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Biggest Slumps For World Stocks After Brexit Vote

World Stocks

World stocks suffer biggest slumps on record, following Britain's decision to leave the EU. Billions are being wiped from share values and the Britain pound has recorded the biggest fall in living memory. Markets had priced in a remain vote and the sterling lost heavily as it emerged that Britons had opted for 'Brexit'. The Bank of England says it will take all necessary steps to shield the British economy.

Mark Carney the Bank of England governor said that "The Bank of England stands ready to provide more than 250 billion pounds of additional funds, through its normal market operations." European Parliament's president Martin Schulz expressed his concerns. he said "The member states who remain in the European Union, must discuss how to improve the European Union and how to protect, especially the euro zone countries." This blow to global confidence could also prevent the U.S Federal Reserve from raising interest rates.