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Brexit live: David Cameron to step down over EU referendum result EU referendum live – Boris Johnson prepares to speak after Cameron resigns
(35 minutes later)
11.09am BST
11:09
Henry McDonald
Martin McGuinness has warned that the impact of Brexit would be “very profound” for Northern Ireland.
The Sinn Fein deputy first minister of Northern Ireland said David Cameron had been “tow-towing” to the “little Englander mentality” and yet people in Northern Ireland both from the unionist and nationalist community had voted against that.
11.07am BST
11:07
Maev Kennedy
John Kampfner, former New Statesman editor and now chief executive of the Creative Industries Federation - whose members overwhelmingly backed remain – has pledged it will now do a bit of necessary bridge building.
He said: “Within the UK, we will play our part in helping to bridge divides within and between the nations and regions of the country.
“It will be vital for all sides to work together to ensure that the interests of our sector on issues including access to funding and talent are safeguarded as the UK forges its new relationship with Europe. The importance of British culture in representing our country to the world will be greater than ever.”
11.04am BST
11:04
Here’s a regional breakdown of the result.
10.59am BST
10:59
Frances Perraudin
In the village of Birstall a handful of people were paying their respects at the memorial to Jo Cox in the village square, just around the corner from where she was killed a week ago.
The area of Kirklees, which includes Cox’s constituency of Batley and Spen, voted to leave by 55.7% on a 71% turnout, slightly lower than surrounding areas Wakefield (66.4%) and Barnsley (68.3%).
Michelle Victor, 33, who works in HR for the NHS, says she knows people who changed the way they voted because of the MP’s murder, feeling they would be associating themselves with her attacker if they voted to leave. “People would have thought long and hard when making their decision, but we are where we are,” she says.
“[Jo Cox] would be incredibly disappointed, but she would have been out there for the community, working as she always did to bring us all together, because – even though this is a traditional Pennine area – there are diverse communities and different views.”
Ismail Rhjah, a 33-year-old technical engineer, says he helped Cox’s campaign on various issues in the area and that she often visited his mosque and his cricket club. He said he felt let down and disappointed by the result. “This is something that Jo felt very strongly about and she would have been let down as well. I was hoping that England would be behind us, in sympathy with Jo and what she wanted.”
Another woman, who asked not to be named, said that the result and the resignation of David Cameron was the best thing that had ever happened to the UK. “I hope it’ll be George Osborne next,” she says.
She says that while some may have decided to vote in accordance with Cox’s wishes, many in the area were already set on voting to leave. “The way you vote is very personal and everybody does what they think is best for themselves and their families.”
A handful of mourners at the Jo Cox memorial in Birstall. One says he had hoped "England would be behind us". pic.twitter.com/Levs3sfDKs
10.57am BST
10:57
The Welsh first minister, Carwyn Jones, has said he wants a place within the team that will negotiate the UK’s withdrawal from the EU. He expressed deep concerns that Welsh jobs will be at risk and was gloomy about the very future of the union.
Welsh first minister Carwyn Jones - time to unite, to think clearly. https://t.co/7c4v2baoJ9
Seventeen of the 22 Welsh local authority areas voted for out including heartland Labour places such as the south Wales valleys. Jones said the timing – just six weeks after an assembly election - had been “impossible.”
He said people on the doorstep had told him that they were making a stand against the Tories in Westminster. “The EU has become a proxy for the anger of the people, the anger they feel is about job security, casualisation of the workforce, having jobs with no pension, not having union recognition. These are all issues that are controlled from London.”
Jones is no huge fan of Labour’s national leader, Jeremy Corbyn but he absolved him of blame.
He said: “It is too early for anyone to fully analyse why the country voted the way it did last night – but one thing is obvious. Areas of Wales and England that contain post-industrial communities, often deprived communities, voted out – even though they had often benefited massively from European funding. Even though those communities voted for parties in May who supported a remain vote. Too many people in these communities feel that politics, and our economy, has left them behind, and we have a real task ahead to undo that sense of alienation.” He also accepted that fears about immigration were a factor. “A message had been given to [voters] that their job security was a result of immigration. They believed it.”
Speaking in the Welsh capital, Jones said he wanted a place on the top negotiating team: “We have to get the best deal for Wales...I would not trust the UK government to do all this themselves.” An avid unionist, he sounded gloomy on the prospects of the UK staying together. “As to the as to the future, it’s very difficult to predict,” he said. The first minister said his number one priority was protecting Welsh jobs. “It’s right to say it is more difficult now to attract investment into Wales.”
