Britain&#39;s vote to leave the European Union raises &quot;longer-term concerns&quot; about global growth at a time of already weak economic output, US President Barack Obama said today. 
 
&quot;I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole,&quot; Obama said, speaking at a North American leaders summit.&nbsp; 
 
&quot;At a time when global growth rates were weak already, this doesn&#39;t help,&quot; he said. 
 
However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system&#39;s resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. 
 
&quot;Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable,&quot; Obama said. 
 
Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. 
 
(AFP)

Obama pledged to work with other nations to keep the economic system growing and stable

Britain's vote to leave the European Union raises "longer-term concerns" about global growth at a time of already weak economic output, US President Barack Obama said today. "I think there are some genuine, longer-term concerns about global growth if, in fact, Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole," Obama said, speaking at a North American leaders summit. "At a time when global growth rates were weak already, this doesn't help," he said. However, the US President, after meeting his Canadian and Mexican counterparts, expressed confidence in the global financial system's resilience as markets rebounded on Wednesday from post-Brexit losses following a bruising two-day rout. "Given the vote of the United Kingdom to leave the European Union, our economic teams are going to continue to work together so that we remain focused on keeping our economies growing and making sure that the global financial system is stable," Obama said. Both Obama and Canadian Prime Minister Justin Trudeau had made clear their desire to see Britain remain in the 28-member bloc and the fallout from the Brexit was high on their agenda in Ottawa. (AFP)

Brexit raises 'genuine concerns' for long-term global growth: Obama

Britain&#39;s City of London financial district would have to give up its role in processing Euro currency transactions after it leaves the European Union, French President Francois Hollande warned on Wednesday. 
 
Hollande said other European financial centres should be ready to take over from London, which is home to many banking clearing houses that deal with Euros. 
 
&quot;There is no reason for Europe, and still less the eurozone, to allow a country that is no longer a member of the European Union and has never been a member of the eurozone to continue operations in Euros,&quot; Hollande said after a summit in Brussels. 
 
The French leader added that European financial centres should &quot;prepare to take on a certain number of operations that can no longer be done in Britain&quot;. 
 
In a separate interview with French business daily Les Echos Hollande said France itself should &quot;adapt its regulations, including fiscal (regulations) to make the Paris financial centre more attractive&quot;. 
 
On Tuesday, the president of Paris Europlace, a group that promotes French finance, met with finance minister Michel Spain to suggest ways of boosting the French capital&#39;s ability to woo city bankers. 
 
Britain&#39;s shock vote last week to leave the EU has sparked questions over its role as Europe`s financial capital, with cities like Frankfurt, home of the European Central Bank, and Dublin also hoping to cash in on any move out of London by financial companies. 
 
The issue of whether Euro clearing houses can remain in the British capital is set to be one of the most contentious issues as Britain seeks to negotiate its future trade relationship with the EU after its departure. 
 
Britain has jealously guarded its status and won a recent EU court decision against the European Central Bank in order to keep hosting the Euro deals. 
 
Jonathan Hill, a Briton, was the European Commissioner in charge of the coveted financial services portfolio until his resignation on Saturday following the referendum result. 
 
(AFP) 
 
&nbsp;

France will adapt its regulations, including fiscal to make the Paris financial centre more attractive to take over operations from London

Britain's City of London financial district would have to give up its role in processing Euro currency transactions after it leaves the European Union, French President Francois Hollande warned on Wednesday. Hollande said other European financial centres should be ready to take over from London, which is home to many banking clearing houses that deal with Euros. "There is no reason for Europe, and still less the eurozone, to allow a country that is no longer a member of the European Union and has never been a member of the eurozone to continue operations in Euros," Hollande said after a summit in Brussels. The French leader added that European financial centres should "prepare to take on a certain number of operations that can no longer be done in Britain". In a separate interview with French business daily Les Echos Hollande said France itself should "adapt its regulations, including fiscal (regulations) to make the Paris financial centre more attractive". On Tuesday, the president of Paris Europlace, a group that promotes French finance, met with finance minister Michel Spain to suggest ways of boosting the French capital's ability to woo city bankers. Britain's shock vote last week to leave the EU has sparked questions over its role as Europe`s financial capital, with cities like Frankfurt, home of the European Central Bank, and Dublin also hoping to cash in on any move out of London by financial companies. The issue of whether Euro clearing houses can remain in the British capital is set to be one of the most contentious issues as Britain seeks to negotiate its future trade relationship with the EU after its departure. Britain has jealously guarded its status and won a recent EU court decision against the European Central Bank in order to keep hosting the Euro deals. Jonathan Hill, a Briton, was the European Commissioner in charge of the coveted financial services portfolio until his resignation on Saturday following the referendum result. (AFP)

France says post-Brexit Britain must relinquish Euro business

Britain&#39;s decision to quit the European Union stemmed from entrenched finger-pointing by British officials and had nothing to do with a proposed trans-Atlantic trade pact, an EU official said on Wednesday. 
 
&quot;In the UK, if you have a situation for decades where the leading politicians blamed all the errors of the world on the EU, you can&#39;t expect to love the EU in a two-week campaign nationally,&quot; said Cecilia Malmstr?m, the EU trade commissioner, who was visiting Washington. 
 
&quot;There&#39;s also a need to reflect upon how they treat the European Union,&quot; she added, remarking on the shock British referendum on Thursday that supported a Brexit. 
 
The EU trade chief was speaking to reporters after participating in an event sponsored by the Atlantic Council on the proposed US-EU Transatlantic Trade and Investment Partnership (TTIP), which would create the world&#39;s largest free trade and investment area. 
 
Malmstr?m said Brexit was not linked to the controversy surrounding the proposed pact. 
 
&quot;Because of a lack of transparency of TTIP? No, I don&#39;t think so, that would be a totally wrong conclusion,&quot; she insisted. 
 
Both sides have stressed a willingness to clinch the deal despite Britain&#39;s looming exit. 
 
At the Atlantic Council event, Malmstr?m said that &quot;the TTIP will survive the Brexit.&quot; 
 
&quot;The rationale is even stronger now.&quot; 
 
(AFP)

Says the UK politicians blamed all the country's problems on the EU. The public wasn't going to start liking it because of a 2-week campaign

Britain's decision to quit the European Union stemmed from entrenched finger-pointing by British officials and had nothing to do with a proposed trans-Atlantic trade pact, an EU official said on Wednesday. "In the UK, if you have a situation for decades where the leading politicians blamed all the errors of the world on the EU, you can't expect to love the EU in a two-week campaign nationally," said Cecilia Malmstr?m, the EU trade commissioner, who was visiting Washington. "There's also a need to reflect upon how they treat the European Union," she added, remarking on the shock British referendum on Thursday that supported a Brexit. The EU trade chief was speaking to reporters after participating in an event sponsored by the Atlantic Council on the proposed US-EU Transatlantic Trade and Investment Partnership (TTIP), which would create the world's largest free trade and investment area. Malmstr?m said Brexit was not linked to the controversy surrounding the proposed pact. "Because of a lack of transparency of TTIP? No, I don't think so, that would be a totally wrong conclusion," she insisted. Both sides have stressed a willingness to clinch the deal despite Britain's looming exit. At the Atlantic Council event, Malmstr?m said that "the TTIP will survive the Brexit." "The rationale is even stronger now." (AFP)

Brexit due to 'decades' of British blame, says EU trade chief Malmstr?m

Singapore&#39;s number 3 lender,&nbsp;United Overseas Bank (UOB),&nbsp;has suspended its loans programme for London properties in the wake of uncertainties caused by Britain&#39;s vote to leave the European Union. 
 
UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. 
 
&quot;We will temporarily stop receiving foreign property loan applications for London properties,&quot; a UOB spokeswoman said in an email. 
 
&quot;As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments.&quot; 
 
Singapore&#39;s biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. 
 
&quot;For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks,&quot; Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. 
 
The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. 
 
&quot;There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term,&quot; said Alice Tan, head of consultancy and research at Knight Frank Singapore. 
 
Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. 
 
UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. 
 
UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. 
 
(Reuters)

The country's biggest lender, DBS Group Holdings, said it continued to provide financing but was advising customers to be cautious

Singapore's number 3 lender, United Overseas Bank (UOB), has suspended its loans programme for London properties in the wake of uncertainties caused by Britain's vote to leave the European Union. UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows. "We will temporarily stop receiving foreign property loan applications for London properties," a UOB spokeswoman said in an email. "As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments." Singapore's biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious. "For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks," Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. The Singapore dollar has gained about 10 per cent against the British Pound since the referendum. "There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term," said Alice Tan, head of consultancy and research at Knight Frank Singapore. Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases. UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering. UOB runs an international property loans programme that also covers properties in Australia, Japan, Thailand, Malaysia and Singapore, according to its website. (Reuters)

Singapore's no. 3 lender suspends London property loans post-Brexit

Britain&#39;s two main political parties were embroiled in leadership battles today to decide who will lead the country through turbulent times in the wake of a vote to leave the European Union. 
 
