BP brushes off Brexit as it says base will remain in the UK June 24, 2016 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 [...]
Gibraltar will never pay the price of being Spanish for access to the single market, says chief minister June 24, 2016 Gibraltar is not willing to become sovereign to Spain, even in light of the UK's decision to leave the EU, the British overseas territory's chief minister said today. "Let people make irrelevant noises about flying flags over a rock if they want to waste their breath," said Fabian Picardo in a speech to the Gibraltar parliament today. [...]
Thomas Cook suspends online currency sales after unprecedented demand overnight June 24, 2016 A surge in demand has forced travel firm Thomas Cook to suspend its online currency sales to avoid running out of cash. A vote for the UK to leave the European Union led to a sharp fall in the value of the pound, which had been rallying all week as markets bet the UK would vote to [...]
EU referendum: IMF calls on UK and EU to play nicely during divorce proceedings June 24, 2016 The head of the International Monetary Fund (IMF) has urged the UK and the EU to reach an amicable divorce, as the fallout from the vote for Brexit ripples across the world. Christine Lagarde, who warned Brexit could trigger a recession, called on both sides to work together to reach a new settlement which helps [...]
Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
EU referendum: World reacts as Donald Tusk calls for quick action, populist parties call for referendums and EU leaders express remorse June 24, 2016 Political leaders across the globe have responded to the UK's referendum outcome with a mix of joy, commiseration and pragmatism. While David Cameron is to stand down as Prime Minister, Nicola Sturgeon and the Scottish National Party want to call a referendum, as do Sinn Fein leaders, while Michael Gove has hailed Cameron's premiership. Outside of the UK, European Commission [...]
Two backbench Labour MPs have tabled a motion of no confidence in their leader Jeremy Corbyn June 24, 2016 Two of Labour's senior backbenchers have tabled a motion of no confidence in Labour leader Jeremy Corbyn following the UK's vote to leave the EU. Margaret Hodge, former chair of the public accounts committee, tabled the motion, which was seconded by Stockport MP Ann Coffey. The pair have authored a letter to Parliamentary Labour Party [...]
German chancellor Angela Merkel has invited a string of European leaders for a mini summit in Berlin following Britain’s vote to leave the EU June 24, 2016 German chancellor Angela Merkel is to host a mini summit of European leaders next week, following the UK's vote to leave the EU. Merkel said today that she had invited European Council president Donald Tusk, French president Francois Hollande and Italy's prime minister Matteo Renzi to talks in Berlin next week. Merkel added that the [...]
European Union leaders tell the UK they expect it to leave “as soon as possible” June 24, 2016 European leaders have told the United Kingdom they expect Article 50, the clause under which the formal process of leaving the EU takes pace, to be triggered immediately so negotiations over the terms of the UK's exit can begin. This puts Europe's top politicians at odds with the UK just hours after the results of the referendum [...]
Angela Merkel: Europe will stand together June 24, 2016 German Chancellor Angela Merkel has echoed European Commission president Donald Tusk, saying Europe "will stand together". "The EU is one of the world's largest economic areas, a guarantor of peace and stability," she said. "We must engage with the world. I believe the world will stand united." Her words came after Tusk said he was "determined" to hold [...]