David Cameron rules out second European Union referendum

In currency markets, the British pound slid to $1.3188 from $1.3638 late Friday, despite the British Treasury’s reassurances that the economy was strong enough to withstand the uncertainty.

During a powerful statement to Parliament, Mr Cameron promised to honour the result of the referendum result, even though it was not what he had supported. “We need to jointly handle challenges, strengthen confidence and create a stable global environment”.

It is also keeping a negative outlook on the rating, which means it could downgrade the country further.

It added the outlook reflects the risk to the economy and public finances, as well as the pound’s role as an worldwide reserve currency.

He said he was working closely with the Bank of England and officials in other leading economies for the sake of stability as Britain reshapes its relationship with the EU.

Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many Brexit backers focused on immigration, complaining too many migrants had arrived from eastern Europe.

Earlier, Merkel said she understood that Britain may need “a certain amount of time to analyze things”, but said a “long-term suspension” of the question wouldn’t be in either side’s economic interest. A majority of parliamentarians, like him, had argued that Britain should stay in the EU.

He spoke with EU High Representative Federica Mog on Monday saying the vote to leave the EU should be respected since it was made in a democratic process.

“We are now evaluating the impact of this decision”, Kerry said at a news conference alongside U.K. Foreign Secretary Philip Hammond, when asked about President Barack Obama’s declaration in April that the British would be relegated to the “back of the queue” in trade negotiations, if it left the EU. About a quarter said they would freeze hiring and 5 per cent said they would cut jobs. That is why we expect the British government to now deliver.

Britain’s FTSE 100 fell 2.5 per cent, while Germany’s DAX and France’s CAC 40 each gave up 3 per cent. UniCredit fell 8.09 per cent. The government was looking at options to help its banks and prevent further share price falls.

London has huge banks such as the Royal Bank of Scotland, but it also has a vast ecosystem of brokerage firms, lawyers, asset managers and derivatives traders.

Meanwhile, Cameron chaired an emergency Cabinet meeting Monday and announced the formation of a special civil service committee to oversee talks on what is popularly called Brexit.

However, single market rules stipulate that countries must accept the free movement of people as well as goods.

“It’s a matter for the government”, Renwick said.

The uncertainty fueled worries for businesses big and small.

The euro EUR=, also considered vulnerable to the exit from the European Union of its second-largest economy and a major financial center, fell 0.6 percent to $1.1057, off a low of $1.0980. But in the wake of the shocking Leave victory, he has said he plans to resign in October and will leave it to his successor to invoke the article – raising hopes among some that it might not happen.

The lack of a written constitution in Britain makes the picture hazy. leaving some to say that parliament is not obliged to ratify the referendum result.

There have been reports of an increase in hate crimes since the vote.

“In the past few days we have seen despicable graffiti daubed on a Polish community centre, we’ve seen verbal abuse hurled against individuals because they are members of ethnic minorities”. A wave of Labour lawmakers resigned from leader Jeremy Corbyn’s team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the European Union was half-hearted.