The Bank of England is developing a plan in the event of the UK’s exit from the EU based on the forthcoming referendum, writes Gazeta with a reference to the Financial Times. According to Gazeta, in June, the Bank of England will hold three foreign exchange auctions to provide the banking system with adequate resources to operate in the case the UK exits from the union.

According to Michael Saunders, a Monetary Policy Committee member, in case the UK exits from the EU, the pound will be under severe pressure, and its devaluation against the currencies of main trading partners of the UK can reach 20%.