The pound has fallen to levels not seen since 1985 following the UK's referendum vote to leave the EU.
Shares have also been hit.
The FTSE 100 index began the day by falling more than 8 per cent, then regained some ground to stand 2.5 per cent lower.
The more UK-focused FTSE 250 fared even worse, down 8 per cent in early afternoon trading.
Banks were hard hit, with Barclays and RBS falling about 30 per cent, although they later pared losses to below 20 per cent.
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