The Bank of England's (BoE) Monetary Policy Committee (MPC) member Gertjan Vlieghe said on Tuesday that the recent decline in the pound was caused by the uncertainty around the upcoming referendum.

"It is possible that at some point that increased uncertainty from foreign exchange investors also ends up manifesting itself in increased uncertainty by households and businesses which may or may not reduce or delay their spending," he added.

Vlieghe pointed out that he could vote for an interest rate cut if the downside risks increase.