BOE's Baily says first task if UK leaves EU is to batten down the financial hatches

Deputy guvnor Andrew Bailey is passing comment on UK/EU talks

• If UK voted to leave EU, first focus of contingency planning would be financial markets and macroeconomic fallout
• Says that there are still a lot in the latest proposals that need fleshing out
• Since Christmas there have been quite marked changes in pricing of sterling risk options
• Have asked institutions what their risk is to such instruments
• Is unclear what longer term implications of Brexit would be for UK financial sector