The British sterling is recording an 8 per cent historic low, as global markets are reacting to  Britain’s decision to vote for Brexit in the referendum.
In the early hours of Friday morning it plunged more than 10 per cent against the dollar to below the $1.33 mark, its lowest level since the mid 1980s.
The currency’s weakness was widespread, with declines of 16 per cent against the yen and 7.2 per cent versus the euro.
The FTSE index futures have slumped 8 per cent.
The shockwaves of the result reverberated around the world, with Japan’s Topix down 6.2 per cent and the Nikkei 225 falling 6.3 per cent. In Australia, the ASX index was down 3.8 per cent.
The S&P 500 is set for a 3.5 per cent drop, according to futures.

Gold investors are happy, as the yellow metal rose beyond the $1,300 an ounce mark to its highest level in two years. Gold is favoured as a haven.
The Hong-Kong listed shares of HSBC have plunged more than 10 per cent and those of Standard Chartered have plunged 10 per cent. The Japanese yen, considered a haven currency in times of uncertainty, soared 7.2 per cent to 98.92. Meanwhile, the Swiss franc has also strengthened, as investors also see it as a haven, rising 1.8 per cent against the euro.
Investors are piling into Treasuries, the anchor for the global financial system, with the yield on the 10-year note falling more than 20 basis points to 1.47 per cent, its lowest level since 2010. UK Gilts are expected to rise sharply in value as investors expect easing and additional liquidity from the Bank of England and other central banks.

Meanwhile, the Greek stock market lost 12,20 per cent on its Friday session, while the French stock market also dropped considerably. The German DAX also registered a huge 10 per cent fall.