Speaking to City AM, the former BoE policymaker said: "Brexit will spell the end of David Cameron, George Osborne and Mark Carney because they just told us Brexit would be a disaster for Britain but didn't tell us what they would do in the event of Britain leaving the EU."
Blanchflower said that a drop in the pound, which has tumbled to lows not seen since 1985, goes to show that Britain is now in the grips of "an economic crisis". He said measures need to be taken to prevent the pound falling another 10-20 per cent and FTSE falling 10 per cent or more. He also said that interest rate cuts could be on the cards.
He said: "The Monetary Policy Committee needs to have an emergency meeting with central banks around the world to ensure liquidity is ok and banks remain open."
Read more: Britain votes for Brexit: Live results
The macro-economist called on Cameron and Osborne to give Britain "a clear picture" and that them quitting will hit the UK economy even further.
"We're in an economic crisis and Osborne and Cameron quitting will lead to markets tanking even further.
"They really need to tell us what they're going to do to calm nerves and demonstrate who's in charge of Britain."
|Brexit Britain: What you need to know|