Brexit: Bank of England 'monitoring developments closely'

The Bank of England issued a statement early on Friday, as the pound plummeted and world markets were sent into shock as a result of the UK’s decision to leave the European Union.

Sterling was last 8.52% weaker at $1.3609 per pound, a sharp drop from the near $1.49 levels seen just before polls closed at 2200 BST on Thursday.

“The Bank of England is monitoring developments closely,” the central bank said in a statement.

“It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks.

“The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability.”

BoE governor Mark Carney was understood to be preparing to speak after Prime Minister David Cameron, who was due to make remarks imminently.