Bank's warning of a Brexit double whammy is very handy for Osborne

Chancellor will milk the Bank of England's dire forecasts but the poor picture painted is as much due to UK structural weakness as EU referendum fears

Britain will make up its mind whether it wants to remain in the European Union in six weeks time, so it was inevitable that the last Bank of England inflation report before 23 June was dominated by the referendum.

And make no mistake, the warning from Threadneedle Street about the likely short-term consequences of a Brexit vote - including a sharp fall in the value of the pound - is mightily handy for George Osborne. The Bank assumes that there will be a double whammy of weaker growth and higher inflation in the event of a vote to leave.

Related: Brexit is biggest risk to UK economy, warns Bank of England

Related: Bank of England: Brexit could trigger technical recession - live updates