Brexit live: David Cameron resigns after EU referendum result
Trump hails Brexit vote a 'great thing'
US presidential hopeful Donald Trump has said it is a “great thing” that the people of the UK have “taken back their country”.
He made the remarks as he touched down at his Trump Turnberry golf resort in Scotland. Interesting timing.
Donald Trump arrives at his revamped Trump Turnberry golf course in South Ayrshire. Photograph: Andrew Milligan/PA
Our reporter on the ground in Germany, Kate Connolly, has sent this report of the reaction in Berlin:
Angela Merkel is meeting her party and parliamentary heads in the
chancellery at 11.30am (10.30am UK time), for an emergency meeting to
discuss the consequences of the UK’s Brexit vote. Various cabinet
ministers are also expected to be present. She is due to deliver a
statement an hour later..
Sigmar Gabriel, the head of Germany’s Social Democrats – the
coalition partners in Angela Merkel’s government – said in an interview
that the British vote does not signal a downfall, rather, “the chance
for a new beginning.”
He called Brexit a “shrill wake up call” for European politicians.
“Whoever fails to heed it or takes refuge in the usual rituals, will
drive Europe against the wall,” he said.
The Plaid Cymru leader, Leanne Wood, has called it a “dark and uncertain morning.”
She said: “People in Wales and elsewhere in the UK have voted to leave the European Union – their will must be respected.
Leanne Wood.
“The top priority now must be to secure political and economic stability for Wales and the rest of the United Kingdom.
“With Scotland voting to remain and a second independence referendum
now on the cards, it is clear that the UK cannot continue in its current
form. Wales, its economy and its communities will soon be at the full
mercy of the Westminster elite and robust action must be taken to
mitigate the impact of this.
“All the promises made by the eave campaign, with regards to
safeguarding grants and financial support for Wales and our NHS must now
be fully honoured, not only up to 2020 under current EU programmes, but
beyond that into the future.
“Plaid Cymru will work to ensure that every penny and every key power
that is handed down directly from Brussels comes to Wales.
“On this dark and uncertain morning for our country, people can rest
assured that Plaid Cymru is united, confident and focused on getting the
best for Wales. We are determined to do everything we can in order to
empower our national institution and protect our communities.”
David Cameron Photograph: Will Oliver/EPA
Here’s the full text of Cameron’s statement: There can be no doubt about the result. Across the world, people
have been watching the choice that Britain has made. I want to reassure
those markets that Britain’s economy is fundametally strong. I would
also reassure Brits in European countries and EU citizens living here
that there will be no immediate changes in your circumstances. There
will be no initial change in how we can travel, how our services and
goods can move. we must now prepare for a negotiation with the EU. This
will needed to involve the full participation of the Scottish, Welsh and
Northern Irish governments to ensure all parts of our United Kingdom
are protected and advanced. Above all this will require strong, determined and committed
leadership. I am proud and very honoured to have been the prime minister
of this country for six years. I have always believed we need to confront big decisions not duck
them. I fought this campaign in the only way I know how, to say
directly and passionately what I think and feel, head, heart and soul. I
held nothing back. I was absolutely clear about my belief that Britain
is stronger, safer and better off inside the EU. I made clear the
referendum was about this and this along not the future of any single
politician, including myself. But the British people made a different
decision to take a different path. As such I think the country requires
fresh leadership to take it in this direction. I will do everything I
can as prime minister, to steady the ship in the weeks ahead, but I do
not think it would be right for me to try to be the captain that steers
our country to the next destination. This is not a decision I have taken
lightly but I do think it is in the national interests to have a period
of stability and then the new leadership required. In my view we should
aim to have new prime minister by the start of the Conservative party
conference in October, delivering stability will be in important and I
will continue in post with my cabinet for the coming months. The cabinet
will meet on Monday. The negotiation with the European Union
will need to take place under the next prime minister, and the new
prime minister takes the decision about whether to trigger Article 50,
the legal process of leaving the EU. I will attend the European Council
next week to explain the decision the British people have taken and the
decision I have taken. I love this country and I feel honoured to have served it. And I
will do everything I can in future to help this great country succeed.
The EU referendum turnout represents the the single highest UK-wide election turnout of the past two decades.
The final turnout was 72.2%, higher than any general referendum since
1997 but lower than that recorded in the Scottish independence
referendum in 2014 when turnout reached 84.6%.
Below is a selection of voter turnout in selected general elections and the 2014 Scottish independence referendum.
Voter turnout
A few months ago the Bank judged that the risks around the referendum
were the most significant near-term domestic risk to financial
stability. To mitigate them, the Bank has put in place extensive
contingency plans and these plans beginning with ensuring that the core
of our financial system is well capitalised, is liquid and is strong ...
All of these resources will support orderly market functioning in the
face of any short term volatility.
The Bank will continue to consult and cooperate with all relevant
domestic and international authorities, to ensure that the UK financial
system can absorb any stresses and can do its job of concentrating of
serving the real economy. That economy will adjust to new trading
relationships that will be put in place over time. And it is these
public and private decisions which will determine the UK’s longterm
economic prospects. The best contributing we can make is to continue to
pursue relentlessly our responsibilities for monetary and financial
stability. We have taken all the necessary steps to prepare for today’s
events and in the future we will not hesitate to take any additional
measures required.
His words have only been of some help, according to our banking specialist Jill Treanor.
Here’s the video of Mark Carney’s statement this morning.
More calming words from Carney:
The capital requirements of our largest banks are now 10 times higher
than before the financial crisis. The Bank of England has stress-tested
those banks against scenarios far more severe than our country
currently faces. As a result of these actions UK banks have raised over
£130bn of new capital and now have more than £600bn of high quality
liquid assets. That substantial capital and huge liquidity gives banks
the flexibility they need to continue to lend to UK businesses and
households even during challenging times.
Moreover, as a backstop to support the functioning of the markets the
Bank of England stands ready to provide more than £250bn of additional
funds through its normal market operations. The Bank of England is also
able to provide substantial liquidity in foreign currency if requires.
We expect institutions to draw on this funding if and when appropriate.
It will take some time for the UK to establish a new relationship with Europe
and the rest of the world. So some market and economic volatility can
be expected as this process unfolds, but we are well prepared for this.
Her Majesty’s Treasury and the Bank of England have engaged in extensive
contingency planning and the chancellor and I have remained in close
contact including through the night and this morning. The Bank of
England will not hesitate to take additional measure as required, as
markets adjust.
Mark Carney makes Bank of England statement on Brexit
Mark Carney. Photograph: Will Oliver/EPA
Mark Carney, the governor of the Bank of England, is making a
statement to try to reassure the markets. He says the Bank will “not
hesitate” to steady the markets. Carney said it will make an extra
£250bn available to the banks.
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