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Brexit live: David Cameron resigns after EU referendum result Brexit live: David Cameron resigns after EU referendum result
(35 minutes later)
9.07am BST
09:07
Here’s the video of Mark Carney’s statement this morning.
9.03am BST
09:03
More calming words from Carney:
The capital requirements of our largest banks are now 10 times higher than before the financial crisis. The Bank of England has stress-tested those banks against scenarios far more severe than our country currently faces. As a result of these actions UK banks have raised over a £130bn of new capital and now have more than £600bn of high quality liquid assets. That substantial capital and huge liquidity gives banks the flexibility they need to continue to lend to UK businesses and households even during challenging times.
Moreover, as a backstop to support the functioning of the markets the Bank of England stands ready to provide more than £250bn of additional funds through its normal market operations. The Bank of England is also able to provide substantial liquidity in foreign currency if requires. We expect institutions to draw on this funding if and when appropriate.
Updated
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8.55am BST
08:55
Carney added:
It will take some time for the UK to establish a new relationship with Europe and the rest of the world. So some market and economic volatility can be expected as this process unfolds, but we are well prepared for this. Her Majesty’s Treasury and the Bank of England have engaged in extensive contingency planning and the chancellor and I have remained in close contact including through the night and this morning. The Bank of England will not hesitate to take additional measure as required, as markets adjust.
8.51am BST
08:51
Mark Carney makes Bank of England statement on Brexit
Mark Carney, the governor of the Bank of England, is making a statement to try to reassure the markets. He says the Bank will “not hesitate” to steady the markets. Carney said it will make an extra £250bn available to the banks.
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at 9.05am BST
8.47am BST
08:47
The recriminations in the Labour party continue. The former EU commissioner and Labour cabinet member Lord (Peter) Mandelson has accused Jeremy Corbyn of sending “muted” and “mixed messages” on the EU.
Speaking on Sky News, he said: “My feeling about the Labour party is that it is drifting without guide map, compass, or strong voice. The problem for Labour voters during this entire referendum is that most of the time, most of them did not know what the Labour party’s position was.”
Mandelson said that two weeks ago he warned Labour’s deputy leader Tom Watson and general secretary Iain McNichol that Labour supporters were not backing remain.
He said: “When they really set to and started galvanising the party in the way they did, we still had a situation where at best Jeremy Corbyn’s voice was curiously muted and when he did say anything there seemed to be mixed messages to Labour voters.”
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8.44am BST
08:44
Matthew Weaver
The Liberal Democrat leader Tim Farron has said the result of the referendum left Cameron no choice but to resign.
“In this immediate period, the government must act quickly to steady the economy, reassure the markets, and immediately set a new course,” he said in a statement.
“Greater instability will lead to job uncertainty, falling investment, and greater pressure on public services. There is no doubt this is going to be an incredibly testing, difficult and fractious time. “David Cameron has become the latest Conservative leader to fall victim to his party’s dangerous obsession with Europe. The Conservatives’ political manoeuvring have taken our country to the brink, and today we have toppled over the edge.”
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at 8.54am BST
8.34am BST8.34am BST
08:3408:34
You can listen to the full audio of Cameron’s resignation speech here.You can listen to the full audio of Cameron’s resignation speech here.
8.33am BST8.33am BST
08:3308:33
Here is the key quote from Cameron, where he announces his resignation.Here is the key quote from Cameron, where he announces his resignation.
I was absolutely clear [in the referendum] about my belief that Britain is stronger, safer and better off inside the European Union. And I made clear the referendum was about this and this alone, not the future of any single politician, including myself.I was absolutely clear [in the referendum] about my belief that Britain is stronger, safer and better off inside the European Union. And I made clear the referendum was about this and this alone, not the future of any single politician, including myself.
But the British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction.But the British people have made a very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction.
I will do everthing I can as prime minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain that steers our country to its next destination.I will do everthing I can as prime minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain that steers our country to its next destination.
