The pound hits a new 31-year low

Sterling's slide is continuing on Tuesday, breaking through its post-referendum low to reach levels not seen in 30 years.

Here's how the pound looks against the dollar at 7.50 a.m. BST (2.50 a.m. ET):

That surpasses the post-referendum low of $1.2798 reached on the day after the vote, which was the lowest level seen since the mid-1980s. Sterling is now at its lowest point in 31 years.

The pound tanked on Monday after Theresa May announced the date for Article 50 to be triggered, beginning the official process of Britain leaving the European Union. There are growing fears that Britain will have a "hard Brexit." which would see the country lose access to the EU's single market. This would likely bring about an economic shock.

More to come...