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Friday, June 24, 2016


Meanwhile on the day after the Referendum….. 

David Cameron to quit after UK votes to leave EU.

Nicola Sturgeon says second Scottish independence vote 'highly likely'.

The pound has fallen to levels not seen since 1985 following the UK's referendum vote to leave the EU.

The FTSE 100 index began the day by falling more than 8%, then regained some ground to stand 2.5% lower.

The more UK-focused FTSE 250 fared even worse, down 8% in early afternoon trading.

Banks were hard hit, with Barclays and RBS falling about 30%, although they later pared losses to below 20%.

The pound's dramatic fall started overnight as the outcome of the referendum became clear. At one stage, it hit $1.3236, a fall of more than 10%.

By early afternoon, it had partially recovered, but was still nearly 8% down on the day.

"This is simply unprecedented, the pound has fallen off a cliff and the FTSE is now following suit," said Dennis de Jong, managing director of UFX.com.

"Britain's EU referendum has been a cloud hanging over the global economy for the past few months and that cloud has got very dark this morning.

"The markets despise uncertainty, yet that is exactly what they're faced with this morning. The shockwaves are likely to reverberate for some time and the warning lights are flashing brighter now than ever."

The FTSE 100's initial slump was its biggest one-day fall since the collapse of Lehman Brothers in October 2008.

Spain calls for joint control of Gibraltar.

Google has said there was a dramatic spike in searches for Irish passport applications as news of the UK's decision to leave the EU broke.

[….and that just day one – and we haven’t even started the process of leaving yet!]

All details above from BBC News website.

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