This is not a decision I have taken lightly. But I do believe it’s in the national interest to have a period of stability and then the new leadership required.This is not a decision I have taken lightly. But I do believe it’s in the national interest to have a period of stability and then the new leadership required.
There is no need for a precise timetable today. But in my view we should aim to have a new prime minister in place by the start of the Conservative party conference in October.There is no need for a precise timetable today. But in my view we should aim to have a new prime minister in place by the start of the Conservative party conference in October.
8.27am BST8.27am BST
08:2708:27
8.26am BST8.26am BST
08:2608:26
He says he thinks Britain can survive outside the EU, and find a way.He says he thinks Britain can survive outside the EU, and find a way.
He says he loves this country, and has been honoured to serve it. He will do all he can to help it succeed.He says he loves this country, and has been honoured to serve it. He will do all he can to help it succeed.
8.25am BST8.25am BST
08:2508:25
Cameron announces he will resign as prime minister before the autumnCameron announces he will resign as prime minister before the autumn
He says he is very proud of what he has done as prime minister.He says he is very proud of what he has done as prime minister.
He says he has always thought you have to confront big decisions, not duck them.He says he has always thought you have to confront big decisions, not duck them.
He formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe.He formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe.
He fought the referendum with head and heart.He fought the referendum with head and heart.
The referendum was not about him, he says.The referendum was not about him, he says.
But the British people have decided to follow another path. So they need a new prime minister.But the British people have decided to follow another path. So they need a new prime minister.
UpdatedUpdated
at 8.32am BSTat 8.32am BST
8.22am BST8.22am BST
08:2208:22
He says he would reassure markets and investors that the economy is fundamentally strong.He says he would reassure markets and investors that the economy is fundamentally strong.
And he would reassure Britons living abroad, and EU nationals here, that there will be no immediate changes.And he would reassure Britons living abroad, and EU nationals here, that there will be no immediate changes.
He says he will involved the governments of Scotland, Wales and Northern Ireland in the renegotiation.He says he will involved the governments of Scotland, Wales and Northern Ireland in the renegotiation.
8.21am BST8.21am BST
08:2108:21
UpdatedUpdated
at 8.22am BSTat 8.22am BST
8.20am BST8.20am BST
08:2008:20
Cameron says he wants to thank all those who took part in the campaign.Cameron says he wants to thank all those who took part in the campaign.
The will of the British people is an instruction that must be delivered.The will of the British people is an instruction that must be delivered.
He says it was not a decision that was taken lightly.He says it was not a decision that was taken lightly.
There can be no doubt about the result.There can be no doubt about the result.
8.20am BST
08:20
Cameron says the country has taken party in a giant democratic exercise.
All the people have had their say.
We should be proud of the fact that we trust the people, he says. There are times when it is right to ask the people.
8.19am BST
08:19
This is from the Telegraph’s James Kirkup.
Best guess: Cameron resigns Tory leadership immediately but remains PM until a new party leader is chosen. Last contest took c3 months.
8.16am BST
08:16
David Cameron's statement
David Cameron is about to deliver his statement outside Number 10.
8.15am BST
08:15
Rumour suddenly gaining traction that Cameron to resign - not confirmed by any stretch
8.14am BST
08:14
FTSE 100 and sterling plunge
Katie Allen
Shares plunged and the pound plummeted to a 31-year low as panicked traders reacted to the UK’s vote to leave the EU and the prospect of recession amid months of market turmoil.
The FTSE 100 tumbled 530 points, or 8.4%, within the first few minutes of trading. That mirrored sharp losses for the pound overnight as investors sold sterling on the back of growing worries about the UK’s economic outlook.
Live Global markets plunge after UK votes to leave EU – live updatesShares are plunging, and sterling has crumbled to a 31-year low, after the leave campaign won a shock victory in the EU referendumRead more
In London, bank shares and housebuilders were among the worst hit with losses of as much as 40% for Taylor Wimpey and Berkeley Homes. Barclays was down by 30%.
