£120bn wiped off UK shares in 10 minutes

THE stock market has slumped this morning as it reacts to the UK’s decision to vote to leave the European Union in a historic referendum.

The FTSE-100 was down more than 8% in the opening 10 minutes, wiping around £120bn off the value of the UK’s public companies.

At 8.10am, the FTSE-100 was down more than 500 points, to around 5,800.

The City had expected the referendum to result in a decision to stay in Europe, and today’s trading is expected to be chaotic.

David Cameron is expected to speak from outside Downing Street shortly.

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