Interior minister Theresa May, who had been a low-key supporter of remaining in the bloc, announced her bid to succeed Prime Minister David Cameron after he resigned in the wake of the referendum. 
 
&quot;Following last week&#39;s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union,&quot; May wrote in The Times newspaper. 
 
The 69-year-old&#39;s main rival for the Conservative leadership, the mop-haired former mayor of London and prominent &quot;Leave&quot; campaigner Boris Johnson, is expected to launch his campaign today. 
 
Challengers have until 1100 GMT to declare. Work and pensions minister Stephen Crabb and right-wing former defence minister Liam Fox are also expected to run. 
 
Cameron has left to his successor the task of renegotiating Britain&#39;s relationship with the EU following an exit vote that has roiled the markets, sunk the pound, and prompted economists to slash their growth forecasts for the country. 
 
The next Conservative party leader will take over by early September and will face a decision on whether to seek an election to gain a public mandate. 
 
But Britain is also under pressure from the EU not to delay starting the formal notification of leaving the bloc, Article 50 of the Lisbon Treaty. 
 
European leaders, keen not to encourage burgeoning anti-EU movements across the continent, have warned that Britain will not be able to pick and choose the cosiest terms of divorce. 
 
Britain&#39;s main opposition party Labour has also been thrown into turmoil by the vote, as lawmakers moved in its aftermath to oust left-wing leader Jeremy Corbyn in a slow-motion revolt. 
 
Senior lawmaker Angela Eagle is expected to announce a leadership challenge to Corbyn, who has refused to resign despite losing a confidence vote by MPs. 
 
Corbyn, 67, has been criticised for making a lacklustre bid for Britain to remain in the EU, and even insinuations from former allies that he harboured eurosceptic feelings himself. 
 
At a rally at a London university on Wednesday, a heckler called out &quot;What about Europe, Jeremy? Where were you when we needed you?&quot; before being drowned out by booing. 
 
&quot;We`re in the midst of a very interesting political time in this country. I was very honoured to be elected to lead the Labour party last year,&quot; Corbyn told the cheering young activists who form his support base. 
 
&quot;The mandate was given by hundreds of thousands of ordinary people... I`m very proud to be carrying on with that work.&quot; 
 
Though Labour lawmakers passed a vote of no confidence against him by 172 to 40, Corbyn insists he still has the support of the party membership and will fight any leadership challenge he sees as a plot by the more right-wing elements of his party. 
 
The former pensions minister Eagle quit as Corbyn`s business spokeswoman earlier this week in one of a string of resignations. 
 
The ructions in both parties were splashed across today&#39;s front pages. 
 
&quot;Now it`s civil war&quot; declared the Daily Mirror, a historically Labour-supporting newspaper, with a photograph of Corbyn. 
 
&quot;Boris: I want to be your PM&quot; read the eurosceptic Daily Express, while The Times read &quot;May: I will reunite Britain&quot;. 
 
May has a record as a hardliner on immigration, a driving issue in the EU referendum which was presented by &quot;Leave&quot; campaigners as an opportunity to reduce the numbers arriving in Britain. 
 
Following through with that promise could prove a challenge. 
 
EU president Donald Tusk warned Wednesday that if Britain wanted access to the bloc`s huge single market of 500 million people, it would have to accept the free movement of EU citizens. 
 
(AFP)

Boris Johnson is expected to announce his candidacy today, Theresa May has already announced her's

Britain's two main political parties were embroiled in leadership battles today to decide who will lead the country through turbulent times in the wake of a vote to leave the European Union. Interior minister Theresa May, who had been a low-key supporter of remaining in the bloc, announced her bid to succeed Prime Minister David Cameron after he resigned in the wake of the referendum. "Following last week's referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union," May wrote in The Times newspaper. The 69-year-old's main rival for the Conservative leadership, the mop-haired former mayor of London and prominent "Leave" campaigner Boris Johnson, is expected to launch his campaign today. Challengers have until 1100 GMT to declare. Work and pensions minister Stephen Crabb and right-wing former defence minister Liam Fox are also expected to run. Cameron has left to his successor the task of renegotiating Britain's relationship with the EU following an exit vote that has roiled the markets, sunk the pound, and prompted economists to slash their growth forecasts for the country. The next Conservative party leader will take over by early September and will face a decision on whether to seek an election to gain a public mandate. But Britain is also under pressure from the EU not to delay starting the formal notification of leaving the bloc, Article 50 of the Lisbon Treaty. European leaders, keen not to encourage burgeoning anti-EU movements across the continent, have warned that Britain will not be able to pick and choose the cosiest terms of divorce. Britain's main opposition party Labour has also been thrown into turmoil by the vote, as lawmakers moved in its aftermath to oust left-wing leader Jeremy Corbyn in a slow-motion revolt. Senior lawmaker Angela Eagle is expected to announce a leadership challenge to Corbyn, who has refused to resign despite losing a confidence vote by MPs. Corbyn, 67, has been criticised for making a lacklustre bid for Britain to remain in the EU, and even insinuations from former allies that he harboured eurosceptic feelings himself. At a rally at a London university on Wednesday, a heckler called out "What about Europe, Jeremy? Where were you when we needed you?" before being drowned out by booing. "We`re in the midst of a very interesting political time in this country. I was very honoured to be elected to lead the Labour party last year," Corbyn told the cheering young activists who form his support base. "The mandate was given by hundreds of thousands of ordinary people... I`m very proud to be carrying on with that work." Though Labour lawmakers passed a vote of no confidence against him by 172 to 40, Corbyn insists he still has the support of the party membership and will fight any leadership challenge he sees as a plot by the more right-wing elements of his party. The former pensions minister Eagle quit as Corbyn`s business spokeswoman earlier this week in one of a string of resignations. The ructions in both parties were splashed across today's front pages. "Now it`s civil war" declared the Daily Mirror, a historically Labour-supporting newspaper, with a photograph of Corbyn. "Boris: I want to be your PM" read the eurosceptic Daily Express, while The Times read "May: I will reunite Britain". May has a record as a hardliner on immigration, a driving issue in the EU referendum which was presented by "Leave" campaigners as an opportunity to reduce the numbers arriving in Britain. Following through with that promise could prove a challenge. EU president Donald Tusk warned Wednesday that if Britain wanted access to the bloc`s huge single market of 500 million people, it would have to accept the free movement of EU citizens. (AFP)

War of the British succession

Russian President Vladimir Putin said on Thursday that the market turbulence caused by Britain&#39;s vote to leave the European Union will subside in the medium term, but it remains to be seen if Britain will uphold its democratic principles.&nbsp; 
 
Addressing his biannual meeting with Russian ambassadors abroad and special envoys, Putin said Russia had not influenced the British referendum. 
 
&quot;I would like to stress yet again that the so-called Brexit is the choice of the British people, we did not interfere with this process and are not tampering with it in anyway,&quot; he said. 
 
&quot;Now let&#39;s see how they will implement the principles of democracy,&quot; Putin said. &quot;The referendum results have rocked the markets, but in the medium term everything will recover.&quot;&nbsp; 
 
(Reuters)

The Russian President told his ambassadors that his country has not influenced the British referendum

Russian President Vladimir Putin said on Thursday that the market turbulence caused by Britain's vote to leave the European Union will subside in the medium term, but it remains to be seen if Britain will uphold its democratic principles. Addressing his biannual meeting with Russian ambassadors abroad and special envoys, Putin said Russia had not influenced the British referendum. "I would like to stress yet again that the so-called Brexit is the choice of the British people, we did not interfere with this process and are not tampering with it in anyway," he said. "Now let's see how they will implement the principles of democracy," Putin said. "The referendum results have rocked the markets, but in the medium term everything will recover." (Reuters)

Let's see how British democracy works after Brexit, says Putin

Britain will not decide where to build a new runway at Heathrow airport until at least October due to the political turmoil following Britons&#39; vote to leave the European Union, transport minister Patrick McLoughlin said today.&nbsp; 
 
London&#39;s Heathrow, Britain and Europe&#39;s busiest airport, has been campaigning for 25 years for an extra runway and a decision had been expected this summer, after it was pushed back by the government from last year. 
 
But, after his side lost the vote on the country&#39;s EU membership, Prime Minister David Cameron said he would resign by October, and a Conservative leadership contest has begun. 
 
&quot;Being realistic, given recent events, I cannot now foresee an announcement (on airport capacity in southeast England) until at least October,&quot; McLoughlin told lawmakers.&nbsp; 
 
Cameron&#39;s government has been considering for four years where to build the runway, with Heathrow seen as the front-runner over Gatwick, Britain&#39;s second busiest airport, after it was selected by the Davies independent commission in 2015. 
 
However, his possible successor Theresa May opposes Heathrow expansion.&nbsp; 
 
Another high-profile opponent of Heathrow expansion, former London mayor Boris Johnson, said on Thursday he would not be standing for the Conservative leadership.&nbsp; 
 
Business leaders have repeatedly called on the government to build a new runway as Heathrow, Europe&#39;s busiest airport, is already full.&nbsp; 
 
But past attempts to expand the airport, 15 miles west of London in a densely populated area, have been scuppered by local opposition over worries about increased noise and air pollution.&nbsp; 
 
McLoughlin said a government analysis on air quality linked to expansion would be published soon, and said that despite the delays the runway could still be built by the 2030 deadline set by the Davies commission report. 
 