After protecting jobs, Jones said his priorities were:
10.53am BST
10:53
Philip Oltermann
The German foreign minister, Frank-Walter Steinmeier, has invited his counterparts from the six founding members of the EU – France, Germany Belgium, Holland, Italy, Luxembourg – to Berlin for an emergency summit tomorrow.
Meanwhile, Elmar Brok, a German MEP, CDU member, and chairman of the European parliament committee on foreign affairs, told the Guardian that the European parliament would call on Jean-Claude Juncker to strip the British commissioner Jonathan Hill of his financial services brief with immediate effect and turn him into a “commissioner without portfolio”.
“We will need to have classical divorce negotiations as you do it in real life. They will have to negotiate from the position of a third country, not as a member state. If Britain wants to have a similar status to Switzerland and Norway, then it will also have to pay into EU structural funds like those countries do. The British public will find out what that means.”
Updated
at 11.08am BST
10.49am BST
10:49
Henry McDonald
Arlene Foster, the first minister of Northern Ireland, has expressed her delight at the Brexit outcome.
The Democratic Unionist leader said: “I think this is a good result for the United Kingdom. Our nation state has made a clear definition as to where they want to go forward. They backed hope, they backed aspiration, they backed the future potential of the United Kingdom and I’m very pleased with the result.”
Foster said she was “proud” of Northern Ireland, although it has to be stressed again that the region voted by a majority of 54% to 46% in favour of remaining inside the EU.
With her partner in government Martin McGuinness, the Sinn Féin deputy first minister, today demanding a poll on the future of Northern Ireland within the UK, it will be interesting to see how the two leaders continue to hold together the power-sharing government in Belfast.
Updated
at 11.06am BST
10.45am BST
10:45
Here’s a video of Boris Johnson’s car being blocked by cyclists.
BORIS GOT LOCKARFFFFF 😂😂😂 #EUref #Brexit pic.twitter.com/Pue9d7X18N
10.40am BST
10:40
Arthur Neslen
The Brexit vote has left senior EU climate officials reeling, with shock and depression already mingling with fears that the “dirty man of Europe” may stage a comeback.
Officials will be closely scanning the British political scene for signs of commitment to the Paris agreement, the 2020 climate targets and, above all, the bloc’s carbon market, the Emissions Trading System (ETS).
Committing to stay in the ETS would demonstrate that the UK was a sovereign state that can honour international deals, they say.
Britain is unlikely to renege on an emissions reduction target for 2020 that it has already substantially met. But the country is lagging on renewable energy goals and credible enforcement mechanisms there have just disappeared.
While a mutual interest is seen in “playing nicely” on climate politics, much will hinge on whether other EU states see a new working arrangement as a model for repudiating bloc membership.
Next month’s planned launch of emissions reductions targets for individual states by 2030 is now in question, sources say.
In Brussels, the UK has come to be viewed as an ambitious climate actor, which has played a positive role as a channel to Barack Obama’s climate-sensitive US administration. There are some fears of a rightwards lurch that could leave it an offshore environmentally-deregulated zone.
“We all remember the dirty man of Europe,” one senior official said. “He might be on his way back”.
Updated
at 10.54am BST
10.38am BST
10:38
Blair turns on Corbyn
Tony Blair said the referendum result has made him “sad for our country, for Europe, for the world” and he turned on Jeremy Corbyn for a “lukewarm” and backward-looking Labour campaign.
Speaking to Sky News, Blair said: “It has got vast implications economically and politically. The prime minister has got a huge task in trying to bring people together. There is no point in hiding it, for me this is a very very sad day.”
Blair praised Cameron for not immediately invoking article 50, as Corbyn demanded. “We really need to think our way through this. What’s important now to stabilise our situation,” Blair said.
On Corbyn, he said: “I think the leadership of the Labour party was pretty lukewarm in its support for remain. I don’t think we mobilised our supporters to understand that this was not a protest vote against the government or indeed against the establishment. Those people in Labour areas ... can see cuts to local services, they can see pressure on local industry and jobs. These are the big challenges that country’s around the today world face. Unfortunately the right answer is to leave the largest commercial market and biggest political union in the world and I don’t think we really explained that to our voters.”
He added: “One of things I heard from Jeremy Corbyn was this notion that successive governments have let down the people in some of the Labour areas that are voting leave. We invested massively in those areas, we introduced things like the minimum wage, we signed up to European social chapter. The way to bring these people back to a sensible view of politics is to go and provide them with answers to the problems we face. It is about the future not in taking our country back to a time that doesn’t exist in the world anymore.”
