1. Christine Lagarde, IMF managing director, approaches podium
2. SOUNDBITE (English) Christine Lagarde, IMF managing director:
"Negotiations on new arrangements with the European Union and other trading partners could in our view take years, leading to a protracted period of uncertainty, and the longer this uncertainty goes on, the more heavily it will weigh on investment and growth. The majority of the economic analysis that has been conducted agree that the vote to depart the EU would be costly in the long run, even after this uncertainty has been resolved, and in the short term there is also a risk of an adverse market reaction to a Leave vote, the implication of which could be particularly severe given what I said earlier about the UK's financial position in the world and the UK's high current account deficit. Should a sharp drop in external financing follow an exit vote, for example, this would imply a significant depreciation of the sterling and large contractions of investment and consumption, implying lower output, lower growth and higher domestic prices."
International Monetary Fund chief Christine Lagarde warned on Friday that Britain could face years of economic uncertainty if it decides to leave the European Union.
Speaking alongside UK chancellor George Osborne in London, she said the result of such a vote would be a sharp decline in the value of sterling, a contraction in economic growth and higher prices for consumers.