A HAMPSHIRE MP is among almost 60 Conservatives who say they will block a so-called "punishment Budget" proposed by the Chancellor if the UK leaves the European Union.

Chancellor George Osborne has spelled out measures including tax rises to prevent "chaos" in the nation's finances if the UK leaves the European Union on June 23.

But while he insists that he would simply be "taking necessary measures" to react to the financial impact of Brexit, he has come under fierce attacks from 57 of his own MPs, including New Forest East MP Julian Lewis.

With the referendum just over a week away, Mr Osborne spoke alongside former Labour Chancellor Lord Darling to warn of the need for £30bn of tax rises and service cuts if the UK leaves the EU.

The basic rate of income tax would increase from 20p to 22p, the top rate would rise 3p to 43p, and inheritance tax would go up 5p to 45p in the pound under the plans.

The NHS would see cuts of £2.5 billion, with the defence budget reduced by £1.2 billion, and education spending down by £1.15 billion, with the figures based on mid-range forecasts by the Institute for Fiscal Studies of the likely economic impact of Brexit.

Mr Osborne defended the proposals, saying: ''No Conservative wants to raise taxes - least of all me.

''But, equally, Conservatives understand - and, indeed, I suspect many Labour politicians understand - that you cannot have chaos in your public finances.

''You have to deal with the hole that would emerge if we quit the EU and we would have to take the necessary measures.

"The Conservative Government would do what was needed to deal with huge instability in our economy and, of course, the chaos in the public finances.''

Most of the county's Conservative MPs are now pro-Brexit, but only Dr Lewis, a veteran MP and chairman of the Defence Select Committee, signed the letter.

Other signatories included former Work and Pensions Secretary Iain Duncan Smith and former cabinet ministers Liam Fox and Owen Paterson.

The 57 MPs all signed a statement criticising him for "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."

They say they would oppose any attempt to force through the Budget, saying his position would become "untenable", while adding: "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."

Dr Lewis said: Dr Lewis said: "I signed it because principally the Chancellor and the people who are orchestrating the campaign to persuade people to vote to remain are now getting so rattled that they are resorting to crude threats and we are moving from project fear to project threats."

He said the proposed budget would fail to pass Parliament with the Government only having a majority of 12 and Labour certain to oppose it.

He described it as a "desperate measure", saying "by signing this letter we are signalling that what the Chancellor is threatening to do is hogwash because how would not have the people in Parliament to vote through these kind of cuts.

"And we are signalling that people shouldn't be intimidated."

Southampton Itchen MP Royston Smith, also pro-Brexit but not among the signatories, said he did not believe the figures put forward by Mr Osborne were "accurate" and that he would not support them in a vote in the House of Commons.