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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/23/eu-referendum-result-live-counting-leave-remain-brain-in-europe
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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) | |
| 9.24am BST | |
| 09:24 | |
| Our reporter on the ground in Germany, Kate Connolly, sends this: | |
| Angela Merkel is meeting her party and parliamentary heads in the chancellery at 11.30am (10.30am UK time), for an emergency meeting to discuss the consequences of the UK’s Brexit vote. Various cabinet ministers are also expected to be present. She is due to deliver a statement an hour later.. | |
| 9.22am BST | |
| 09:22 | |
| Steven Morris | |
| The Plaid Cymru leader, Leanne Wood, has called it a “dark and uncertain morning.” | |
| She said: “People in Wales and elsewhere in the UK have voted to leave the European Union – their will must be respected. | |
| “The top priority now must be to secure political and economic stability for Wales and the rest of the United Kingdom. | |
| “With Scotland voting to remain and a second independence referendum now on the cards, it is clear that the UK cannot continue in its current form. Wales, its economy and its communities will soon be at the full mercy of the Westminster elite and robust action must be taken to mitigate the impact of this. | |
| “All the promises made by the Leave campaign, with regards to safeguarding grants and financial support for Wales and our NHS must now be fully honoured, not only up to 2020 under current EU programmes, but beyond that into the future. | |
| “Plaid Cymru will work to ensure that every penny and every key power that is handed down directly from Brussels comes to Wales. | |
| “On this dark and uncertain morning for our country, people can rest assured that Plaid Cymru is united, confident and focused on getting the best for Wales. We are determined to do everything we can in order to empower our national institution and protect our communities.” | |
| 9.20am BST | |
| 09:20 | |
| Here’s the full text of Cameron’s statement: | |
| There can be no doubt about the result. Across the world, people have been watching the choice that Britain has made. I want to reassure those markets that Britain’s economy is fundametally strong. I would also reassure Brits in European countries and EU citizens living here that there will be no immediate changes in your circumstances. There will be no initial change in how we can travel, how our services and goods can move. we must now prepare for a negotiation with the EU. This will needed to involve the full participation of the Scottish, Welsh and Northern Irish governments to ensure all parts of our United Kingdom are protected and advanced. | |
| Above all this will require strong, determined and committed leadership. I am proud and very honoured to have been the prime minister of this country for six years. | |
| I have always believed we need to confront big decisions not duck them. I fought this campaign in the only way I know how, to say directly and passionately what I think and feel, head, heart and soul. I held nothing back. I was absolutely clear about my belief that Britain is stronger, safer and better off inside the EU. I made clear the referendum was about this and this along not the future of any single politician, including myself. But the British people made a different decision to take a different path. As such I think the country requires fresh leadership to take it in this direction. I will do everything I can as prime minister, to steady the ship in the weeks ahead, but I do not think it would be right for me to try to be the captain that steers our country to the next destination. This is not a decision I have taken lightly but I do think it is in the national interests to have a period of stability and then the new leadership required. In my view we should aim to have new prime minister by the start of the Conservative party conference in October, delivering stability will be in important and I will continue in post with my cabinet for the coming months. The cabinet will meet on Monday. | |
| The negotiation with the European Union will need to take place under the next prime minister, and the new prime minister takes the decision about whether to trigger Article 50, the legal process of leaving the EU. I will attend the European Council next week to explain the decision the British people have taken and the decision I have taken. | |
| I love this country and I feel honoured to have served it. And I will do everything I can in future to help this great country succeed. | |
| 9.16am BST | |
| 09:16 | |
| Pamela Duncan | |
| The EU referendum turnout represents the the single highest UK-wide election turnout of the past two decades. | |
| The final turnout was 72.2%, higher than any general referendum since 1997 but lower than that recorded in the Scottish independence referendum in 2014 when turnout reached 84.6%. | |
| Below is a selection of voter turnout in selected general elections and the 2014 Scottish independence referendum. | |
| 9.14am BST | |
| 09:14 | |
| Carney concluded his statement with this: | |
| A few months ago the Bank judged that the risks around the referendum were the most significant near-term domestic risk to financial stability. To mitigate them, the Bank has put in place extensive contingency plans and these plans beginning with ensuring that the core of our financial system is well capitalised, is liquid and is strong ... All of these resources will support orderly market functioning in the face of any short term volatility. | |
| The Bank will continue to consult and cooperate with all relevant domestic and international authorities, to ensure that the UK financial system can absorb any stresses and can do its job of concentrating of serving the real economy. That economy will adjust to new trading relationships that will be put in place over time. And it is these public and private decisions which will determine the UK’s longterm economic prospects. The best contributing we can make is to continue to pursue relentlessly our responsibilities for monetary and financial stability. We have taken all the necessary steps to prepare for today’s events and in the future we will not hesitate to take any additional measures required. | |
| His words have only been of some help, according to our banking specialist Jill Treanor. | |
| Carney's words don't appear to have done much to help bank shares, although FTSE losses at 4.8% compared with almost double that at the open | |
| 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 £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 | |
| at 9.19am BST | |
| 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. | |
| Updated | |
| at 9.05am BST | |
| 8.47am BST | 8.47am BST |
| 08:47 | 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. | 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.” | 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.” |
| Updated | |
| at 8.59am BST | |
| 8.44am BST | 8.44am BST |
| 08:44 | 08:44 |
| Matthew Weaver | 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.” | |
| Updated | |
| at 8.54am BST | |
| 8.34am BST | 8.34am BST |
| 08:34 | 08:34 |
| 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 BST | 8.33am BST |
| 08:33 | 08:33 |
| 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 BST | 8.27am BST |
| 08:27 | 08:27 |
| 8.26am BST | 8.26am BST |
| 08:26 | 08:26 |
| 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 BST | 8.25am BST |
| 08:25 | 08:25 |
| Cameron announces he will resign as prime minister before the autumn | Cameron 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. |
| Updated | Updated |
| at 8.32am BST | at 8.32am BST |
| 8.22am BST | 8.22am BST |
| 08:22 | 08:22 |
| 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 BST | 8.21am BST |
| 08:21 | 08:21 |
| Updated | Updated |
| at 8.22am BST | at 8.22am BST |
| 8.20am BST | 8.20am BST |
| 08:20 | 08:20 |
| 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. |