It's the Brexit fallout! Prime Minister David Cameron, leader of the failed Remain movement, announced today that Britain needs "fresh leadership" and that he plans to step down by October. "The British people have voted to leave the European Union and their will must be respected...The will of the British people is an instruction that must be delivered."

Cameron's replacement will, presumably, invoke Article 50 of the Lisbon Treaty and negotiate Britain's withdrawal from the EU.

Cameron ended his speech this morning by mentioning some of the "great steps" that have been made over the past six years during his tenure as the country's leader, including "restoring Britain's economic strength."

Unfortunately, in the immediate aftermath of the Brexit decision, the value of the pound dipped down just a teeny-tiny bit. Well, it actually didn't so much "dip down" as it "crashed right through the floor and then drilled a mile into the solid earth!" The value of sterling had its biggest one-day loss in history, hitting a 31-year low.

From BBC News:

The value of the pound has fallen dramatically as it emerged that the UK had voted to leave the EU. At one stage, the currency hit $1.3305, a fall of more than 10% and a low not seen since 1985. The Bank of England said it was "monitoring developments closely" and would take "all necessary steps" to support monetary stability. Oil prices have also fallen sharply in the wake of the referendum outcome, with Brent crude down 5.2%. The price of Brent crude fell by $2.68 to $48.24 a barrel, its biggest fall since February. At the same time, US crude was down 5.4%, or $2.69, to $47.52 a barrel.

On June 20, Billionaire George Soros, in an opinion piece for The Guardian titled, "The Brexit crash will make all of you poorer--be warned," predicted this immediate sharp decline--and far worse!
It is reasonable to assume, given the expectations implied by the market pricing at present, that after a Brexit vote the pound would fall by at least 15% and possibly more than 20%, from its present level of $1.46 to below $1.15 (which would be between 25% and 30% below its pre-referendum trading range of $1.50 to $1.60). If sterling fell to this level, then ironically one pound would be worth about one euro – a method of “joining the euro” that nobody in Britain would want.