Like a ship seeking the reassuring beam of a lighthouse through the fog of economic data, the Bank of England has been forced to work with as much as it can see ahead of the June 23 referendum. So far that suggests there has been some Brexit related impact on the pound and growth.
And the bank, reassuringly for Chancellor George Osborne's cause, doesn't like what it's seeing. The bank has given its starkest warning so far in this report: "A vote to leave the EU could materially alter the outlook for output and inflation, and therefore appropriate setting of monetary policy."