BoE to take "all necessary steps" to ensure stability

The Bank said it "has undertaken extensive contingency planning" and is now working closely with HM Treasury, other domestic authorities and overseas central banks.

In its statement, the Bank said it "is monitoring developments closely" and will take "all necessary steps to meet its responsibilities for monetary and financial stability".

Following the outcome of the Referendum, the pound fell by over 10% to the lowest level seen since 1985 - the biggest single fall on record.

The London Stock Exchange is also expected to fall by more than 500 points - the biggest fall since the financial crisis.

The FTSE 100 fell 7% within minutes of the stock exchange opening, equivalent to a £160bn loss.

The financial services industry also reacted pessimistically to the news.

Nigel Green, founder and CEO of deVere Group, described the news as "a shock event". He believes the result "is a victory for uncertainty across international financial markets", adding that "Brexit-triggered volatility is now only just beginning; we can expect it to potentially last up to two years".

Green added: “Due the far-reaching impact of this vote, Brexit will inevitably affect the British and the European economies and the wider global financial markets.  The decision may have been taken in the UK but it will impact the rest of the world too.
 
“The world’s currencies, equities and bonds are now on magical mystery tour - at least in the short-term."