Today's drop in the value of the pound (against the USD, specifically) was, as many people have noted
, the largest ever recorded. That's true, but doesn't give a real sense of how unprecedented it is: today's drop - from day's end to day's end - was bigger than the second and third largest drops put together. If you count from yesterday's peak at the start of counting to today's nadir (ie 24-hr high to low), the Leave drop is larger than the second, third, and fourth largest currency crashes in UK history put together
(For reference, drops two to four are the "Winter of Discontent" in 1978, the UK's ignominious exit from the ERM in 1992, and the 2008 financial crisis, in that order.)
Except that according to Krugman none of that is even remotely true. Which makes me wonder where the BBC (and others reporting the same) got their figures from, given how far off they look to be. (The BBC gives the ERM crash as 4.3%, Krugman says "about a quarter". That's a big difference!)
Correction to the correction: Krugman turns out to be comparing yesterday's single-day change with the longer-term
effects of other catastrophes. The original stands. Thanks to ewx
for pointing this out.