The investment bank issued a note to investors saying any move away from Europe would be a “loss/loss scenario”, the Telegraph reports.

The note said Goldman does not expect a referendum because the Conservatives first need to win an outright political majority and, the bank thinks “at this stage, this does not appear likely”.

Kevin Daly, part of the investment bank’s economic team,  said a UK exit would “come with a significant economic cost to the UK” because it is “highly integrated” with the EU, according to the Telegraph.