Britain votes for Brexit
Currencies Direct June 24th 2016 - < 1 minute read
Britain woke to an historic piece of news this morning; the British public has voted to leave the European Union. The pound hit a 31-year low as the result became clear early this morning, and further volatility is to be expected. GBPEUR fell by 8 cents as the result became clear.
The Prime Minister, David Cameron, is to resign on the back of the result with uncertainty over leadership come the party conference in October. We have heard an official statement from the Bank of England this morning, underlining their preparation for this event and contingency plan. Chancellor George Osborne will want to dissipate the negative sentiment from investors and further outline a plan for stabilisation.
One thing is clear; we're in for a rollercoaster ride over the coming hours, days and weeks, and we’re only at the start. Our government debt AAA credit rating will likely be revised and the FTSE lost £122bn in its opening minutes.
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