Sterling nosedives to 31-year low

The pound plunged yesterday with UK stocks after the nation voted for a Brexit.

Sterling slid by the most on record against the dollar, reaching its weakest level since 1985, as the nation opted to quit the European Union after more than four decades.

The 8.4% plunge by yesterday evening was its worst day on record, exceeding the 4.1% drop on 1992’s Black Wednesday, when the pound was forced out of Europe’s exchange-rate mechanism — the previous biggest daily drop.