The UK economy will this year grow less than previously estimated and a vote to leave the EU would send sterling tumbling and further damage the outlook, the UK’s National Institute of Economic and Social Research (Niesr) said.

The Bank of England will keep interest rates on hold until after Britain’s referendum on EU membership, the UK’s National Institute for Economic and Social Research said as it pushed back its forecast on the timing of an increase.

How Britons vote in the general election in three months could determine the cost of their mortgage.