ditch attempt to scare Brits into not voting to leave on June 23.

The announcement the basic rate of income tax would jump by 10%, as well as rising duty on booze and petrol, was dismissed by Vote Leave as yet another "Project Fear" panic measure.

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A campaign insider told Sky News: "It took about 10 minutes to pull together the signatories.

“It didn't take any work because the level of unhappiness is very high."

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The list includes former ministers Iain Duncan Smith, Owen Paterson, John Redwood and dozens of backbenchers.

In a statement the MPs say: "We find it incredible that the Chancellor could seriously be threatening to renege on so many manifesto pledges.

"It is absurd to say that if people vote to take back control from the EU that he would want to punish them in this way.

"If the Chancellor is serious then we cannot possibly allow this to go ahead.

“It would be unnecessary, wrong and a rejection of the platform on which we all stood.

“If he were to proceed with these proposals, the Chancellor's position would become untenable.

“This is a blatant attempt to talk down the market and the country.

“The Chancellor risks doing damage to the British economy in his bid to win this political campaign.”

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The senior Leave campaigner Liam Fox, who branded the plans “a punishment Budget”, said it would “damage the Chancellor’s credibility”.

The Tory former Defence Secretary said it would even “put his own position in jeopardy”.

Fellow Brexiteer and Leader of the House of Commons, Chris Grayling, said the Chancellor had the threats on a series of assumptions and it was "not credible economics".

Another Tory, Steve Baker, said: "I am shocked that the Chancellor is threatening to break so many key manifesto pledges on which all Conservative MPs were elected.

“I could not support these plans to cut the NHS and increase taxes on hardworking families.”

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And in a further challenge to Mr Osborne and David Cameron’s Government, anti-EU Cabinet ministers will unveil their own ‘Brexit Queen’s Speech’ of new laws to be passed if Britain leaves the EU.

Leave campaign bosses are pledging to immediately introduce six new bills if they win on June 23, ranging from setting up a new immigration system to slashing VAT from essential items such as petrol.

Spelling out a catalogue of new laws will infuriate Downing Street, as the five anti-EU Cabinet ministers will be seen to be setting up a rival power base to the Prime Minister.

Vote Leave said the move is a bid to lay out a clear road map of what Brits would be voting for.