Blair said the referendum result posed bigger questions for Labour than who leads the party.
He said: “You can see this happening about world, look at the United States of American and elsewhere in Europe: The centre left and centre right have lost political traction. We have got to accept that. The populous insurgent movements of left and right are taking control right now. We have got to work out where we are going. All of these problems are coming from the force of globalisation. The answers don’t lie in shutting ourselves off from the world. You can ride the anger from these populous movements, but you don’t actually produce the answers to the challenges that people face.
He added: “The answers to the problems people face, is not to turn on migrants or to divide the country, it through education, it’s through infrastructure, it’s through understanding how the modern world works.”
Updated
at 10.48am BST
10.15am BST10.15am BST
10:1510:15
Here’s video of Boris driving away from his home to boos and shouts of “shame on you” and worse.Here’s video of Boris driving away from his home to boos and shouts of “shame on you” and worse.
Boris soundly booed this morning #Brexit #EURefResults #BorisJohnson pic.twitter.com/x4xBOCnhk0Boris soundly booed this morning #Brexit #EURefResults #BorisJohnson pic.twitter.com/x4xBOCnhk0
10.12am BST10.12am BST
10:1210:12
Lisa O'CarrollLisa O'Carroll
Festivalgoers at Glastonbury are waking up to the multiple shocks of the leave victory, Cameron’s resignation and a rain-free night.Festivalgoers at Glastonbury are waking up to the multiple shocks of the leave victory, Cameron’s resignation and a rain-free night.
“Aargh, I live in a country of fascists,” one person was heard shouting from his tent just after 7am.“Aargh, I live in a country of fascists,” one person was heard shouting from his tent just after 7am.
“I don’t want to have children in this country,” said another.“I don’t want to have children in this country,” said another.
“Cameron’s gone, let’s just stay here in Glastonbury,” said another.“Cameron’s gone, let’s just stay here in Glastonbury,” said another.
One women muttering quietly to her friend at about 7.30am joked: “I know this Vietnamese person who is marrying an Amercian for a green card. Maybe I’ll have to marry a Frenchman to stay in the EU.”One women muttering quietly to her friend at about 7.30am joked: “I know this Vietnamese person who is marrying an Amercian for a green card. Maybe I’ll have to marry a Frenchman to stay in the EU.”
Others were jubilant. “I think it’s great news. Now we can have another referendum and join the EU,” said a Scottish security guard.Others were jubilant. “I think it’s great news. Now we can have another referendum and join the EU,” said a Scottish security guard.
UpdatedUpdated
at 10.18am BSTat 10.18am BST
10.08am BST10.08am BST
10:0810:08
Nadia KhomamiNadia Khomami
Boos greeted leave campaigner Boris Johnson as he left his London home this morning.Boos greeted leave campaigner Boris Johnson as he left his London home this morning.
Johnson, who is the favourite to succeed David Cameron as prime minister, said little to waiting reporters.Johnson, who is the favourite to succeed David Cameron as prime minister, said little to waiting reporters.
Instead he got into a cab to drive to Vote Leave headquarters.Instead he got into a cab to drive to Vote Leave headquarters.
A crowd gathered outside the former London mayor’s house throughout the morning, with expectations that he might announce running for prime minister following Cameron’s resignation.A crowd gathered outside the former London mayor’s house throughout the morning, with expectations that he might announce running for prime minister following Cameron’s resignation.
But Johnson walked straight from his door to a waiting car as the crowd – some of whom had been waiting for three hours – followed and heckled him, while police officers tried to calm the situation.But Johnson walked straight from his door to a waiting car as the crowd – some of whom had been waiting for three hours – followed and heckled him, while police officers tried to calm the situation.
