Brexit 'contingency planning' under way

George Osborne has said contingency planning is taking place to anticipate the likely impact on the UK's financial stability of a vote to leave the EU. The chancellor told MPs there would be a "number of impacts" on the financial system that would have to be addressed. Economists have warned of market volatility and a sharp fall in sterling should there be a Leave vote. The chancellor said it would be up to the Bank of England to consider appropriate monetary responses. Mr Osborne, a key figure in the Remain campaign, has previously refused to be drawn on whether the Treasury and other public bodies were, in any way, preparing for the possibility of a Leave vote in the referendum on 23 June.