The latest delay to Heathrow&#39;s 18 billion pound ($24 billion) expansion plan was criticised by business groups. 
 
The British Chambers of Commerce said the government was missing an opportunity to stimulate business confidence, while the City of London Corporation said competing on a world stage meant being able to build new trade links.&nbsp; 
 
A quarter of the country&#39;s exports move through Heathrow, Britain&#39;s biggest port, but it has no extra capacity to add routes to new markets including China. 
 
&quot;If Britain wants to be confident, outward-looking and at the centre of the world&#39;s economy then expanding Heathrow must be a key building block in the government&#39;s Brexit plan,&quot; Heathrow chief executive John Holland-Kaye said in a statement.&nbsp; 
 
Tesco chairman John Allan told BBC radio that a delay was &quot;unhelpful&quot; and lamented the fact that &quot;reasons of internal party management&quot; came ahead of what was in the nation&#39;s interest.&nbsp; 
 
Heathrow&#39;s largest shareholder is Spanish infrastructure firm Ferrovial. Other partners include Qatar Holding, China Investment Corp and the Government of Singapore Investment Corp. 
 
(Reuters)

Heathrow has been pushing for 25 years for an extra runway but efforts have been thwarted by opposition to increased noise and air pollution

Britain will not decide where to build a new runway at Heathrow airport until at least October due to the political turmoil following Britons' vote to leave the European Union, transport minister Patrick McLoughlin said today. London's Heathrow, Britain and Europe's busiest airport, has been campaigning for 25 years for an extra runway and a decision had been expected this summer, after it was pushed back by the government from last year. But, after his side lost the vote on the country's EU membership, Prime Minister David Cameron said he would resign by October, and a Conservative leadership contest has begun. "Being realistic, given recent events, I cannot now foresee an announcement (on airport capacity in southeast England) until at least October," McLoughlin told lawmakers. Cameron's government has been considering for four years where to build the runway, with Heathrow seen as the front-runner over Gatwick, Britain's second busiest airport, after it was selected by the Davies independent commission in 2015. However, his possible successor Theresa May opposes Heathrow expansion. Another high-profile opponent of Heathrow expansion, former London mayor Boris Johnson, said on Thursday he would not be standing for the Conservative leadership. Business leaders have repeatedly called on the government to build a new runway as Heathrow, Europe's busiest airport, is already full. But past attempts to expand the airport, 15 miles west of London in a densely populated area, have been scuppered by local opposition over worries about increased noise and air pollution. McLoughlin said a government analysis on air quality linked to expansion would be published soon, and said that despite the delays the runway could still be built by the 2030 deadline set by the Davies commission report. The latest delay to Heathrow's 18 billion pound ($24 billion) expansion plan was criticised by business groups. The British Chambers of Commerce said the government was missing an opportunity to stimulate business confidence, while the City of London Corporation said competing on a world stage meant being able to build new trade links. A quarter of the country's exports move through Heathrow, Britain's biggest port, but it has no extra capacity to add routes to new markets including China. "If Britain wants to be confident, outward-looking and at the centre of the world's economy then expanding Heathrow must be a key building block in the government's Brexit plan," Heathrow chief executive John Holland-Kaye said in a statement. Tesco chairman John Allan told BBC radio that a delay was "unhelpful" and lamented the fact that "reasons of internal party management" came ahead of what was in the nation's interest. Heathrow's largest shareholder is Spanish infrastructure firm Ferrovial. Other partners include Qatar Holding, China Investment Corp and the Government of Singapore Investment Corp. (Reuters)

Brexit political turmoil delays call on new runway at London airport until October

Conservative Party member Theresa May said in an article published in The Times, London, on Thursday she was set to launch her campaign for the position of the leader of the Tory party and the Prime Minister of the United Kingdom. 
 
&quot;Today I will launch my campaign to become the leader of the Conservative Party and Prime Minister of the United Kingdom. And I do so for three clear reasons.&nbsp;First, following last week&rsquo;s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union,&quot; she wrote in the piece. 
 
Her article assumes significance in a scenario where former London mayor Boris Johnson&#39;s name was still doing the rounds as the front-runner for the Prime Minister&#39;s position following David Cameron&#39;s decision to step down. Johnson was one of the foremost &#39;Leave&quot; campaigners. 
 
Barely a few hours before the nominations for the leadership of the Tory party closed on Thursday, Johnson announced he was no longer in the race&nbsp;for Prime Ministership after Micheal Gove, justice minister, announced that he would no longer support his candidature. 
 
Now the contest is pitched between Gove and May who as the interior minister campaigned to remain in the EU. 
 
May pitched the Tories as the only solid option for UK &quot;with the labour party tearing itself to pieces&quot;. 
 
&quot;We need leadership that can unite our party and our country. With the Labour Party tearing itself to pieces, and divisive nationalists in Scotland and Wales, it is the patriotic duty of the Conservative Party to unite and govern in the best interests of the whole country,&quot; she wrote. 
 
&quot;We need a bold, new, positive vision for the future of our country &mdash; a vision of a country that works not for a privileged few but for everyone, regardless of who they are and regardless of where they&rsquo;re from.&quot; 
 
May went on to write about the hardships the poor and the marginalised faced in today&#39;s Britain. &quot;If you&rsquo;re born poor in today&rsquo;s Britain, you will die on average nine years earlier than others. If you&rsquo;re black, you&rsquo;re treated more harshly by the criminal justice system than if you&rsquo;re white. If you&rsquo;re a white, working-class boy, you&rsquo;re less likely than anybody else in Britain to go to university.&quot;&nbsp; 
 
May wrote she will be arguing in favour of a new and radical programme of social reform. This programme will include big changes to the way Britian thinks about its economy, its society and its democracy. She stressed that she was a believer in capitalism and free markets, but where capitalism was not helping to provide opportunity for all, she wanted to reform it. 
 
&quot;We need to think differently about the role of the state. Instead of thinking of it always as the problem, we should acknowledge that often it is only the state that can provide solutions to the problems we face. So yes, the state needs to be small, but it needs to be strong.&quot; 
 
She added, &quot;Under my leadership, the motives of the Conservative Party will never be in any doubt. We will put ourselves at the service of ordinary, working people and we will strive to make Britain a country that works for everyone, regardless of who they are and regardless of where they&rsquo;re from.&quot; 
 
(WION)

In an editorial for The Times, the interior minister announced her campaign for occupying 10, Downing Street

Conservative Party member Theresa May said in an article published in The Times, London, on Thursday she was set to launch her campaign for the position of the leader of the Tory party and the Prime Minister of the United Kingdom. "Today I will launch my campaign to become the leader of the Conservative Party and Prime Minister of the United Kingdom. And I do so for three clear reasons. First, following last week’s referendum, our country needs strong, proven leadership to steer us through this period of economic and political uncertainty, and to negotiate the best possible terms as we leave the European Union," she wrote in the piece. Her article assumes significance in a scenario where former London mayor Boris Johnson's name was still doing the rounds as the front-runner for the Prime Minister's position following David Cameron's decision to step down. Johnson was one of the foremost 'Leave" campaigners. Barely a few hours before the nominations for the leadership of the Tory party closed on Thursday, Johnson announced he was no longer in the race for Prime Ministership after Micheal Gove, justice minister, announced that he would no longer support his candidature. Now the contest is pitched between Gove and May who as the interior minister campaigned to remain in the EU. May pitched the Tories as the only solid option for UK "with the labour party tearing itself to pieces". "We need leadership that can unite our party and our country. With the Labour Party tearing itself to pieces, and divisive nationalists in Scotland and Wales, it is the patriotic duty of the Conservative Party to unite and govern in the best interests of the whole country," she wrote. "We need a bold, new, positive vision for the future of our country — a vision of a country that works not for a privileged few but for everyone, regardless of who they are and regardless of where they’re from." May went on to write about the hardships the poor and the marginalised faced in today's Britain. "If you’re born poor in today’s Britain, you will die on average nine years earlier than others. If you’re black, you’re treated more harshly by the criminal justice system than if you’re white. If you’re a white, working-class boy, you’re less likely than anybody else in Britain to go to university." May wrote she will be arguing in favour of a new and radical programme of social reform. This programme will include big changes to the way Britian thinks about its economy, its society and its democracy. She stressed that she was a believer in capitalism and free markets, but where capitalism was not helping to provide opportunity for all, she wanted to reform it. "We need to think differently about the role of the state. Instead of thinking of it always as the problem, we should acknowledge that often it is only the state that can provide solutions to the problems we face. So yes, the state needs to be small, but it needs to be strong." She added, "Under my leadership, the motives of the Conservative Party will never be in any doubt. We will put ourselves at the service of ordinary, working people and we will strive to make Britain a country that works for everyone, regardless of who they are and regardless of where they’re from." (WION)

Theresa May in race for Tory leadership and UK PM's post

Brexit is a significant change in the history of the European Union and a shock for many of its citizens, perhaps the most dramatic after the fall of the Berlin wall in 1989.&nbsp; 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/moro-20160629045303.jpg" /> 
 
While interrogating the future in a desperate attempt to understand what could happen next, pungent irony has spread on social media. 
 
