The pound has continued its rapid devaluation despite calls for calm from the Chancellor of the Exchequer, who said that Britain was ready to face the future “from a position of strength”.

In his first appearance since the vote to leave the European Union on Thursday, George Osborne said there would still be a need to “adjust” the economy to a post-Brexit world, but that it was “perfectly sensible to wait for a new prime minister” before such action was taken.

He hoped that his comments would calm the financial markets, who have seen billions wiped off their value in the last four days, but the FTSE has declined a further two percent today, while the pound has continued its freefall down another 3.15% to a 31-year low.

Barclays shares fell more than 12% and Royal Bank of Scotland shares fell more than 14% before trading was suspended in an attempt to stem further losses.