The value of the pound slipped almost 2 per cent on Monday morning as the EU referendum result reverberated around global markets.

A speech by the Chancellor George Osborne prompted a slight recovery as the stock market opened, with the pound trading 1.7 per cent down at $1.3497.

This was still slightly higher than its most severe low in 31-years of $1.3228, seen after the result came in on Friday.