And Iceland&#39;s victory over England in the Euro 2016 tournament on Monday did nothing to help matters. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/iceland-20160629045824.png" /> 
 
After the match, English national team coach, Roy Hodgson, announced his resignations, adding his position to other important job vacancies in the UK. In case you need a job, here is a reminder. Please remember to bring your resume along.
<div class="twitter-block">&nbsp;
<blockquote class="twitter-tweet" data-lang="en">
JOB VACANCIES: 
 
- UK prime minister 
- leader of the opposition 
- England football manager 
 
required ASAP as our country is falling apart
&mdash; ? (@Y2SHAF) <a href="https://twitter.com/Y2SHAF/status/747537947713503233">June 27, 2016</a></blockquote>

 
Brexit is, above all, a matter of business&nbsp;as this image reminds us. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/3ffd8e5660fff4c4ec9d981c62e7f610-20160629051830.jpg" /> 
 
But food, too, plays an important part. It is said that eating together, exchanging recipes and&nbsp;sharing food habits lay the foundation of good relations.&nbsp; 
 
So, how could food not be part of the post-Brexit shock? 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/13528105_10153514306110563_1897828538954548420_o-20160629050304.jpg" /> 
 
Like every significant moment in our life, Brexit must have a soundtrack. It is not always an easy choice and&nbsp;the #UKBreakUpSongs competition started on Twitter. 
 
The winner for this author is&nbsp;the&nbsp;ironic twist of Simon&amp;Garfunkel&#39;s The Sound of Silence.&nbsp;

<div class="twitter-block">
<blockquote class="twitter-tweet" data-lang="en-gb">
The Pound of Silence 
 
<a href="https://twitter.com/hashtag/UKBreakUpSongs?src=hash">#UKBreakUpSongs</a>
&mdash; -^Tim Watts^- (@twattstweets) <a href="https://twitter.com/twattstweets/status/747854979793305601">28 June 2016</a></blockquote>
</div>
</div>

Many Twitter and Facebook users took to sarcasm to 'absorb' the largely unexpected decision taken by Britons

Brexit is a significant change in the history of the European Union and a shock for many of its citizens, perhaps the most dramatic after the fall of the Berlin wall in 1989. While interrogating the future in a desperate attempt to understand what could happen next, pungent irony has spread on social media. And Iceland's victory over England in the Euro 2016 tournament on Monday did nothing to help matters. After the match, English national team coach, Roy Hodgson, announced his resignations, adding his position to other important job vacancies in the UK. In case you need a job, here is a reminder. Please remember to bring your resume along. JOB VACANCIES: - UK prime minister - leader of the opposition - England football manager required ASAP as our country is falling apart — ? (@Y2SHAF) June 27, 2016 Brexit is, above all, a matter of business as this image reminds us. But food, too, plays an important part. It is said that eating together, exchanging recipes and sharing food habits lay the foundation of good relations. So, how could food not be part of the post-Brexit shock? Like every significant moment in our life, Brexit must have a soundtrack. It is not always an easy choice and the #UKBreakUpSongs competition started on Twitter. The winner for this author is the ironic twist of Simon&Garfunkel's The Sound of Silence. The Pound of Silence #UKBreakUpSongs — -^Tim Watts^- (@twattstweets) 28 June 2016

Brexit break-up songs: Irony says bye bye to EU

As part of an effort to protect and restore American jobs, Republican presidential candidate Donald Trump on Tuesday vowed to force Canada and Mexico to re-negotiate the North American Free Trade Agreement (NAFTA) pact with the United States (US), if elected.&nbsp; 
 
Criticising the free trade agreement as a &lsquo;US job killer&rsquo;, Trump said he would be willing to scrap the pact if Canada and Mexico were unwilling to budge. He also tried to link Democratic rival Hillary Clinton to the deal on the eve of a meeting in Ottawa of the &quot;three amigos,&quot; the leaders of the three NAFTA signatories: the United States, Mexico and Canada. 
 
Trump trying to cash in on voter anxiety?&nbsp; 
 
In his most detailed speech on trade, the presumptive Republican nominee said he would pull the United States out of negotiations for a deal among 12 Pacific Rim nations and promised to use executive power to resolve trade disputes with China. 
 
Trump also pledged to revive the US steel and aluminium industry, speaking at an aluminium scrap company in Monessen, Pennsylvania, nearly 30 miles (50 km) south of Pittsburgh, the one-time American steelmaking capital. 
 
Trump has identified Pennsylvania as a state he believes he can wrest from the Democrats in the November 8 election. He also campaigned on Tuesday in Ohio which like Pennsylvania is a Rust Belt state. 
 
Democratic President Barack Obama won both states in 2008 and 2012, but manufacturing job losses have led to voter anxiety in the region. 
 
&quot;I&#39;m going to tell our NAFTA partners that I intend to immediately re-negotiate the terms of that agreement to get a better deal for our workers. And I don&#39;t mean just a little bit better, I mean a lot better,&quot; Trump said in Pennsylvania. 
 
If Canada and Mexico do not agree to re-negotiate the pact, Trump said he would notify them under the agreement&#39;s terms &quot;that America intends to withdraw from the deal.&quot; 
 
He tried to tie his Democratic rival to the pact, approved in 1993 during the administration of her husband, President Bill Clinton, as he called NAFTA one of the &quot;worst legacies&quot; of the Clinton years. 
 
On MSNBC after Trump&#39;s speech, Clinton spokeswoman Kristina Schake called the wealthy New York businessman the &quot;king of outsourcing&quot;, in an apparent reference to Trump-branded products such as suits and ties made overseas. 
 
&quot;It was full of hypocrisy and misstatements and outright lies,&quot; Schake said. 
 
Trade has been a vulnerability for Clinton, who struggled for white, blue-collar votes in her Democratic primary race against US Senator Bernie Sanders, who criticised her for supporting trade deals and said she was too close to Wall Street. 
 
Trump dubs Trans-Pacific Partnership as &ldquo;death-blow&rdquo; for American manufacturing&nbsp; 
 
Echoing Sanders&#39; criticism on Tuesday, Trump stressed Clinton supported the 12-nation Trans-Pacific Partnership, or TPP, while she was secretary of state and only opposed it once she was running for president. Clinton&#39;s campaign, however, said she opposed the agreement because it was not strong enough on currency manipulation and other areas. 
 
It may also be pertinent to note Clinton has said she will evaluate each trade deal on its merits, but does not believe the TPP is good for US workers. Sanders now says he will vote for Clinton in November even though he has not formally withdrawn from the race. 
 
Trump, however, commented he saw no way to fix the TPP, calling it a &quot;death blow&quot; for American manufacturing. Although China is not part of the agreement, Trump said Beijing might try to enter it &quot;through the back door&quot; later on.&nbsp;Later, during a rally in St. Clairsville, Ohio, Trump said the deal was &quot;just a continuing rape of our country.&quot; 
 
Just hours before Trump spoke, Clinton allies sought to pre-empt the planned trade speech by saying Trump&#39;s policies amounted to empty promises. 
 
Earlier, AFL-CIO President Richard Trumka told a trade conference in Washington that &quot;Trump embodies everything that is wrong with our current trade policy. He has consistently sent American jobs overseas to line his own pockets.&quot; 
 
The AFL-CIO, which collectively represents more than 12 million workers, making it the largest U.S. labour federation, endorsed Clinton this month. 
 
Brexit vote could reverberate in US elections&nbsp; 
 
Both Clinton and Trump have acknowledged that Britain&#39;s vote to leave the European Union signalled a global economic frustration among working-class voters that could reverberate in the US election. 
 
&quot;There is a lot of legitimate anxiety, fear and even anger in many parts of our country because people feel like the economy has failed them,&quot; Clinton said in Denver on Tuesday. &quot;I think this is going to be one of the defining issues in this election.&quot; 
 
Trump has seized on the historic Brexit vote to bolster his argument that voters are rising up against establishment leaders, saying Americans would reject the &quot;global elite&quot; and support his presidential candidacy. 
 
But Trump has broken with Republican Party orthodoxy in criticising trade deals and has threatened to slap tariffs on Mexican and Chinese imports. His rhetoric has drawn criticism from many economists who say such practices could spark trade wars. 
 
