Summary

  • Sterling down 8% against the dollar and 6% against the euro

  • Banks and housebuilders among biggest fallers on FTSE 100

  • Wall Street falls more than 3% after London closed 3.1% lower

  • European stock markets hammered

Live Reporting

Dan Macadam

  1. Nothing to see here...

    Influential fund manager Neil Woodford has blogged on the vote to leave the EU - and he's pretty sanguine.  

    This is what he has to say:

    "Markets are clearly shocked by the decision but, in our view, it is not as negative a development as the market’s initial reaction appears to imply...

    "The independent report that we commissioned on the subject concluded that Britain’s long-term economic future would be largely unaffected by a decision to leave the European Union. We stand by these conclusions... 

    "In the longer term, it is my view that the trajectory of the UK economy, and more importantly the world economy, will not be influenced significantly by today’s outcome...  

    "Although market conditions such as these can be unsettling, we would strongly urge investors to look through this period of uncertainty and focus on the long-term opportunity which, in our view, continues to remain attractive."

  2. Carney 'delivers much needed tonic to the markets'

    Kathleen Brooks of City Index says: "[Mark] Carney played down his doomsday message in his speech earlier, and even pulled a Draghi when he said that the Bank of England stands ready to do what it takes to carry the UK economy through this destabilising process.

    "Markets typically love it when a central bank says that it will do whatever it takes."    

  3. Holidaymakers 'will have to dig deep'

    Laith Khalaf, a senior analyst at Hargreaves Lansdown says:

    Global stock markets have taken a Brexit hit, with European markets actually falling more than the FTSE. Safe haven assets have soared as investors sought security, with gold rising 5% and UK bond yields plunging to historic lows. On the stock market, banks and housebuilders have been hit particularly hard this morning as markets try to factor in the Brexit effect on the UK economy. Sterling has fallen to its lowest level for over 30 years, which will mean holidaymakers heading abroad in the coming weeks will have to dig extra deep to buy foreign currency."

  4. Bank of England statement on referendum result

    The statement from the governor of the Bank of England, Mark Carney, following the EU referendum result.

    Read More

  5. Ryanair: Brits will 'flee the country'

    Ryanair planeGetty Images

    It's a good job we're better at running an airline than political campaigns. Britons are booking our £9.99 seats in record numbers in what will be the last big seat sale of its kind, as they look to flee a country which will be run by Boris, Gove and Farage."

    Ryanair

  6. FCA: 'Consumer rights and financial rules unaffected by Brexit'

    FCA logoFCA

    Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for government and parliament. Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect. Consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the government changes the applicable legislation. The longer term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future.

    Financial Conduct Authority

  7. What does EU exit mean for emerging markets?

    A stock dealer watches share prices on his screen at a brokerage house in MumbaiGetty Images

    There is going to be a lot of volatility in financial markets and there’s already been a strong reaction in emerging market currencies. But this is a much bigger deal for the UK than it is for emerging markets. Most emerging markets are far more driven by the dynamics of their own economies and politics than they are by ours. The external factors that really matter for these countries are the price of commodities, China’s economic slowdown and what Janet Yellen does next. The only exception is if the UK leaving the EU causing a big slowdown in global growth. That would effect emerging markets but it’s unlikely to happen.

    Brett Diment, Aberdeen Asset Management head of emerging market debt

  8. JPMorgan 'warns on moving jobs from UK'

    Financial News tweets...

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  9. 'Not the time for knee jerk reactions'

    Whilst some of the market falls are steep, from my long experience having worked through Black Monday, Black Wednesday, the Asian crisis, etc this is not the time for knee jerk reactions but rather it’s important to have a calm head on behalf of our clients. As long-term investors, often the best course of action is to do nothing or even take advantage of mis-pricing opportunities."

    Martin Gilbert, Aberdeen Asset Management co-found and CEO

  10. Housebuilders among top FTSE 100 fallers

    Housebuilders are among the top fallers on Britain’s blue-chip index, with investors concerned about a possible setback for the British economy due to the vote to leave the EU on prospects for housing market.

    Taylor Wimpey is down 22%, Berkeley Homes is down 21% and Barratt Developments is off 20%, falls only matched by a slump in Barclays.

    “There’s economic and political uncertainty and we could potentially see another recession,” said Michael Hewson, chief markets analyst at CMC Markets.

  11. EU Referendum: What happens next

    The process for the UK's withdrawal from the European Union is not a simple process.

    EU Referendum
    • The UK remains a member of the EU at this stage
    • The process has already begun with David Cameron announcing he is stepping down as Prime Minister
    • A statement to Parliament will follow on Monday - or earlier if MPs demand a special sitting
    • Leaving the EU is not automatic. The UK's departure has to be negotiated with the remaining members within two years
    • The European Parliament has a veto over any new agreement on relationship between UK and EU
    • Britain could technically ignore 'rules' and simply write the EU out of its laws, but that would not make future negotiations and easier

  12. Swiss central bank acts to 'stabilise' Swiss franc

    Swiss Francs and eurosGetty Images

    Switzerland's central bank said earlier it had "intervened" in the foreign exchange market to stabilise the Swiss franc, considered a safe haven currency, following the so-called Brexit vote, reports AFP

    "Following the United Kingdom's vote to leave the European Union, the Swiss franc came under upward pressure," the bank said in a statement.

    As the result of the vote became clear, the Swiss franc strengthened considerably against the European single currency, trading at just 1.06 francs to the euro at 7am compared to 1.10 francs to the euro seven hours earlier. 

  13. Carney: BoE 'taken all necessary steps' to prepared fo today

    Bank of England governor Mark Carney has been making an effort to reassure and calm markets after the UK's vote to leave the EU. 

    He says the Bank of England has stress-tested banks against far more severe circumstances than those our country now faces. 

    The UK will adjust to a new trading relationship that will be put in place over time, he said.

    The best contribution the Bank can make is to to continue to pursue relentlessly it responsibility for monetary and financial stability.

    The bank he said had taken all necessary steps to prepare for today's events 

  14. Reaction to Carney's 'calm' statement

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  15. Mark Carney: Bank of England stands ready to adjust to market volatility

    More from Mark Carney, governor of the Bank of England. He says some market volatility can be expected following the UK's decision to leave the EU, "but we're prepared for this".

    He says it will take some time for the UK to establish new relationships with the EU and the world.

    The Bank of England "will not hesitate to take additional measures as markets adjust", he adds.

  16. 'We are well prepared for this' - Bank of England governor
    Breaking

    Bank of England governor Mark Carney is now giving his reaction to today's result.

    "We are well prepared for this," he says.

    Mark Carney

  17. Cameron says UK 'needs fresh leadership'

    EU vote: David Cameron says UK 'needs fresh leadership'

    Prime Minister David Cameron has said he will step down after the UK voted to Leave the European Union.

    Cameron says UK 'needs fresh leadership'

    Prime Minister David Cameron has said he will step down after the UK voted to Leave the European Union.

    Read More