According to the International Monetary Fund, a vote to the leave the EU could prompt a recession for the economy of the UK. The recession would be preceded by a quick stock market tumble and then plummet in house prices. The IMF is mirroring a belief of the Bank of England as the central bank has similar opinion.

Christine Lagarde of the IMF commented on the possibility a vote to leave the EU could precipitate, saying: “We have looked at all the scenarios. We have done our homework and we haven’t found anything positive to say about a Brexit vote.”

The IMF has strong opinion that the UK could quickly experience two straight quarters of negative growth which is the official definition of a recession.

A vote to leave the EU could spurn panic among investors which could immediately lead to shockwaves and falling prices of all kinds and a corresponding period of devaluation, especially within the UK housing market.

Tory MP Priti Patel commented on the upcoming vote, saying: “The IMF warned Britain it was playing with fire when it set out a plan to deal with the deficit. Now our economy is stronger than nearly every other major economy. Today, the IMF is talking down Britain because we want to take back control from Brussels. They were wrong then and they are wrong now.

“The EU-funded IMF should not interfere in our democratic debate weeks before polling day. It appears the chancellor is cashing in favours to Ms Lagarde in order to encourage the IMF to bully the British people – it is a sign of the desperation in the in campaign.”