As reported by Bloomberg, leaving the European Union might cost the U.K. 100 billion pounds ($145 billion) in lost economic output and 950,000 jobs by 2020, the Confederation of British Industry said as it stepped up its campaign against a so-called Brexit.

A vote to leave the bloc in the referendum Prime Minister David Cameron has called for June 23 “would cause a serious shock to the U.K. economy,” Britain’s main business lobby group said, citing a study it commissioned from PricewaterhouseCoopers of two Brexit scenarios.

“Leaving the European Union would be a real blow for living standards, jobs and growth,” CBI Director-General Carolyn Fairbairn will say in a speech in London Monday, according to remarks released in advance by the lobby group. “The savings from reduced EU budget contributions and regulation are greatly outweighed by the negative impact on trade and investment.”

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