BANK OF ENGLAND: 'ALL NECESSARY STEPS'

All eyes are on the Bank of England following the UK's vote to leave the European Union.

The central bank issued a statement at 7:00 a.m., here it is:

"The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks."

"The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability."

Markets are going crazy.

The pound is dropping like a stone, off more than 10% against the dollar at $1.3416. Meanwhile Japan's Nikkei dived as much as 8.3% to 14,890.56 points, the lowest since February.

The UK's FTSE 100 opens at 8 a.m, and it's expected to be a bloodbath. The FTSE 100 will open down 8.7% according to estimates from Bloomberg News.