As Trump spoke, the United States Chamber of Commerce, which is usually in sync with prominent Republicans on trade policy, said on Twitter: &quot;Under Trump&#39;s trade plans, we would see higher prices, fewer jobs, and a weaker economy.&quot; 
 
(Reuters)&nbsp;

Under Trump's trade plans, we will see higher prices, fewer jobs, and a weaker economy: US Chamber of Commerce

As part of an effort to protect and restore American jobs, Republican presidential candidate Donald Trump on Tuesday vowed to force Canada and Mexico to re-negotiate the North American Free Trade Agreement (NAFTA) pact with the United States (US), if elected. Criticising the free trade agreement as a ‘US job killer’, Trump said he would be willing to scrap the pact if Canada and Mexico were unwilling to budge. He also tried to link Democratic rival Hillary Clinton to the deal on the eve of a meeting in Ottawa of the "three amigos," the leaders of the three NAFTA signatories: the United States, Mexico and Canada. Trump trying to cash in on voter anxiety? In his most detailed speech on trade, the presumptive Republican nominee said he would pull the United States out of negotiations for a deal among 12 Pacific Rim nations and promised to use executive power to resolve trade disputes with China. Trump also pledged to revive the US steel and aluminium industry, speaking at an aluminium scrap company in Monessen, Pennsylvania, nearly 30 miles (50 km) south of Pittsburgh, the one-time American steelmaking capital. Trump has identified Pennsylvania as a state he believes he can wrest from the Democrats in the November 8 election. He also campaigned on Tuesday in Ohio which like Pennsylvania is a Rust Belt state. Democratic President Barack Obama won both states in 2008 and 2012, but manufacturing job losses have led to voter anxiety in the region. "I'm going to tell our NAFTA partners that I intend to immediately re-negotiate the terms of that agreement to get a better deal for our workers. And I don't mean just a little bit better, I mean a lot better," Trump said in Pennsylvania. If Canada and Mexico do not agree to re-negotiate the pact, Trump said he would notify them under the agreement's terms "that America intends to withdraw from the deal." He tried to tie his Democratic rival to the pact, approved in 1993 during the administration of her husband, President Bill Clinton, as he called NAFTA one of the "worst legacies" of the Clinton years. On MSNBC after Trump's speech, Clinton spokeswoman Kristina Schake called the wealthy New York businessman the "king of outsourcing", in an apparent reference to Trump-branded products such as suits and ties made overseas. "It was full of hypocrisy and misstatements and outright lies," Schake said. Trade has been a vulnerability for Clinton, who struggled for white, blue-collar votes in her Democratic primary race against US Senator Bernie Sanders, who criticised her for supporting trade deals and said she was too close to Wall Street. Trump dubs Trans-Pacific Partnership as “death-blow” for American manufacturing Echoing Sanders' criticism on Tuesday, Trump stressed Clinton supported the 12-nation Trans-Pacific Partnership, or TPP, while she was secretary of state and only opposed it once she was running for president. Clinton's campaign, however, said she opposed the agreement because it was not strong enough on currency manipulation and other areas. It may also be pertinent to note Clinton has said she will evaluate each trade deal on its merits, but does not believe the TPP is good for US workers. Sanders now says he will vote for Clinton in November even though he has not formally withdrawn from the race. Trump, however, commented he saw no way to fix the TPP, calling it a "death blow" for American manufacturing. Although China is not part of the agreement, Trump said Beijing might try to enter it "through the back door" later on. Later, during a rally in St. Clairsville, Ohio, Trump said the deal was "just a continuing rape of our country." Just hours before Trump spoke, Clinton allies sought to pre-empt the planned trade speech by saying Trump's policies amounted to empty promises. Earlier, AFL-CIO President Richard Trumka told a trade conference in Washington that "Trump embodies everything that is wrong with our current trade policy. He has consistently sent American jobs overseas to line his own pockets." The AFL-CIO, which collectively represents more than 12 million workers, making it the largest U.S. labour federation, endorsed Clinton this month. Brexit vote could reverberate in US elections Both Clinton and Trump have acknowledged that Britain's vote to leave the European Union signalled a global economic frustration among working-class voters that could reverberate in the US election. "There is a lot of legitimate anxiety, fear and even anger in many parts of our country because people feel like the economy has failed them," Clinton said in Denver on Tuesday. "I think this is going to be one of the defining issues in this election." Trump has seized on the historic Brexit vote to bolster his argument that voters are rising up against establishment leaders, saying Americans would reject the "global elite" and support his presidential candidacy. But Trump has broken with Republican Party orthodoxy in criticising trade deals and has threatened to slap tariffs on Mexican and Chinese imports. His rhetoric has drawn criticism from many economists who say such practices could spark trade wars. As Trump spoke, the United States Chamber of Commerce, which is usually in sync with prominent Republicans on trade policy, said on Twitter: "Under Trump's trade plans, we would see higher prices, fewer jobs, and a weaker economy." (Reuters)

Trump labels NAFTA 'worst legacy of Clinton years?, vows re-negotiation

Expressing regret and sadness over Britain&#39;s decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. 
 
At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood &quot;of sadness and regret&quot;. 
 
&quot;I threw myself in head, heart and soul to keep Britain in the European Union and I didn&#39;t succeed,&quot; he said. &quot;And when you lose you have to say right I&#39;ve lost that argument, I&#39;ve lost that ... debate and it&#39;s right to hand over to someone else who will take the country forward. 
 
&quot;Now of course I am sad about that, but frankly I&#39;m more concerned about Britain getting its relationship right with Europe.&quot; 
 
He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc&#39;s prized single market if it curbed flows of migrant workers from the EU. 
 
&quot;If you want the full benefits of the single market, you&#39;ll have to be part of every part of it,&quot; he said. 
 
(Reuters)&nbsp;

'Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe'

Expressing regret and sadness over Britain's decision to leave the European Union (EU), Prime Minister David Cameron said on Tuesday the country would not turn its back on Europe and would instead build the strongest ties it could. At what he said would be his last EU summit, Cameron told a news conference that as a democrat he had accepted the will of the people and other leaders had also respected the choice in a mood "of sadness and regret". "I threw myself in head, heart and soul to keep Britain in the European Union and I didn't succeed," he said. "And when you lose you have to say right I've lost that argument, I've lost that ... debate and it's right to hand over to someone else who will take the country forward. "Now of course I am sad about that, but frankly I'm more concerned about Britain getting its relationship right with Europe." He stressed Britain would leave the European Union, seeking to quash suggestions it could avoid a Brexit or preserve access to the bloc's prized single market if it curbed flows of migrant workers from the EU. "If you want the full benefits of the single market, you'll have to be part of every part of it," he said. (Reuters)

Cameron regretful after EU divorce, insists on building strongest ties

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain&#39;s largest mortgage lender continues to scale back its branch network and workforce. 
 
All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. 
 
Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. 
 
&quot;The continuation of the bank&#39;s major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts,&quot; said Rob MacGregor, national officer at the Unite union. 
 
A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. 
 
The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme&#39;s swift progress, two separate sources said. 
 
The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. 
 
British voters&#39; surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. 
 
Sources close to Britain&#39;s government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. 
 
The employees affected by Wednesday&#39;s job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. 
 
So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. 
 
The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. 
 
(Reuters)

Four out of every five employees at Lloyds, who received a $27 bailout in 2009, were reportedly working unpaid overtime every week

Lloyds Banking Group plans to axe about 640 jobs, sources close to the matter said on Wednesday, as Britain's largest mortgage lender continues to scale back its branch network and workforce. All affected employees working in information technology and back-office roles and are being told of the decision on Wednesday, the sources said on condition of anonymity because they are not authorised to discuss the plans. Lloyds, who rescued in a 20.5 billion Pound ($27.4 billion) taxpayer bailout during the financial crisis, is in the midst of major restructuring as part of an aggressive cost-cutting programme. "The continuation of the bank's major job loss programme will bring disappointment as staff feel they have already faced two years of endless workforce cuts," said Rob MacGregor, national officer at the Unite union. A statement from Lloyds said there will be a net reduction of 525 jobs where newly created roles are included. The bank also said it is closing 23 branches by October because customers increasingly bank online and more functions are automated. The bank, more than two thirds of the way through three-year plan to cut about a tenth of its workforce, could now consider deeper cuts than originally targetted because of the programme's swift progress, two separate sources said. The latest cuts coincide with the biggest upheaval for British banks since the financial crisis. British voters' surprise decision, last week, to leave the European Union is forcing bank executives to reconsider business models amid uncertainty and earnings downgrades that prompted rattled investors to offload billions of pounds of shares. Sources close to Britain's government say it has put on hold plans to sell stakes in Lloyds because market volatility has made it too difficult to judge whether disposals represent value for taxpayers. The employees affected by Wednesday's job cuts work in cities including London, Edinburgh, Bristol and Manchester, the sources said. So far this year, Lloyds has announced plans to cut about 3,580 positions from its 75,000-strong workforce. The Unite union has said the drawn out process job losses are taking a toll on Lloyds staff, with three quarters of its employees reporting symptoms of stress and four out of every five working unpaid overtime every week. (Reuters)

Lloyds to axe 640 jobs in cost-cutting drive

European leaders told Britain on Tuesday to act quickly to resolve the political and economic confusion unleashed by its vote to leave the European Union last week, after the IMF said the uncertainty could put pressure on global economic growth. 
 
Sterling and world stock markets recovered slightly on Tuesday but investor confidence remains fragile despite policymakers saying they will take all necessary measures to protect their economies. 
 
Last week&#39;s referendum wiped a record $3 trillion off the value of global shares and Sterling fell to its lowest level in 31 years against the US Dollar. 
 
