Really the smart money says otherwise "
Oh and from now on the "smart money " is definitely
Not the pound !
The markets are politically neutral and are just reacting to uncertainty. That uncertainty will go away over time - they'll be a short term wobble and perhaps a shallow recession - but long term there is no reason why the UK cannot flourish with a negotiated free trade arrangement and with the shackles very much off in terms of trading with the rest of the world - just as Australia, Canada, Japan, South Korea and many others do without the need for pooling sovereignty with their neigbours.
As for the pound - it is currently at 1.23 against the Euro. In 2008 it bottomed out at 1.03. It is now back to the level of 2014. It may fall further, but it's unlikely to get close to the 2008 level - and the country didn't exactly collapse at that time - it recovered and will again. Besides, the weakening of the pound will give a potential boost to manufacturing and exports.