The Foreign Editor of The Economist said yesterday that if the UK votes ‘Leave’ in tomorrow’s EU Referundum, the country “will become an island nation less open to ideas and talent”.

Speaking on the opening day of POWER-GEN Europe in Milan, Robert Guest (pictured) said that if a Brexit went ahead, “it will be a bad day for the British economy”.

He said a European exit would weaken London’s position of dominance as a financial centre and the EU would “lose one of its strongest voices” at the negotiating table.

“It’s a very alarming prospect,” he said, adding that a win for the Leave side “will be a very sad day for your industry and mine”.

Earlier he said that what the European power system needed was “a better system where we have a straight-forward carbon tax.”

He said the market was not functioning properly at the moment because fossil fuel generators were penalized for emitting greenhouse gases but there was no comparable comeback for renewable firms whose generation was intermittent.