As the dust settles following the chancellor’s Budget, thoughts return to the EU referendum and the implications of Brexit. Local authority chief finance officers and pension fund treasurers should not express a view on any preferred outcome. We will tread objectively and seek to avoid the media traps that almost caught out the Queen and the governor of the Bank of England.

However, our responsibilities for treasury management mean we need to scenario-plan and assess the risks and potential consequences of votes for Brexit or staying in.