24 Jun

Brexit worse on GBP than 2008 financial crisis

A British vote to leave the European Union has shocked the world's financial markets and has brought the British pound down to a 31-year low, its biggest fall in history.

The final results of the historic EU referendum - a 52 to 48 split in favour of Britain's exit - have set the UK down an uncertain path towards independence and represent the largest blow to European efforts at greater unity since World War II. But the exit vote is also bad news for investors.

British banks took a $130bn hit on Friday, with financial giants such as Barclays and Lloyds down 30 percent.

The pound sterling sank as low as $1.35, a near 10 percent drop in value and its lowest rate against the dollar since September 1985, before recovering to $1.37.

The fall was reportedly even larger than the drop during the 2008 global financial crisis.

Source: http://www.aljazeera.com/news/2016/06/brexit-sell-uk-house-160624064047622.html

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