British finance minister George Osborne, whose attempt to calm markets on Monday went unheard, said on Tuesday the government will have to cut spending and raise taxes to stabilise the economy after credit rating agency Fitch became the third agency to downgrade UK debt.&nbsp; 
 
Businesses have announced hiring freezes and possible job cuts, despite voters` hopes the economy would thrive outside the EU.&nbsp; 
 
Germany&#39;s financial market regulator delivered a double blow to the city of London, saying it could not host the headquarters of a planned European stock exchange after Britain leaves the EU and could not remain a centre for trading in Euros. 
 
European countries are concerned about the impact of the political and regulatory uncertainty on the economies of the other 27 other EU members while the UK government works out how and when to begin withdrawal negotiations under Article 50 of the Lisbon Treaty.&nbsp; 
 
European central bank president Mario Draghi said on Tuesday that central banks around the world should aim to align monetary policies to mitigate &quot;destabilising spillovers&quot; between economies.&nbsp; 
 
Draghi had added that he agreed with private economists who predict euro zone growth will be reduced by up to 0.5 per cent cumulatively over the next three years due to the &quot;Brexit&quot; vote.&nbsp; 
 
UK warned EU access depends on four freedoms&nbsp; 
 
At a summit meeting of the leaders of the 28 members of the EU in Brussels on Tuesday, Cameron said he hoped the UK would maintain as tight an economic and political relationship as possible with the EU. 
 
&quot;Britain will be leaving the European Union, but we will not be turning our back on Europe,&quot; he told a news conference after a dinner at which he said many European partners expressed regret and voiced friendship for Britain. 
 
Cameron said he told the EU summit that, &quot;People recognised the economic case for staying, but there was a very great concern about movement of people and that was coupled with concern about issues of sovereignty. I think we need to think about that, Europe needs to think about that.&quot; 
 
In a veiled rebuke to UK &quot;Leave&quot; campaign leaders such as Boris Johnson, who is vying to succeed him, Cameron said Britons would have to understand they could not keep all the benefits of EU membership without the costs. 
 
Driving home that message, French President Francois Hollande said continued access to the EU&#39;s prized single market was dependent on accepting the so-called four freedoms of movement of goods, capital, workers and services. 
 
&quot;If they don&#39;t want free movement, they won&#39;t have access to the single market,&quot; he said, adding that London will no longer be able to act as a clearing house in Euros. 
 
The European Parliament adopted a non-binding resolution on Tuesday demanding that London activate the EU treaty&#39;s voluntary exit clause as fast as possible and launch negotiations on withdrawal terms with a two-year countdown to departure. 
 
But German Chancellor Angela Merkel said London should be allowed time to recover its balance after the political shockwave before formally notifying its partners of its plans.&nbsp; 
 
The other 27 EU leaders will hold their own meeting today to discuss how to deal with Britain on its way out of the bloc it joined in 1973 and how to take the Union forward without it.&nbsp; 
 
UK politics in upheaval&nbsp; 
 
Back in London, Conservative Party officials said on Tuesday that Cameron`s successor as prime minister would be appointed at the earliest on September 9. 
 
Cameron, who called the referendum and tendered his resignation as prime minister when it became clear he had failed to persuade Britain to stay in the EU, says he will let his successor declare the country`s exit formally. 
 
Meanwhile, UK Labour Party lawmakers passed a vote of no-confidence in leader Jeremy Corbyn on Tuesday, accusing him of failing to win over traditional supporters during the referendum campaign. The lawmakers fear a similar failure at the next general election, due in 2020, will lead to Labour suffering a major loss of seats in parliament.&nbsp; 
 
However, the Labour confidence vote does not automatically trigger a leadership election and Corbyn refused to quit. &quot;I was democratically elected leader of our party for a new kind of politics by 60 per cent of Labour members and supporters, and I will not betray them by resigning,&quot; he said.&nbsp; 
 
Underlining the political upheaval that the Brexit vote set in motion, Scottish first minister Nicola Sturgeon is to visit Brussels today for talks with the president of the European Parliament and European Commission officials. 
 
Sturgeon has said Scotland, where nearly two in three voters backed staying in the EU, does not want to leave the bloc and may hold a new referendum on independence.&nbsp; 
 
(Reuters)

British finance minister said need to reduce spending and raise taxes to stabilise the economy after credit rating agency downgraded UK debt

European leaders told Britain on Tuesday to act quickly to resolve the political and economic confusion unleashed by its vote to leave the European Union last week, after the IMF said the uncertainty could put pressure on global economic growth. Sterling and world stock markets recovered slightly on Tuesday but investor confidence remains fragile despite policymakers saying they will take all necessary measures to protect their economies. Last week's referendum wiped a record $3 trillion off the value of global shares and Sterling fell to its lowest level in 31 years against the US Dollar. British finance minister George Osborne, whose attempt to calm markets on Monday went unheard, said on Tuesday the government will have to cut spending and raise taxes to stabilise the economy after credit rating agency Fitch became the third agency to downgrade UK debt. Businesses have announced hiring freezes and possible job cuts, despite voters` hopes the economy would thrive outside the EU. Germany's financial market regulator delivered a double blow to the city of London, saying it could not host the headquarters of a planned European stock exchange after Britain leaves the EU and could not remain a centre for trading in Euros. European countries are concerned about the impact of the political and regulatory uncertainty on the economies of the other 27 other EU members while the UK government works out how and when to begin withdrawal negotiations under Article 50 of the Lisbon Treaty. European central bank president Mario Draghi said on Tuesday that central banks around the world should aim to align monetary policies to mitigate "destabilising spillovers" between economies. Draghi had added that he agreed with private economists who predict euro zone growth will be reduced by up to 0.5 per cent cumulatively over the next three years due to the "Brexit" vote. UK warned EU access depends on four freedoms At a summit meeting of the leaders of the 28 members of the EU in Brussels on Tuesday, Cameron said he hoped the UK would maintain as tight an economic and political relationship as possible with the EU. "Britain will be leaving the European Union, but we will not be turning our back on Europe," he told a news conference after a dinner at which he said many European partners expressed regret and voiced friendship for Britain. Cameron said he told the EU summit that, "People recognised the economic case for staying, but there was a very great concern about movement of people and that was coupled with concern about issues of sovereignty. I think we need to think about that, Europe needs to think about that." In a veiled rebuke to UK "Leave" campaign leaders such as Boris Johnson, who is vying to succeed him, Cameron said Britons would have to understand they could not keep all the benefits of EU membership without the costs. Driving home that message, French President Francois Hollande said continued access to the EU's prized single market was dependent on accepting the so-called four freedoms of movement of goods, capital, workers and services. "If they don't want free movement, they won't have access to the single market," he said, adding that London will no longer be able to act as a clearing house in Euros. The European Parliament adopted a non-binding resolution on Tuesday demanding that London activate the EU treaty's voluntary exit clause as fast as possible and launch negotiations on withdrawal terms with a two-year countdown to departure. But German Chancellor Angela Merkel said London should be allowed time to recover its balance after the political shockwave before formally notifying its partners of its plans. The other 27 EU leaders will hold their own meeting today to discuss how to deal with Britain on its way out of the bloc it joined in 1973 and how to take the Union forward without it. UK politics in upheaval Back in London, Conservative Party officials said on Tuesday that Cameron`s successor as prime minister would be appointed at the earliest on September 9. Cameron, who called the referendum and tendered his resignation as prime minister when it became clear he had failed to persuade Britain to stay in the EU, says he will let his successor declare the country`s exit formally. Meanwhile, UK Labour Party lawmakers passed a vote of no-confidence in leader Jeremy Corbyn on Tuesday, accusing him of failing to win over traditional supporters during the referendum campaign. The lawmakers fear a similar failure at the next general election, due in 2020, will lead to Labour suffering a major loss of seats in parliament. However, the Labour confidence vote does not automatically trigger a leadership election and Corbyn refused to quit. "I was democratically elected leader of our party for a new kind of politics by 60 per cent of Labour members and supporters, and I will not betray them by resigning," he said. Underlining the political upheaval that the Brexit vote set in motion, Scottish first minister Nicola Sturgeon is to visit Brussels today for talks with the president of the European Parliament and European Commission officials. Sturgeon has said Scotland, where nearly two in three voters backed staying in the EU, does not want to leave the bloc and may hold a new referendum on independence. (Reuters)

EU leaders tell Britain to exit swiftly, markets steadier

German Chancellor Angela Merkel rebuffed on Wednesday suggestions from Italy that EU deficit and banking aid rules be adjusted to take account of its fiscal and financial troubles following the Brexit referendum in Britain. 
 
&quot;I think the stability and growth pact has enough flexibility to work with. Even under the current circumstances. And we just came up with a whole new bunch of regulations regarding the banking union, regarding their bankruptcy and their recapitalisation. It does not make sense to change things every two years. It cost us a lot of energy. These are the first cases where the new rules are executed. 
 
&quot;There is enough leeway in these regulations to serve the specific needs of the member states,&quot; Merkel told reporters at the end of a two-day summit of European Union leaders in Brussels, referring to the bloc&#39;s rulebook on deficit and debt levels. 
 
