KACHARAGADLA

The Brexit vote has pummelled the value of the pound to its weakest level against the dollar in more than 31 years and raised the prospect of extreme volatility in other financial markets when they open later today. Confirmation that the UK has voted to leave the European Union has sent sterling down to $1.33, depths it has not been plunged since 1985.  Meanwhile, FTSE 100 Index future derivatives, which give an indication of where the stock market will open at 8am, have slumped 8 per cent.  Some analysts have questioned whether the UK stock market will be able to open on time after volatile trading in Japan overnight, in response to the Brexit vote count, triggered automatic trading circuit breakers on the Nikkei Index. The value of the pound soared as high as $1.50 after polls released after 10pm last night showed a Remain lead. But that mood changed rapidly when the actual count results started to come in, sending it down 11 per cent within hours, the biggest int

B ritain has voted to leave the European Union, with the Leave campaign securing around 51.8 per cent of the vote. David Cameron, who will address the nation shortly, is now facing calls to resign as Prime Minister. While England voted overwhelmingly for Brexit, Scotland and Northern Ireland backed Remain. Statements are expected to be made by Sinn Fein and the SNP later today calling for a breakaway from the Union. London backed Remain but the turnout was lower than expected because of bad weather. The pound crashed to the lowest level since 1985 as sterling fell below $1.35. Complacency about a Brexit outcome will come clear this morning, as out of hours trading suggests that the FTSE 100 will drop by 8.8pc, or by some 560 points. The fall would be the third worst in history if stocks ended the day down as sharply.