Jun 26, 2016 10:44 AM EDT

Pound's Value Decreases Due To Britain E.U. Referendum Results

The pound's value has decreased following the Britain E.U. referendum results. The people voted for the nation's exit from the European Union.

The Independent reported that Britain's decision to leave the E.U. is "plunging the country into unchartered political and economic territory." The result for Brexit has led the pound to fall, for 31 years, at its lowest level.

The Britain E.U. referendum results will trigger a withdrawal from the European Union. It may also pave the way for another referendum for an independent Scotland, as per the publication.

"It will be catastrophic for Britain," chairman of the House of Commons Home Affairs Select Committee Keith Vaz said. "It is just so, so terrible."

The pound has fallen to the lowest level against the dollar since 1985. Early predictions believe that the FTSE 100 share index will drop by about 6 percent.

"It's a nation divided and the PM will have a big responsibility - to show he understands what people are saying on the Leave side of the argument," former Labor leader Ed Miliband said. "Labour faces that responsibility too."

"As far as Labour voters are concerned, there are two issues. There is obviously immigration, but beneath that there is a whole set of issues about people's lives and the fact that they don't feel politics is listening to them."

According to Mirror, the value of shares after the Britain E.U. referendum results could be wiped off of about £100 billion. Former Lib Dem Business Secretary Vince Cable predicted a "bloodbath on the financial markets."

CNN noted that FTSE 100 stock futures fell by 8 percent. This is the biggest market slump since the late 1980s. "The financial markets have certainly taken the view that the decision to leave the European Union is bad news for the United Kingdom in the near term at least," chief economist at IHS Howard Archer said.

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