Rome wants to prop up Italian banks in response to financial turmoil unleashed by the British referendum. EU rules allow member states to provide financial help to banks only in exceptional cases. Italian officials have also said they plan to seek more flexibility on EU fiscal rules. 
 
(Reuters)

Germany refuses to alter rules which would give Italy EU funds to prop up banks after Brexit vote

German Chancellor Angela Merkel rebuffed on Wednesday suggestions from Italy that EU deficit and banking aid rules be adjusted to take account of its fiscal and financial troubles following the Brexit referendum in Britain. "I think the stability and growth pact has enough flexibility to work with. Even under the current circumstances. And we just came up with a whole new bunch of regulations regarding the banking union, regarding their bankruptcy and their recapitalisation. It does not make sense to change things every two years. It cost us a lot of energy. These are the first cases where the new rules are executed. "There is enough leeway in these regulations to serve the specific needs of the member states," Merkel told reporters at the end of a two-day summit of European Union leaders in Brussels, referring to the bloc's rulebook on deficit and debt levels. Rome wants to prop up Italian banks in response to financial turmoil unleashed by the British referendum. EU rules allow member states to provide financial help to banks only in exceptional cases. Italian officials have also said they plan to seek more flexibility on EU fiscal rules. (Reuters)

EU must implement existing rules: Angela Merkel

EU leaders gave Britain breathing space on Tuesday by accepting it needed time to absorb a shock Brexit vote before triggering a divorce but insisted the crunch move could not wait months. 
 
Prime Minister David Cameron came face-to-face with European colleagues for the first time since last week&#39;s vote at a Brussels summit which leaders said was &quot;sad&quot; but pragmatic. 
 
Trillions of dollars have been wiped off world markets since Thursday&#39;s vote to leave the EU, while the United Kingdom&#39;s future has been thrown into doubt after Scotland said it would push for a new independence referendum. 
 
Further shockwaves juddered through British politics as Jeremy Corbyn, leader of the main opposition Labour party, vowed to fight on despite losing a crushing no-confidence vote among his party&#39;s lawmakers. 
 
Thousands of people took to the streets of London, which voted overwhelmingly to stay in the EU, to protest against the referendum result, waving EU flags and placards saying: &quot;Stop Brexit&quot;. 
 
After hours of talks in Brussels, EU president Donald Tusk said that he understood that time was needed &quot;for the dust to settle&quot; in Britain before the next steps can be taken. 
 
But reflecting wider concerns of a domino effect of other states wanting to leave, European Commission president Jean-Claude Juncker said Britain did not have &quot;months to meditate&quot;. 
 
He set a clear timetable for triggering Article 50, the EU treaty clause that begins the two-year withdrawal process, after Cameron&#39;s successor takes office in early September. 
 
Juncker said that if the new prime minister was a pro-remain figure, Article 50 should be activated &quot;in two weeks after his appointment&quot; - but if it was a supporter of the leave campaign, &quot;it should be done the day after his appointment,&quot; he added. 
 
The current favourites to take over from Cameron are leading Leave campaigner Boris Johnson and interior minister Theresa May, a low-key backer of EU membership. 
 
&#39;&#39;You&#39;re not laughing now&quot; 
 
Over a dinner of poached veal tenderloin followed by strawberries, a chastened Cameron urged EU leaders to consider reforming rules on freedom of movement, one of the EU&#39;s central tenets, to cement a close relationship with Britain post-Brexit. 
 
He said Britain and the EU should &quot;have as close an economic relationship as possible and that the key to staying close is really to look at reform to free movement,&quot; a Downing Street source said, speaking on condition of anonymity. 
 
A British government source added that Cameron believed that free movement was &quot;one of the driving factors in people voting to leave&quot;. 
 
At a press conference, Cameron insisted he had no regrets about holding the referendum. 
 
Earlier, US President Barack Obama warned against &quot;hysteria&quot; as stock markets and the pound staged a tentative recovery after days of losses that saw sterling slump to a 31-year low. 
 
But with so much still remaining uncertain, analysts warned the recovery could be short-lived. 
 
Late Monday, Standard &amp; Poor&#39;s and Fitch both cut their credit ratings for Britain as a result of the referendum. 
 
One happy man was Nigel Farage, head of the UK Independence Party, who told a jeering European Parliament - after a hug with his old sparring partner Juncker - that the joke was now on them. 
 
&quot;When I came here 17 years ago and I said I wanted to lead a campaign to get Britain to leave the EU, you all laughed at me,&quot; he said. &quot;But you are not laughing now.&quot; 
 
Breaking up is hard 
 
European powers are loath to give Britain an easy ride as it leaves the EU, partly because they do not want to send a signal to other countries which may eventually head in the same direction. 
 
German Chancellor Angela Merkel has warned Cameron could not &quot;cherry-pick&quot; the terms of the exit negotiations and that there would be no informal talks before Article 50 was triggered. 
 
The European Parliament has called on Britain to initiate the departure process &quot;as soon as possible&quot;, its president Martin Schulz saying Cameron was &quot;taking the destiny of our entire continent hostage purely for internal political reasons&quot;. 
 
The Brexit vote has also put the remaining 27 members of the EU under pressure to come up with an adequate response to prevent other countries following suit. 
 
The 27 will meet without Cameron on Wednesday and Tusk proposed holding another summit in September in Bratislava. 
 
Westminster chaos 
 
The referendum result has caused a political earthquake in Britain, claiming not only Cameron&#39;s scalp but also leaving Corbyn fighting for survival. 
 
On Tuesday the veteran socialist, who has been accused of not campaigning hard enough to stay in the EU, lost a no-confidence vote among Labour MPs by 172 to 40. 
 
Dozens of Corbyn&#39;s shadow cabinet have already quit but he has insisted he will not &quot;betray&quot; grassroots Labour party members who elected him last year by resigning. 
 
In Scotland, which voted overwhelmingly to remain, First Minister Nicola Sturgeon fleshed out her proposals for about splitting the country off from Britain to keep it in the EU. 
 
She travels to Brussels for talks on Wednesday, saying she was &quot;utterly determined to preserve Scotland&#39;s relationship and place within the EU&quot;. 
 
Scotland voted against independence in a referendum in 2014 but Sturgeon has said that the Britain of that time &quot;does not exist any more&quot; following the Brexit vote. 
 
(AFP)

EU president Donald Tusk said he understood that time was needed before the next steps can be taken in Britain

EU leaders gave Britain breathing space on Tuesday by accepting it needed time to absorb a shock Brexit vote before triggering a divorce but insisted the crunch move could not wait months. Prime Minister David Cameron came face-to-face with European colleagues for the first time since last week's vote at a Brussels summit which leaders said was "sad" but pragmatic. Trillions of dollars have been wiped off world markets since Thursday's vote to leave the EU, while the United Kingdom's future has been thrown into doubt after Scotland said it would push for a new independence referendum. Further shockwaves juddered through British politics as Jeremy Corbyn, leader of the main opposition Labour party, vowed to fight on despite losing a crushing no-confidence vote among his party's lawmakers. Thousands of people took to the streets of London, which voted overwhelmingly to stay in the EU, to protest against the referendum result, waving EU flags and placards saying: "Stop Brexit". After hours of talks in Brussels, EU president Donald Tusk said that he understood that time was needed "for the dust to settle" in Britain before the next steps can be taken. But reflecting wider concerns of a domino effect of other states wanting to leave, European Commission president Jean-Claude Juncker said Britain did not have "months to meditate". He set a clear timetable for triggering Article 50, the EU treaty clause that begins the two-year withdrawal process, after Cameron's successor takes office in early September. Juncker said that if the new prime minister was a pro-remain figure, Article 50 should be activated "in two weeks after his appointment" - but if it was a supporter of the leave campaign, "it should be done the day after his appointment," he added. The current favourites to take over from Cameron are leading Leave campaigner Boris Johnson and interior minister Theresa May, a low-key backer of EU membership. ''You're not laughing now" Over a dinner of poached veal tenderloin followed by strawberries, a chastened Cameron urged EU leaders to consider reforming rules on freedom of movement, one of the EU's central tenets, to cement a close relationship with Britain post-Brexit. He said Britain and the EU should "have as close an economic relationship as possible and that the key to staying close is really to look at reform to free movement," a Downing Street source said, speaking on condition of anonymity. A British government source added that Cameron believed that free movement was "one of the driving factors in people voting to leave". At a press conference, Cameron insisted he had no regrets about holding the referendum. Earlier, US President Barack Obama warned against "hysteria" as stock markets and the pound staged a tentative recovery after days of losses that saw sterling slump to a 31-year low. But with so much still remaining uncertain, analysts warned the recovery could be short-lived. Late Monday, Standard & Poor's and Fitch both cut their credit ratings for Britain as a result of the referendum. One happy man was Nigel Farage, head of the UK Independence Party, who told a jeering European Parliament - after a hug with his old sparring partner Juncker - that the joke was now on them. "When I came here 17 years ago and I said I wanted to lead a campaign to get Britain to leave the EU, you all laughed at me," he said. "But you are not laughing now." Breaking up is hard European powers are loath to give Britain an easy ride as it leaves the EU, partly because they do not want to send a signal to other countries which may eventually head in the same direction. German Chancellor Angela Merkel has warned Cameron could not "cherry-pick" the terms of the exit negotiations and that there would be no informal talks before Article 50 was triggered. The European Parliament has called on Britain to initiate the departure process "as soon as possible", its president Martin Schulz saying Cameron was "taking the destiny of our entire continent hostage purely for internal political reasons". The Brexit vote has also put the remaining 27 members of the EU under pressure to come up with an adequate response to prevent other countries following suit. The 27 will meet without Cameron on Wednesday and Tusk proposed holding another summit in September in Bratislava. Westminster chaos The referendum result has caused a political earthquake in Britain, claiming not only Cameron's scalp but also leaving Corbyn fighting for survival. On Tuesday the veteran socialist, who has been accused of not campaigning hard enough to stay in the EU, lost a no-confidence vote among Labour MPs by 172 to 40. Dozens of Corbyn's shadow cabinet have already quit but he has insisted he will not "betray" grassroots Labour party members who elected him last year by resigning. In Scotland, which voted overwhelmingly to remain, First Minister Nicola Sturgeon fleshed out her proposals for about splitting the country off from Britain to keep it in the EU. She travels to Brussels for talks on Wednesday, saying she was "utterly determined to preserve Scotland's relationship and place within the EU". Scotland voted against independence in a referendum in 2014 but Sturgeon has said that the Britain of that time "does not exist any more" following the Brexit vote. (AFP)