UpdatedUpdated
at 10.14am BSTat 10.14am BST
9.51am BST9.51am BST
09:5109:51
Maev KennedyMaev Kennedy
The arts face many challenges in the wake of the Brexit vote, the actor and director Samuel West has warned. West, who is chair of the National Campaign for the Arts, said:The arts face many challenges in the wake of the Brexit vote, the actor and director Samuel West has warned. West, who is chair of the National Campaign for the Arts, said:
The vast majority of those working in the cultural sector backed a vote to remain. We are now very concerned about our ability to access important European funding, such as the €1.3bn Creative Europe programme. But the implications for the arts don’t end with money. There are a host of other issues that we must address over the coming months: international artistic exchange, export of cultural products, copyright, visas and access to training in European centres of excellence, to name just some. The National Campaign for the Arts will do all it can to ensure that an exit from the EU does not mean a fall from our position as world leaders in the arts and creativity.The vast majority of those working in the cultural sector backed a vote to remain. We are now very concerned about our ability to access important European funding, such as the €1.3bn Creative Europe programme. But the implications for the arts don’t end with money. There are a host of other issues that we must address over the coming months: international artistic exchange, export of cultural products, copyright, visas and access to training in European centres of excellence, to name just some. The National Campaign for the Arts will do all it can to ensure that an exit from the EU does not mean a fall from our position as world leaders in the arts and creativity.
We call on the secretary of state for culture, media and sport to do everything in his power to ensure that there is no further damage to the sector as a result of yesterday’s vote. This has been a hard-fought and difficult campaign. Now more than ever the arts need resources and support to allow us to play a role in bringing communities back together and to continue to fly the flag for British culture.We call on the secretary of state for culture, media and sport to do everything in his power to ensure that there is no further damage to the sector as a result of yesterday’s vote. This has been a hard-fought and difficult campaign. Now more than ever the arts need resources and support to allow us to play a role in bringing communities back together and to continue to fly the flag for British culture.
UpdatedUpdated
at 9.58am BSTat 9.58am BST
9.46am BST9.46am BST
09:4609:46
Guardian reporter Saeed Kamali Dehghan has sent this from Oslo, where Norwegians have been closely watching the results of the referendum in the UK – even though they are not part of the European Union.Guardian reporter Saeed Kamali Dehghan has sent this from Oslo, where Norwegians have been closely watching the results of the referendum in the UK – even though they are not part of the European Union.
Reeta Torronen, 37, who works at an advertising company, expressed worries about the future of the EU without Britain. “I am scared,” she said. “That might be the beginning of whole EU falling apart. Britain has money and power and the EU would be much weaker without it.”Reeta Torronen, 37, who works at an advertising company, expressed worries about the future of the EU without Britain. “I am scared,” she said. “That might be the beginning of whole EU falling apart. Britain has money and power and the EU would be much weaker without it.”
“Shock and disbelief of the yes-side,” read the main headline on the website of the newspaper Aftenposten. Another Norwegian daily, Dagens Næringsliv, concluded that the financial consequences of the Brexit would be “brutal. This is what we feared would happen.”“Shock and disbelief of the yes-side,” read the main headline on the website of the newspaper Aftenposten. Another Norwegian daily, Dagens Næringsliv, concluded that the financial consequences of the Brexit would be “brutal. This is what we feared would happen.”
A middle-aged Norwegian woman, who preferred not to give her name, said she believed Britain did not have much to lose. “We are not in the EU either and I believe it’s better to be out.”A middle-aged Norwegian woman, who preferred not to give her name, said she believed Britain did not have much to lose. “We are not in the EU either and I believe it’s better to be out.”
Joseph Friend, a 31-year-old American visiting Oslo, said: “It’s a horrible idea to leave, we have enough turmoil because of Hillary and Trump who are creating mayhem so it’s a shame to see other countries dissolving.”Joseph Friend, a 31-year-old American visiting Oslo, said: “It’s a horrible idea to leave, we have enough turmoil because of Hillary and Trump who are creating mayhem so it’s a shame to see other countries dissolving.”
A 31-year-old Norwegian personal trainer, David Ewalde, feared the repercussions. “I don’t know what would the repercussions will be but the British people wanted to leave because they thought the benefits of doing so outweighed the cost, but I’m not sure if that’s a right decision.”A 31-year-old Norwegian personal trainer, David Ewalde, feared the repercussions. “I don’t know what would the repercussions will be but the British people wanted to leave because they thought the benefits of doing so outweighed the cost, but I’m not sure if that’s a right decision.”
9.46am BST9.46am BST
09:4609:46
Justin Welby, the archbishop of Canterbury, says Britain will have to “reimagine” its place in the world in the wake of the vote but should continue to cherish “our wonderfully diverse society”.Justin Welby, the archbishop of Canterbury, says Britain will have to “reimagine” its place in the world in the wake of the vote but should continue to cherish “our wonderfully diverse society”.
In a statement, Welby, who came out in favour of remain, said:In a statement, Welby, who came out in favour of remain, said:
The vote to withdraw from the European Union means that now we must all reimagine both what it means to be the United Kingdom in an interdependent world and what values and virtues should shape and guide our relationships with others.The vote to withdraw from the European Union means that now we must all reimagine both what it means to be the United Kingdom in an interdependent world and what values and virtues should shape and guide our relationships with others.
