Brexit shock: Pound collapses to lowest since 1985

Children pose next to a chalkboard advertising a Brexit viewing event at “The Churchill Tavern”, a British theme bar, on the day where Britain votes whether or not to remain in the European Union in the Manhattan borough of New York. (Source: REUTERS)

The pound collapsed to its lowest level since 1985 as the unit takes a beating on fears that Britain will vote to leave the European Union, in what critics warned would be a hammer blow to financial markets.

The unit tumbled to USD 1.3466, its weakest level in three decades, according to Bloomberg data, as results in the EU membership referendum showed the “Leave” camp posting big wins and bookmakers Pound collapses to lowest since 1985 on Brexit shock.