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Britain loses its triple A credit rating as pound plunges

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Britain loses its triple A credit rating as pound plunges

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Uncertainty over when and even if Britain is leaving the EU hammered London’s financial markets on Monday.

At one point sterling hit at 31 year low against the dollar, falling to just 1.31 dollars. In all forty billion dollars has been wiped off the value of Britain’s biggest companies since the vote to leave result on Friday.

The ratings agency Standard and Poor’s was quick to react, stripping Britain of its triple A grade investment rating down to AA.

S&P said it was the first time it had chopped an AAA-rated sovereign credit rating by two notches in one go.

There’s been great political uncertainty after prime Minister David Cameron’s resignation created a leadership vacuum which won’t be filled until September.

Meanwhile Jeremy Corbyn, the leader of the opposition Labour party, is facing a leadership challenge as support for him melts away.

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