The pound plunges after Boris Johnson resigns as foreign secretary

• Pound dives after Boris Johnson resigns as foreign secretary.
• Sterling drops by 0.3% from its opening price.
• Johnson's resignation marks a major blow to the stability of May's government, with speculation it could collapse already rife.

The pound has dived on Monday afternoon after Boris Johnson, the UK's foreign secretary unexpectedly resigned from his post.

"This afternoon, the Prime Minister accepted the resignation of Boris Johnson as Foreign Secretary," a spokesperson for Prime Minister Theresa May said.

"His replacement will be announced shortly. The Prime Minister thanks Boris for his work."

Johnson's resignation marks a major blow to the stability of May's government, with speculation it could collapse already rife.

In the minutes after the news, the pound dropped to around 1.3270 against the dollar, a fall of more than 0.3% from it's opening price on Monday, as the chart below illustrates:

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