Illustration picture of postal ballot papers June 1, 2016 in London ahead of the June 23 BREXIT referendum when voters will decide whether Britain will remain in the European Union. REUTERS/Russell Boyce
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British companies are preparing for the possibility that the country will vote to leave the European Union with extra funds, pre-written statements and plans for late-night vigils by teams of consultants.Britain would have two years to negotiate its exit, or "Brexit," from the 28-country bloc.As of February, more than three-quarters of Britain's FTSE 250 companies had not made any contingency plans for a possible exit, according to a survey published in April by the Chartered Institute of Internal Auditors.Either way, it spells volatility for sterling-denominated earnings at businesses including engineering firms Rolls-Royce and BAE Systems, pharmaceuticals giant GlaxoSmithKline, drinks group Diageo and British American Tobacco.Vodafone, which boosted its short-term borrowing capabilities this year during merger talks with U.S. cable company Liberty Global, has said it is grateful it has that funding in place for now.Another senior FTSE 100 executive told Reuters the company would bring in external lawyers and consultants on June 24 for backup, if this was necessary.
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