BBC

As you can see from the day's trading graph above the pound is sharply lower, part of a steady decline since 9th March.

Sterling has experienced “one of its steepest declines in memory” writes Neil Wilson chief market analyst at Markets.com.

It hit its weakest level since 1985, excluding the Oct 2016 “flash crash”, he says.

At 1pm UK time a pound was buying $1.19 and €1.08.

“There is a synchronised rush for dollars that has caught most companies, governments and traders on the hop,” Mr Wilson writes. But also: “the euro has developed certain safe haven characteristics. Sterling is, on the other hand, a bit of a proxy for risk.”