Farage resigns as head of UK Independence Party

The monument was defaced with swastikas and the initials of the British National Party and English Defense League, both far-right groups.

Legal analysis by the House of Lords found that the United Kingdom “could legally reverse a decision to withdraw from the EU” even after having triggered Article 50.

Who will be the next Prime Minister?

And senior Labour MP Yvette Cooper warned: “There are children in schools whose parents are French and Polish who are in tears because they fear that they may have to leave”.

One gag doing the rounds in Brussels recalls “Schroedinger’s cat”: as the physicist’s imaginary pet was both alive and dead, so Britain is both in the European Union and out, at the table but silent. With a declining economy predicted, who will own Britain’s exit from the bloc?

The grim economic news in Britain was briefly offset by a rare glimpse of two Conservative Party grandees talking bluntly about their younger colleagues, apparently unaware they were being filmed by TV cameras. The contenders are talking in general terms about “Brexit” plans, but their words aren’t yet backed by any authority.

“For the current or future prime minister to invoke Article 50 without the approval of parliament is unlawful”. But Cameron has also left to a successor whether to go ahead with the presidency, irritating officials who reckon it takes two years to prepare a good agenda.

David Cameron’s successor will take up office by September 9 and will be responsible for creating the roadmap for Britain’s exit of the EU. All the parties are in disarray.

“They didn’t expect it to happen. It’s first of all necessary to set up a government that can act, and there’s a timetable set for that”.

Jeremy Corbyn has so far clung to the leadership of the opposition Labour Party, but is under enormous pressure after 80 percent of his MPs voted against him in a post-referendum vote motivated largely by what was seen as his lukewarm pro-EU campaigning.

The vote also led to the resignation of Prime Minister David Cameron, who wanted the U.K.to stay in the European Union, and triggered a contest to replace him.

Conservative lawmakers will gradually whittle down the five contenders to just two, starting on Tuesday, before grassroots party members vote in early September to decide the victor.

“I intend to keep the negotiations as short as possible”, she told reporters on Monday.

Oliver Letwin, who has been appointed to lead the so-called Brexit unit, said the next Prime Minister and their Government would decide the exit strategy.

The ramifications of leaving the EU’s vast single market of 500 million consumers are roiling financial markets.

Osborne says the cut is meant to underscore that Britain is “still open for business”, despite the referendum result.

Slicing more than 5% off corporation tax would see Britain close in on the Republic of Ireland’s 12.5% levy and give the country one of the world’s lowest rates.

He said Britain faced a “very challenging time” and urged the Bank of England to use its powers to avoid “a contraction of credit in the economy”.

Law firm Mishcon de Reya said on Monday it had started legal action to demand the government win approval from parliament before triggering the divorce process.

The Conservative leader in the chamber, Syed Kamall, said his team were working as normal, but added: “If Article 50 is triggered then we may need to look at how we tackle legislation that won’t come into force until after our departure”.

James Brokenshire, a Home Office minister, told Parliament that there was “no immediate change” in the status of European Union nationals living in the U.K. But he insisted that it would be “unwise” to guarantee their status without reciprocal assurances from the European Union.