We must now unite in a common task to build a generous and forward looking country, contributing to human flourishing around the world. We must remain hospitable and compassionate, builders of bridges and not barriers. Many of those living among us and alongside us as neighbours, friends and work colleagues come from overseas and some will feel a deep sense of insecurity. We must respond by offering reassurance, by cherishing our wonderfully diverse society, and by affirming the unique contribution of each and every one.We must now unite in a common task to build a generous and forward looking country, contributing to human flourishing around the world. We must remain hospitable and compassionate, builders of bridges and not barriers. Many of those living among us and alongside us as neighbours, friends and work colleagues come from overseas and some will feel a deep sense of insecurity. We must respond by offering reassurance, by cherishing our wonderfully diverse society, and by affirming the unique contribution of each and every one.
The referendum campaign has been vigorous and at times has caused hurt to those on one side or the other. We must therefore act with humility and courage - being true to the principles that make the very best of our nation. Unity, hope and generosity will enable us to overcome the period of transition that will now happen, and to emerge confident and successful. The opportunities and challenges that face us as a nation and as global citizens are too significant for us to settle for less.The referendum campaign has been vigorous and at times has caused hurt to those on one side or the other. We must therefore act with humility and courage - being true to the principles that make the very best of our nation. Unity, hope and generosity will enable us to overcome the period of transition that will now happen, and to emerge confident and successful. The opportunities and challenges that face us as a nation and as global citizens are too significant for us to settle for less.
UpdatedUpdated
at 9.53am BSTat 9.53am BST
9.34am BST9.34am BST
09:3409:34
Jessica ElgotJessica Elgot
The defence secretary, Michael Fallon, has said he would have preferred to the prime minister to remain longer in his post.The defence secretary, Michael Fallon, has said he would have preferred to the prime minister to remain longer in his post.
Speaking on BBC News, Fallon said: “Yes, you can argue you need someone part of the leave campaign to lead the negotiations. I think the PM would have been the best person [to negotiate], but it’s his decision, it was the honourable decision, now we’ve got to get on and make this work.”Speaking on BBC News, Fallon said: “Yes, you can argue you need someone part of the leave campaign to lead the negotiations. I think the PM would have been the best person [to negotiate], but it’s his decision, it was the honourable decision, now we’ve got to get on and make this work.”
Asked about the prospects of Boris Johnson becoming prime minister, Fallon said: “He’ll be one of the candidates; there’ll be other candidates. A bit too early to start making the odds. I’m certainly not going to be putting my hat in the ring.”Asked about the prospects of Boris Johnson becoming prime minister, Fallon said: “He’ll be one of the candidates; there’ll be other candidates. A bit too early to start making the odds. I’m certainly not going to be putting my hat in the ring.”
On the economy he said: “You have seen the turmoil in the markets, it’s beginning to recover, but … Osborne was right to warn there will be consequences.On the economy he said: “You have seen the turmoil in the markets, it’s beginning to recover, but … Osborne was right to warn there will be consequences.
“I hope we will resume growth and see investment decisions. Obviously investment was paused while we waited for the result and now we may have to wait a little longer for the result of the negotiations.”“I hope we will resume growth and see investment decisions. Obviously investment was paused while we waited for the result and now we may have to wait a little longer for the result of the negotiations.”
UpdatedUpdated
at 9.38am BSTat 9.38am BST
9.29am BST
09:29
Donald Trump hails Brexit vote as a 'great thing'
The US presidential hopeful Donald Trump has said it is a “great thing” that the people of the UK have “taken back their country”.
He made the remarks as he touched down at his Trump Turnberry golf resort in Scotland. Interesting timing.
Updated
at 10.07am BST
9.24am BST
09:24
Our reporter on the ground in Germany, Kate Connolly, has sent this report of the reaction in Berlin:
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..
Sigmar Gabriel, the head of Germany’s Social Democrats – the coalition partners in Angela Merkel’s government – said in an interview that the British vote does not signal a downfall, rather, “the chance for a new beginning.”
He called Brexit a “shrill wake up call” for European politicians. “Whoever fails to heed it or takes refuge in the usual rituals, will drive Europe against the wall,” he said.
Updated
at 9.30am BST
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 eave 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.”
Updated
at 9.27am BST
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.
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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.
Updated
at 9.05am BST