The pound has crashed to its lowest value in 31 years thanks to the victory of the Leave campaign in the Brexit referendum.
The Bank of England has been been forced to issue a statement confirming their commitment to ensuring financial stability as the United Kingdom chose to usher in a period of economic chaos.
Their statement read:
The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks. The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability.
This graph highlights the catastrophic immediate impact that Brexit has had on the British currency.
https://twitter.com/MatthewPhillips/status/746189646841978880
The Euro-Pound exchange rate is currently £1 to €1.24. The Euro has also taken a hit, and is down 2% overall (compared to the pound’s 9%) – reflecting fears of a spillover effect of Brexit into other EU countries that use the single currency.
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