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Pound hits lowest level since 1985


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.”



UK votes to leave the EU

The UK has voted to leave the European Union, with 52 per cent of the British public voting to leave. The Leave campaign took 17,410,742 votes to the 16,141,241 votes for Remain, marking 52 per cent in favour of Leave and 48 per cent for Remaining in the EU. The vote will end the UK’s 43-year […]


Advisers back Remain as UK goes to the polls

The Remain vote appears to be winning out among advisers as the UK prepares to go to the polls. A Money Marketing poll of 553 advisers saw 56 per cent backing continued membership of the EU, while 44 per cent back Brexit. The figures were correct as of Wednesday evening. Investment Quorum chief executive Lee […]


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