Mervyn King: No need to panic about Brexit

Volatility is 'trial and error'

Former Bank of England governor Mervyn King has said there is no reason for people to worry following the market volatility caused by the UK's decision to leave the EU.

King (pictured), who was governor during the 2008 financial crisis, described the volatility as a "trial and error process" for markets. The FTSE 100 is down 2% today while the FTSE 250 is 6% lower and 10-year gilt yields have fallen below 1% for the first time ever as investors seek the safety of government bonds. Could UK see negative rates within the year following Brexit? Speaking to the BBC, King said: "Markets move up, markets move down. We don't yet know where they will find their level and the whole aspect of volatility is that there is a trial and error process going on be...