UK loses triple-A credit rating after Brexit vote

Standard & Poor's issues downgrade and pound hits 31-year low despite chancellor's attempts to soothe markets

The UK has been stripped of its last AAA rating as credit agency Standard & Poor's warned of the economic, fiscal and constitutional risks the country now faces as a result of the EU referendum result.

The two-notch downgrade came with a warning that S&P could slash its rating again. It described the result of the vote as "a seminal event" that would "lead to a less predictable stable and effective policy framework in the UK".