The UK's 10-year bond yield fell below 1% for the first time in history on Monday.

The yield on the UK's benchmark government bond fell below 1% at about 9:20 a.m. BST (4:20 a.m. ET), and it dropped to as low as 0.938% at about 10 a.m.

It was the first time the 10-year yield on one of Europe's biggest sovereign-debt vehicles had dropped below 1%. It is part of a historical rally in the price of bonds as investors worldwide flock into the safety of government debt and flee risk, which has been exacerbated massively by the UK's vote for a British exit from the European Union, or Brexit, on Thursday.

It has rallied a small amount since 10 a.m. to trade at 0.948%. Bond yields move inversely to the price of the bond on the market. The more people want the bond, the higher the prices go and the lower the yield.

Here is how the 10-year bond looks at lunchtime on Monday:

Despite warnings from every major ratings agency that the UK faces a credit downgrade in the near future thanks to the Brexit, UK government bonds — known as Gilts — are still attracting money as a relative safe haven from the chaos hitting the equity and currency markets.

Lowering yields reflects the belief of investors that the Bank of England may be forced to cut interest rates at its next meeting given the gloom surrounding the economy, which several banks are now predicting could fall into recession in the coming months and years.