The value of sterling fell to a 31-year low on currency markets following the vote to leave the EU in yesterday’s referendum.

Nawaz Ali, currency strategist – UK at Western Union Business Solutions (UK), said: “On this historic day for the UK our first priority is our business customer and supporting them during this period of volatility.

“We’ve seen a substantial move in currency markets overnight and we now expect to see some stabilisation in the Pound around the $1.35 level.

“Further movement is likely but strong rhetoric from the Bank of England and other central banks this morning should provide that stabilisation.

“Because of the enormous political ramifications of this outcome, we could see a greater downside risk for Sterling over the next three months and we would not rule out a depreciation in Sterling to $1.25.”