Stabilising the EU

Here is a run down of the latest aftermath of the Brexit.

Germany, France and Italy are meeting to discuss the Brexit decision.

The BBC's Damian Grammaticus says that while they would like the process to begin as soon as possible - they also understand that there is a significant crisis in the UK and that it could take some time.

Their priority will be to stabilise things and send out messages of confidence, stressing that they continue to back the EU.

 

Osborne seeks to reassure financial market

George Osborne will make a statement at about 07:00 BST in a bid to calm the financial markets - it'll be the first time we've heard from the chancellor since the Leave campaign won Thursday's referendum.

His aim will be to provide reassurance about the UK's economic and financial stability, a Treasury official said.

Before that statement the pound fell further, down another 2.6% against the dollar at $1.34.

 

The UK will always be part of Europe, says Boris Johnson

We've also heard from Boris Johnson overnight, via an article in the Daily Telegraph.

He is stressing that there's "no great rush" to leave the EU and he believes the UK will be able to retain access to the single market while introducing an Australian-style points system to control immigration.

The leading pro-Leave campaigner said also exit supporters must accept the 52-48 result was "not entirely overwhelming", and attempt to build bridges with those who voted differently.

His column said: "I cannot stress too much that Britain is part of Europe, and always will be." 

 

Brexit result "scares me"

Simon Walker, head of the business group the Institute of Directors, says he's "scared" by the impact of Brexit.

Speaking on Radio 4's Today Programme he quotes the Leave economist Patrick Minford who said that Brexit would "mostly eliminate manufacturing" in the UK but that shouldn't scare people.

"Well it scares me," says Mr Walker.

His group has surveyed its 1,000 members and the negativity "surprised me", he adds.

Two-thirds think it is negative for their business, 36% are planning to cut investment, 22% are planning a hiring freeze, while 5% are planning to cut jobs.

 

Corbyn defiant despite shadow cabinet exodus

Labour leader Jeremy Corbyn has said he will stand in any new leadership election following the resignations of a string of shadow cabinet colleagues.

Shadow Commons leader Chris Bryant was the latest person to resign last night in protest at Mr Corbyn's leadership over the EU referendum.

More resignations are expected this morning, but while he says he regrets those resignations, Mr Corbyn is defiant and insists he will press on and reveal a reshaped cabinet on Monday.

Later, Labour MPs are due to discuss a no confidence motion against Mr Corbyn.

Author: 
BBC