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EU referendum results: Pound plummets after big win for Leave in Sunderland EU referendum results: Pound plummets after big win for Leave in Sunderland
(35 minutes later)
The pound fell sharply after a big win for Leave in Sunderland and a narrower than expected vote for Remain in Newcastle. The pound plummeted by 4.4 per cent against the dollar after a shock large victory for leave in Sunderland. It was the sharpest recorded fall in the value of the UK currency since 2009.
It quickly fell from 1.50 to 1.43 against the US dollar as earlier confidence in the markets took a hit. The pound had been pushed up above up to a new high for the year of US $1.5 as financial traders, working through the night, responsded to polls earlier in the evening showing a relatively comfortable lead for Remain.
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But that mood rapidly reversed after the count in the north-eastern city showed a 20 point victory for Leave and sterling was sent rapidly down to just US $1.4295.
A host of analysts, including the Bank of England, have forecast that the pound could fall by 20 per cent against the dollar if Britain does vote for Brexit.
The pro-EU camp won 51 per cent of the vote in Newcastle, smaller than the 12 per cent lead that had been forecast, and in neighbouring Sunderland in favour of exit was an emphatic 61 per cent.
“The early optimism of the Yougov poll at 10pm has evaporated almost instantaneously. Newcastle was a squeaky win for Remain but Sunderland was a huge kick in the ribs and the bottom has fallen out of the pound” said Jeremy Cook of World First.
Andy Scott, economist at HiFX, said: “Sterling just fell 400 points against the dollar after a significant victory for leave in Sunderland with 61 per cent of the vote. Stunning moves and things are really starting to look uncertain in these results”.