Pound hits lowest level since 1985

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The value of the pound has fallen dramatically on the news that the UK has voted to leave the EU.

At one stage, sterling fell by more than 10 per cent to $1.3305, the lowest level seen since 1985.

The BBC reports the Bank of England is “monitoring developments closely” and that it will take “all necessary steps” to support monetary stability.

Oil prices have also fallen, with Brent crude down 5.2% to $48.24 a barrel.

ETX Capital head of trading Joe Rundle said: “Never seen anything like it. These are once-in-a-lifetime moves, bigger than Lehmans and Black Wednesday.

“We’re waiting for the big money to crank into action over the coming days and even weeks, which will likely exert further downward pressure on sterling.”