‘No need to write, David,’ impatient EU tells Cameron

EU lawmaker Manfred Weber of the European People’s Party, the largest in the European Parliament, said Britain’s decision to leave the EU “causes major damage to both sides”.

“We understand and respect the result (of the referendum) and understand that Britain is now concentrating on Britain”, Steinmeier said, flanked by Ayrault, the Netherlands’ Bert Koenders, Italy’s Paolo Gentiloni, Belgium’s Didier Reynders and Luxemburg’s Jean Asselborn. “It is not an amicable divorce, but it was also not an intimate love affair”.

EU officials said there was no real problem if it took a few months to begin the process for Britain to leave, though waiting until the end of the year could get in the way of the next round of EU budget talks and European election campaigning.

What is known: The EU has evolved over a half century into one of the world’s true economic powerhouses. Britain must, at some point, unambiguously notify the bloc of its intentions and set a two-year clock ticking for negotiating its departure.

“In law, the United Kingdom could change its mind before withdrawal from the European Union and decide to stay in after all”, said Wyatt. That was more than 14 percent below its levels early on Friday when investors believed the “remain” camp would win the referendum.

Scottish First Minister Nicola Sturgeon said “Scotland has voted to stay in the European Union”, and a new referendum on independence from the United Kingdom is now “highly likely”.

Earlier Friday, Trump likened his candidacy to the referendum vote and said should he win the presidency in November, he would work to strengthen ties between the US and an independent Britain. There were also reports that technology startups in the United Kingdom were having investors pull out because the funds being provided were contingent on Britain remaining in the EU.

A close ally of Prime Minister David Cameron, Lord Hill had argued for the United Kingdom to remain in the EU.

Cameron’s fellow Conservative and Britain’s most prominent “Leave” campaigner, Boris Johnson, however said that “it is vital to stress that there is now no need for haste”.

“I do not think it would be right for me to try to be the captain that steers our country to its next destination”, he said as sterling, global stocks and oil prices plummeted. Britain first joined the EU, then called the European Economic Community, in 1973, a decision endorsed in a referendum two years later. He added that he “can’t imagine the British government putting that into question”.

It would be the second independence referendum to be held after Scotland voted against the move in 2014.

Luxembourg Foreign Minister said he hoped there would be no “cat and mouse” game.

Japanese shares gained after news reports said Prime Minister Shintaro Abe instructed financial officials to take steps to stabilize financial and currency markets.

Legally, there is little the European Union can do to force Britain’s hand, since Article 50 must be triggered by the country that is leaving.

There was euphoria over the vote in much of the British press.

German Chancellor Angela Merkel struck a less urgent tone, saying it “shouldn’t take forever” for Britain to deliver its formal notification of leaving “but I would not fight over a short period of time”.

“There is no need to be nasty”, she added. They must be conducted properly, ” Merkel said at a news conference in Potsdam, outside Berlin.

Leaders of the Leave campaign have admitted that they had no prepared plan for a Brexit and that some of their promises could not be met.

In Berlin, German Foreign Minister Frank-Walter Steinmeier responded to the news on June 24 by saying Britain’s vote to leave the European Union was “a sad day for Europe and Britain”. Meanwhile, the Labour Party is facing a revolt from its senior leaders, even as uncertainty prevails over Prime Minister David Cameron’s successor. Goldman saw Britain entering a mild recession within a year due to a deterioration in its terms of trade, scaled-back investment and tighter financial conditions because of exchange rate fluctuations, and weakness in risk assets.

The decision to give more time to Cameron was taken at a meeting of the 27 sherpas – the leaders’ European Union advisers – and European Union ambassadors in Brussels on Sunday.