FTSE 100 and sterling plummet on Brexit vote

Traders in London react to the UK's vote to leave the EU and the prospect of recession after months of market turmoil

Shares plunged and the pound plummeted to a 31-year low as panicked traders reacted to the UK's vote to leave the EU and the prospect of recession amid months of market turmoil.

The FTSE 100 fell more than 8% within the first few minutes of trading on Friday, with shares in banks particularly hard hit and nursing their biggest falls since the collapse of the US investment bank Lehman Brothers in 2008.

Discussed with G7 colleagues market consequences of UK's decision to leave EU. @hmtreasury and @bankofengland monitoring situation closely

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