He said the immediate 2 years after a vote to leave. That was pretty clear.
Prime Minister and Chancellor set out the Treasury’s analysis of the impact on the nation’s economy over the immediate period of two years following a vote to leave.
This analysis shows that such a decision would cause an immediate and profound economic shock across the country, creating instability and uncertainty which would be made worse by the complex negotiations that would follow to agree the terms of Britain’s exit from the EU and its new relationship with the rest of Europe.
Echoing the recent warnings from the independent Bank of England and the International Monetary Fund, the central conclusion of the Treasury’s new analysis is that the effect of this profound shock would be to push the UK into recession and lead to a sharp rise in unemployment.