BP brushes off Brexit as it says base will remain in the UK

Billy Bambrough
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BP Set To Reveal Fall In Profits
BP thinks the UK is a strong, independent country that don't need no EU (Source: Getty)

BP, one of the biggest companies in the UK, has played down the effects of Brexit saying it "does not expect it to have a significant impact on business".

The UK yesterday made the historic decision to split from the European Union, with the result of the vote announced this morning causing chaos across global markets.

In a statement BP said:

It is far too early to understand the detailed implications of this decision and uncertainty is never helpful for a business such as ours.

However, we do not currently expect it to have a significant impact on BP's business or investments in the UK and Continental Europe, nor on the location of our headquarters or our staff.

BP has recently been battling against the low oil price, which has sunk from $115 dollars per barrel in mid-2014 to less than $50 today.

Read more: Oil just gained market share for the first time since 1999 - here's why

Oil prices have followed financial markets lower today as the market comes to terms with the increased uncertainty caused by the UK's unexpected vote to leave the European Union.

Oil was earlier down by more than six per cent before recovering some ground.

A little earlier international benchmark Brent crude was down $2.36 at $48.55 a barrel, while US West Texas Intermediate was $2.30 lower $47.81 a barrel.

In February this year the price fell as low as $27 per barrel but has climbed since then as US shale production has fallen away in the face of low prices.

The vote to leave has caused political upheaval across the UK with Prime Minister David Cameron announcing he would resign shortly after the vote came in.

Read more: Cameron's resignation – Politicos, analysts and business lobby react

The pound also took a heavy hammering, while global equity fell out of bed – with bank and construction stocks bearing the brunt of the panic selling.

Brexit Britain: What you need to know