The UK has been stripped of its top credit grade rating by Standard & Poor in the wake of its vote to leave the European Union.

The rating agency downgraded the country's sovereign rating from AAA to AA, saying that the vote is a "seminal event" that "will lead to a less predictable, stable and effective policy framework in the UK".

Standard & Poor are also keeping a negative outlook on the rating, which means it could be downgraded further.

The outlook reflects the risk to the country's economy and public finances, as well as the pound's role as an international reserve currency.

Standard also cited "risks to the constitutional and economic integrity of the UK" as Scotland's strong vote to remain in the EU could raise the prospect of another referendum on Scottish independence.