Bank of England governor Mark Carney addressed the "elephant in the room" as he outlined the main reasons why UK growth is predicted to lower "materially" in the event of a Brexit.
He said a vote to leave the European Union would "lower growth materially and raise the rate of inflation notably".
"In the face of greater uncertainty about the UK's trading relationships, sterling would likely depreciate further, perhaps sharply," he added.
"This would likely be consistent with changes to some of the real fundamentals that drive sterling, including the terms of trade, productivity, and risk premium."
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