Britain's finance minister George Osborne said on Monday that Britain could face a year-long recession in case of the exit from the European Union (EU).

"The British people must ask themselves this question: can we knowingly vote for a recession?" he said.

According to Britain's ministry, if the country leaves the EU and reaches a trade deal with the EU, the economic growth would be 3.6% lower after two years than if the country would remain in the EU.

If the country leaves the EU and deals under World Trade Organisation rules, the economic growth would be 6.0% lower after two years than if the country would remain in the EU.