Chancellor George Osborne has used the Budget 2016 announcement to make the case for Britain remaining a part of the European Union when the country takes to the polls on 23 June.
The chancellor announced the economy will grow two per cent this year, 2.2 per cent in 2017 and 2.1 per cent in each of three years after, but said the numbers are dependent on the UK staying in the EU.
Current polls suggest the UK is split on whether the country will remain a part of the EU.
Speaking in the House of Commons Osborne warned that storm clouds are gathering over the global economy, including a "dangerous cocktail of risks".
He said he has chosen “sound public finances to deliver security” amid the uncertainty, though the outlook is "materially weaker".
The comments have however been branded as part of so-called Project Fear by the campaign for Britain to leave the EU.
David Davis MP, Conservative GO spokesman, said: "Many of the "cloudy skies" and "cocktail of risks" the chancellor speaks of originate from a failing, shrinking and unstable European economy. The safer choice for Britain is to leave the EU, take control of our own affairs and create a more competitive, globally trading British economy. We can only do this outside of the EU – free from burdensome Brussels red tape, costly EU bailouts and expensive contributions to the EU budget."