In non-Brexit news, the UK's accountancy regulator has opened an investigation into PricewaterhouseCoopers for its audit of collapsed retailer BHS.

The Financial Reporting Council said the investigation, external is in relation to the audit of BHS' financial statements for the year ended August 30, 2014.

BHS was sold by Sir Philip Green in early 2015 for £1.

Administrators are in the process of winding down the 88 year-old retailer. 

Image source, Getty Images

The return on UK government bonds - known as the gilt yield - has fallen to its lowest level ever. 

Investors are buying more UK government debt in search of safer investments. 

The yield from a 10-year gilt dropped below 1% for the first time - hitting 0.993% in trading a short while ago.  

Leave supporters have said the fall in gilt yields is a vote of confidence in the UK economy following the Brexit vote.

Kevin Peachey
Online personal finance reporter

The Council of Mortgage Lenders, which represents lenders in the UK, says it expects a “wait and see” approach from potential buyers and sellers of property following the referendum vote – but no house price falls.

Bank shares have fallen so sharply that trading in Royal Bank of Scotland and Barclays stock was temporarily suspended on the London Stock Exchange. Trading has now resumed.

The suspension is automatic after a stock rises or falls by more than 8% in either direction and is usually for five minutes.

"The chancellor didn’t say an awful lot, but it does look like Article 50 will definitely be delayed until a new PM is appointed – probably November - and can lead the renegotiations. In this regard he has the backing of Angela Merkel, who has been a lot softer than some of her European counterparts," Joe Rundle from ETX Capital says after George Osborne's statement. 

"The longer the delay, the greater chance of a fudge to backtrack on the referendum. This is the kind of uncertainty that might offer a flicker of hope to nervous investors. A second vote is not off the table, especially with immense pressure coming from Scotland and Northern Ireland, not to mention the 500 or so MPs who supported Remain.

"Any sense of calm is very fragile and the situation could change rapidly. High levels of market volatility is expected over the coming days and weeks."

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"Markets seem a little calmer this morning, which we can at least partially attribute to George Osborne’s statement," says Joe Rundle from ETX Capital.

"After going to ground since the vote, the chancellor’s appearance indicates some much needed continuity at the heart of government," he adds.

"Despite the prime minister’s resignation and a swathe of Labour shadow cabinet departures, Osborne doesn’t appear to be going anywhere."

There's been a "dramatic drop" in credit card spending in the UK in the days following the Brexit vote, says a Mastercard executive, quoted in the The National Business Review, external

"We had started to see travel picking up in the UK, had seen that kind of discretionary spending on jewellery and retail. To [see] that now fall off is quite concerning," says Sarah Quinlan, of Mastercard Advisors, which provides analysis of data from the credit card company.

Spending had begun to pick up when it looked like the Remain camp might win, she adds.

Image source, AP

For those of you about to call HMRC (0300 200 3401) about the referendum - don't.

You will hear a (slightly exasperated?) recorded message saying that there are no changes to any taxes, tax credits, child benefits or any other laws.

"Everything is continuing as normal. Nothing has changed. There is no need to contact HMRC as a result of the referendum," the message says.

BBC Business Live

Jennifer Brown from the UK luxury firm Pampeano says she's disappointed by the UK's decision to leave the European Union.

She buys her stock in dollars and sells much of it in pounds in the UK, but also exports about 30% to the EU, so has been hurt by the exchange rate.

"We've looked at the next six months, but beyond Christmas we're not going to try and judge what's going to happen," she says.

The first priority is to try to reduce operating costs and free-up cash, she says.

Jonathan De Mello, a retail consultant at Harper Dennis Hobbs, says German supermarkets Aldi and Lidl will keep up the pricing war despite the plunge in the pound.

BBC senior economic producer Mark Broad tweets...

Labour leader Jeremy Corbyn has announced a reshaped cabinet following a wave of resignations in protest at his leadership.

Mr Corbyn lost 12 of his shadow cabinet on Sunday and four shadow ministers on Monday - with most criticising his performance in the EU referendum.

Mr Corbyn said he regretted the resignations but pledged to stand in any new leadership election.

Labour MPs are due to discuss a no confidence motion against Mr Corbyn.

The new line-up includes:

• Shadow foreign secretary - Emily Thornberry
• Shadow health secretary - Diane Abbott
• Shadow education secretary - Pat Glass
• Shadow transport secretary - Andy McDonald
• Shadow defence secretary - Clive Lewis
• Shadow chief secretary to the Treasury - Rebecca Long-Bailey
• Shadow international development secretary - Kate Osamor
• Shadow environment food and rural affairs secretary - Rachel Maskell
• Shadow voter engagement and youth affairs - Cat Smith
• Shadow Northern Ireland secretary - Dave Anderson

The full story here

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As well as Easyjet and Foxtons, banks shares are down sharply again. Barclays is down more than 6% and RBS has tumbled 5%.

That's in addition to their steep falls on Friday. 

But overall, the FTSE 100 has come back a bit from its first trades, down just 0.4%, or 26 points at 6,112. It's helped by gains in the mining sector - such as Fresnillo and Randgold Resources, both up 5%.

The Nikkei closed 2.4% higher after it made back some of the losses seen on Friday. Tokyo's blue-chip index tumbled almost 8% at the end of last week in the wake of the Brexit vote.

Sydney's ASX also made gains, finishing 0.4% higher.

Shares in estate agents Foxtons have dropped 18% in the first few minutes of trading after it issued a profit warning.

The company said an expected upturn in the London property market in the second half of the year was "unlikely to materialise".

Easyjet shares have also tumbled - they are down 8% after the airline warned of "extremely challenging" conditions.

Today Programme
BBC Radio 4

The former chancellor Alistair Darling has said he is more worried than he was in 2008. He said the country has "no government, no opposition, the people who got us into this mess have run away, gone to ground". 

He told the Today programme that there is "so much uncertainty, so many unknowns, it is very very damaging for the country". He said that whilst he accepted that formal negotiations could not begin until a new government was in place, he said "we cannot have a four-month period during which nothing happens".

Mr Darling accused Boris Johnson of treating the situation like a "big game" and having no plan for the future. He said a gap before decisions were taken could make a bad situation worse. "if you leave a vacuum in politics that is where the trouble starts".