|UK had voted to leave the EU.|
The value of the pound has fallen dramatically as it emerged that the UK had voted to leave the EU.
Oil prices slumped by more than 6 percent on Friday after results of a landmark referendum showed Britain had voted to leave the European Union, causing huge market uncertainty and fracturing European efforts to forge greater unity
The dollar fell below 100 yen for the first time since November 2013, while the pound dropped by the most in living memory.
U.S. crude was down $2.77 at $47.34 a barrel at around 0314 GMT. Brent crude was down $2.75 at $48.16 a barrel.
World markets took a plunge on Friday after a dramatic night ended in Britain voting to leave the European Union.
Initial polls had the ‘remain’ camp winning by a knife-edge. But the final count saw a narrow victory for ‘leave’ as the nation split 52-47 in favor of becoming the first ever EU member state to request an exit.
“The decision for UK to Leave the EU has opened up a Pandora’s Box as far as the London property market is concerned,” says Wetherell chief executive Peter Wetherell, who expects to see a “two-speed” market in the capital.
it’s down for everything from equities to oil. Bad economies in the UK and Europe is not good for oil and there could be a domino effect on other economies in Asia,” said IHS oil analyst Victor Shum.
A weaker pound buys fewer dollars or other foreign currencies, which makes it more expensive to buy products from abroad. However, it should benefit exporters as it makes their goods cheaper.
Against the euro, the pound dropped 7% to around €1.2085.
“However in West London and Inner North London where there are high levels of EU buyers there could now be a dramatic slowdown which could last for a number of years. The more commercial property dominated markets of the City of London and Canary Wharf/Docklands could be really damaged by this exit from the EU, with a flight of capital, companies, jobs and workers.”
Real estate company JLL has predicted an immediate slowdown of 10pc to 15pc in UK housing market transactions, with current levels not expected to return until 2018.
It is the first time any of the 28 member states has requested to leave the EU in its 59-year history
below is UK Vote to leave EU
Counting completeTurnout: 73.0%
Counting completeTurnout: 62.9%
Counting completeTurnout: 67.2%
Counting completeTurnout: 71.7%