BUSINESS, Commerce

Pound Sterling Plunges

The pound sterling has fallen to a 31-year low following the UK’s referendum vote to leave the EU.

Shares fare no better and took a hit.

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The FTSE 100 Index closed 2.7% down, equating to more than £45 billion being wiped off the value of the UK’s biggest companies after Britain voted to leave the European Union.

The FTSE recovered from a 7% plunge following David Cameron’s announcement that he would quit as Prime Minister by October following the Brexit vote.

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

Marcia Wright, Readers Bureau, Fellow

Edited by Jesus Chan

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