Bank of England stages Brexit dress rehearsal

In two months' time the MPC may have to respond to a vote to leave the EU. First off, they would cut interest rates

It is Tuesday 27 June, five days after Britain has voted to leave the European Union. The pound is falling on the foreign exchanges and share prices are tumbling. Deep inside Threadneedle Street, the nine members of the Bank of England's monetary policy committee have gathered for an emergency meeting.

The result of the referendum has come as a surprise, intensifying the market turmoil. Polls had suggested a tight race but the assumption had been that the don't knows would eventually opt for the status quo. The pollsters were wrong.

Related: Bank of England warns Brexit could do serious harm to UK economy