Michael Gove confirmed to me today that the Leave campaign advocates leaving Europe's Single Market as well as the European Union.
This is a major strategic decision for the Leave campaign, and it will have consequences until polling day.
In a nutshell, the Justice Secretary has chosen to prioritise sovereignty and control of immigration policy over a now tangible risk to the City, financial services generally, and thousands of jobs.
The UK will not become a member of the European Economic Area, and so will exit the Single Market. The Single Market is widely considered a great British diplomatic win under the Conservative government of Margaret Thatcher.
The upside for Leave and Mr Gove's vision for a post-Brexit UK is more control over migration policy, and smaller payments to the EU. Above all, the UK would not have to abide by the judgements of the European Court of Justice.
The downside is the prospect of extra trade barriers in goods and services. Most prominently it puts under severe pressure the crucial "financial services passport" which allows London banks access to European markets.
Last month the Governor of the Bank of England cited threats to financial passporting at the top of reasons for relocation of finance jobs and investment away from London and the UK.
Mr Carney said he had seen contingency plans for some international banks to move from London to Ireland.
I put that to Mr Gove: "Financial services are already flourishing in London. We were told before, when the single currency was being established, We were told when the single currency was being established that London would shrivel and die as financial centre if we were outside the single currency.
"If we are outside the EU but part of a free-trade zone, then the ingenuity, the energy, and the attractiveness of London as a financial capital will ensure that our financial services continue to thrive."
The position creates risks. Uncertainty around one of the UK's top sectors is now real, tangible, and justifiable.
It is not scaremongering or Project Fear to say that thousands of bank jobs are now in doubt and big banks could leave, and have plans to leave, London.
However, the Leave position is intellectually coherent - that risk might be more than made up for by a concrete new approach to migration and paying less or nothing in EU membership fees.
The stakes in the referendum just increased again.
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