The referendum result has had an immediate economic impact with sterling suffering its worst ever fall.
The pound slumped by 10% to its lowest level since 1985. 
The Bank of England issued a statement saying it was “monitoring developments closely” and would take “all necessary steps” to support monetary stability amid fears that the UK could lose its triple A rating.
Share prices have come under pressure on the London Stock Exchange this morning after stock markets in the Far East tumbled overnight as the Brexit result was announced.
Shares fell by 8% within an hour of the Stock Exchange opening, wiping £200bn off their value. Banks were especially hard hit, with Barclays and RBS falling about 30%.
The Bank of England governor Mark Carney has assured markets that the bank will act to ensure stability amid the turmoil.
He said: “Some market and economic volatility can be expected as this process unfolds.
But we are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning and the chancellor and I have been in close contact, including through the night and this morning.
The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.
These adjustments will be supported by a resilient UK financial system – one that the Bank of England has consistently strengthened over the last seven years.”
