3.21pm BST

The pound has hit a 31-year low against the dollar, my colleague Graeme Wearden reports on the business blog.

Related: Pound hits new 31-year low, as Brexit fears grip markets – business live

As sterling plummets to new 30-year low, could someone find out who told @BorisJohnson this pic.twitter.com/NKDI9Rsyyi

3.17pm BST

Any prime minister will need parliamentary approval to trigger article 50 of the Lisbon treaty and initiate the UK’s exit from the European Union, according to a report by constitutional lawyers.

In a legal opinion published on Monday, Nick Barber, a fellow at Trinity College, Oxford, Tom Hickman, a barrister at Blackstone Chambers and reader at University Collegge, London, and Jeff King, a senior law lecturer at UCL, declare that: “In our constitution, parliament gets to make this decision, not the prime minister.” They add:

The prime minister is unable to issue a declaration under article 50 of the Lisbon treaty – triggering our withdrawal from the European Union – without having been first authorised to do so by an Act of the United Kingdom Parliament. Were he to attempt to do so before such a statute was passed, the declaration would be legally ineffective as a matter of domestic law and it would also fail to comply with the requirements of article 50 itself.

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