Pound hits lowest levels since 1985

There has been a dramatic fall in the value of the pound as traders bet the UK will exit the European Union. 

At one stage it hit $1.3459 (US) a 9% plunge, and a low not seen since 1985.

Presently the Australian dollar is still buying just 55 pence. 

Before the results started to come in the pound rose as high as $1.50, as traders bet on a Remain victory, BBC news reports.

But following early strong Leave votes in north-east England it tumbled to $1.43 and then took another dive after 03:00 BST as Leave maintained its lead.

Expert warns vote could trigger another global financial crisis