Related: FTSE 100 and sterling plunge on Brexit panic
8.11am BST
08:11
Salmond says Scotland must now hold second independence referendum
Severin Carrell
Alex Salmond has said he believes Scotland must now stage a second independence referendum before the UK’s exit from the European Union is agreed – a timescale that suggests a new referendum within the next two years.
He said the Brexit vote, despite a large majority in Scotland in favour of the EU, is a material change in Scotland’s constitutional position. Salmond told BBC Radio Scotland: “This changes the whole context of Scottish independence.”
The former first minister and Scottish National party leader said his successor, Nicola Sturgeon, now had to implement her manifesto pledge to call for a second referendum if there was “a significant and material change in the circumstances that prevailed in 2014, such as Scotland being taken out of the EU against our will”.
Salmond said: “I’m quite certain that Nicola will start to implement that manifesto.”
His intervention implies that he expects Sturgeon to press for a quick second poll. She has been hesitant on the case for an immediate referendum because there is no clear or substantial support for it in recent opinion polls.
Sturgeon is due to make a statement in Edinburgh this morning. While insisting that her government is given a direct role in the UK government’s negotiations with the EU on exiting, the first minister could also demand that Westminster gives Holyrood the legal authority to stage a second referendum if it wants to.
8.10am BST
08:10
Rowena Mason
An orchestrated move against Jeremy Corbyn appears to be underway as Labour’s shadow cabinet prepares to convene this morning. There are rumours of some of his MPs preparing to sign a motion of no confidence in him and some are calling for him to resign - anonymously at this stage.
The Labour leader has just appeared on the airwaves saying the main driver for the vote for Brexit was economic instability.
But a number of Labour MPs are furious about what they see as his lacklustre campaigning for remain and refusal to acknowledge the party’s core supporters do not trust it to deal with their concerns about immigration.
One Labour MP said:
Corbyn has to go. The referendum proved he is worse than even his worse critics said he would be. Even people who supported him have seen he is not up to it. He can’t motivate Labour voters, let alone persuade anyone else. He can’t handle a campaign or even manage to get a message across in an interview. But it is not just that he is incompetent and not up to the job: he has no ideas beyond his vacuous slogans. He hasn’t set out a single serious policy since he became leader and the views he does have are diametrically opposed to the public’s.
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8.05am BST
08:05
Matthew Weaver
The European council president, Donald Tusk, has promised “wider reflection” on the future of the union in the wake of Britain’s vote to leave, but suggested that Brexit could make the union stronger.
Speaking in Brussels, Tusk said: “I have offered the leaders an informal meeting of the 27 in the margins of the European council summit. And I will also propose to the leaders that we start a wider reflection on the future of our union.
“It is true that the past years have been the most difficult ones in the history of our union, but I always remember what my father used to tell me ‘what doesn’t kill you makes you stronger’.”
He added: “On behalf of the 27 leaders I can say that we determined to keep our unity as 27, for us the union is the framework for our common future. I would like to reassure you that there will be no legal vacuum. Until the United Kingdom formerly leaves the European Union, EU law will continue to apply to and within the UK. By this I mean rights as well as obligations. All the procedures for the withdrawal of the UK from the EU are clear and set out in the treaties.”
Updated
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8.02am BST
08:02
Here is the clip of Nigel Farage, the Ukip leader, saying he could not guarantee that an extra £350m a week would go to the NHS as a result of the UK leaving the EU. He told ITV that that was a promise from the Vote Leave campaign, not from him. He would not have made it, he said.
Updated
at 8.04am BST
7.55am BST
07:55
EU leaders are going to meet in Brussels next week without the UK present to decide their stance for the withdrawal negotiations, Sky’s Faisal Islam reports.
Informal meeting of EU 27 next week without PM in the room to decide common negotiating position vs UK on exit negotiations