Britain wins Brexit breathing space at gloomy EU summit

Spain&#39;s acting premier Mariano Rajoy said on Wednesday that Madrid would oppose any separate talks with Scotland on its future in the European Union after Britain voted to leave the bloc. 
 
Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia, its richest region.&nbsp; 
 
&quot;The Spanish government is opposed to any negotiations with anyone else but the British government,&quot; Rajoy said after 27 EU leaders, excluding Britain, met in Brussels to discuss the Brexit vote. 
 
&quot;The United Kingdom leaves and with it, all those who make up the United Kingdom,&quot; he said. 
 
Rajoy was speaking just hours before European Commission President Jean-Claude Juncker was due to meet Scottish First Minister Nicola Sturgeon. 
 
Sturgeon has said she is ready to defend Scotland&#39; s place in the EU by all means, including another independence referendum if need be. 
 
European Council President Donald Tusk, however, declined to meet the first minister as it was &quot;not the appropriate moment&quot;, a source in the council said on Tuesday.&nbsp; 
 
While Britain as a whole voted 52-48 per cent to leave the EU, Scotland voted 62-38 per cent to remain. 
 
Scots rejected independence in 2014 but since last Thursday&#39;s Brexit vote, there have been calls for another referendum to give Scotland the option to remain in the EU. 
 
(AFP)

Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia

Spain's acting premier Mariano Rajoy said on Wednesday that Madrid would oppose any separate talks with Scotland on its future in the European Union after Britain voted to leave the bloc. Spain has consistently opposed Scottish independence for fear of setting a precedent for its own separatists, especially in Catalonia, its richest region. "The Spanish government is opposed to any negotiations with anyone else but the British government," Rajoy said after 27 EU leaders, excluding Britain, met in Brussels to discuss the Brexit vote. "The United Kingdom leaves and with it, all those who make up the United Kingdom," he said. Rajoy was speaking just hours before European Commission President Jean-Claude Juncker was due to meet Scottish First Minister Nicola Sturgeon. Sturgeon has said she is ready to defend Scotland' s place in the EU by all means, including another independence referendum if need be. European Council President Donald Tusk, however, declined to meet the first minister as it was "not the appropriate moment", a source in the council said on Tuesday. While Britain as a whole voted 52-48 per cent to leave the EU, Scotland voted 62-38 per cent to remain. Scots rejected independence in 2014 but since last Thursday's Brexit vote, there have been calls for another referendum to give Scotland the option to remain in the EU. (AFP)

Spanish Prime Minister opposes EU talks with Scotland after Brexit

English is the world&#39;s second language and by far the official working&nbsp;tongue&nbsp;of European Union (EU)&nbsp;institutions. It&nbsp;is also one of the three languages used to apply for&nbsp;EU&nbsp;patents.&nbsp; 
 
This gave&nbsp;English-speaking researchers and companies an edge over competitors who speak other languages, a status that might not last long though.&nbsp; 
 
Once &ndash; and if &ndash; Britain leaves the bloc, English could lose its place as an&nbsp;official&nbsp;language, a senior&nbsp;EU&nbsp;lawmaker said on Monday. 
 
Each member state of the European Union has currently the right to nominate one idiom. 
 
Despite English being the most spoken language in&nbsp;Europe, and the most commonly used in three member states, only Britain formally chose it in the EU parliament. Ireland chose Gaelic and Malta picked Maltese. 
 
&quot;If we don&#39;t have the UK, we don&#39;t have&nbsp;English,&quot; said Danuta Hubner, chair of the&nbsp;European parliament&#39;s constitutional affairs committee, during a news conference on the legal consequences of Brexit. 
 
It&nbsp;might remain a working language, even if not recognised as a European official idiom, but it would require a joint agreement by all member states. 
 
The symbolic &ndash; and impractial &ndash; abandon of English, would reduce London&#39;s influence on the continent, and infuriate the Irish further. 
 
It would also increase efforts and costs: EU&nbsp;documents and legal texts are automatically translated into all 24&nbsp;official&nbsp;languages of the bloc by the parliament. If&nbsp;English were to lose that status, Britain would have to manage the process by itself. 
 
Alternatively, rules&nbsp;could&nbsp;be changed to let countries have more than one&nbsp;official&nbsp;language, Hubner suggested. 
 
The possibility of dropping English as the official language could raise a certain enthusiasm accross the Channel.&nbsp; 
 
French was the dominant language in the&nbsp;EU&nbsp;institutions until the 1990s, when the arrival of Sweden, Finland and&nbsp;Austria tilted the balance, amplified by central and east&nbsp;European countries that had adopted&nbsp;English&nbsp;as their second&nbsp;tongue. 
 
France has never digested its linguistic defeat and imposed French as an equal working language, although the number of speakers is shrinking among Brussels&nbsp;officials. 
 
(Reuters)

Even if it's commonly spoken, no other country in the European Union is formally English-speaking

English is the world's second language and by far the official working tongue of European Union (EU) institutions. It is also one of the three languages used to apply for EU patents. This gave English-speaking researchers and companies an edge over competitors who speak other languages, a status that might not last long though. Once – and if – Britain leaves the bloc, English could lose its place as an official language, a senior EU lawmaker said on Monday. Each member state of the European Union has currently the right to nominate one idiom. Despite English being the most spoken language in Europe, and the most commonly used in three member states, only Britain formally chose it in the EU parliament. Ireland chose Gaelic and Malta picked Maltese. "If we don't have the UK, we don't have English," said Danuta Hubner, chair of the European parliament's constitutional affairs committee, during a news conference on the legal consequences of Brexit. It might remain a working language, even if not recognised as a European official idiom, but it would require a joint agreement by all member states. The symbolic – and impractial – abandon of English, would reduce London's influence on the continent, and infuriate the Irish further. It would also increase efforts and costs: EU documents and legal texts are automatically translated into all 24 official languages of the bloc by the parliament. If English were to lose that status, Britain would have to manage the process by itself. Alternatively, rules could be changed to let countries have more than one official language, Hubner suggested. The possibility of dropping English as the official language could raise a certain enthusiasm accross the Channel. French was the dominant language in the EU institutions until the 1990s, when the arrival of Sweden, Finland and Austria tilted the balance, amplified by central and east European countries that had adopted English as their second tongue. France has never digested its linguistic defeat and imposed French as an equal working language, although the number of speakers is shrinking among Brussels officials. (Reuters)

Brexit: English could no longer be an official EU language

Britain does not have &quot;months to meditate&quot; on the next steps following the Brexit vote, European Commission president Jean-Claude Juncker said on Tuesday. 
 
&quot;I have some understanding for the fact that (Prime Minister) David Cameron wants to have some time in order to meditate,&quot; Juncker told a news conference after an EU summit. 
 
&quot;We want Article 50 (of the Lisbon Treaty formally stating Britain&#39;s intention to leave) to be triggered as soon as possible. It has to be speeded up. We don&#39;t have months to meditate, we have to act.&quot; 
 
Juncker added: &quot;What I don&#39;t understand is that those who wanted to leave (the EU) are totally unable to tell us what they want.&quot; 
 
&quot;I thought that if you want to leave you have a plan, you have a project, you have a global picture,&quot; he said. 
 
Juncker also said that he expected Britain to trigger Article 50 very soon after Cameron&#39;s successor is named on September 9. 
 
&quot;If someone from the &#39;Remain&#39; camp will become British PM this has to be done in two weeks after his appointment,&quot; he said. 
 
&quot;If the next British PM is coming from the &#39;Leave&#39; campaign it should be done the day after his appointment.&quot; 
 
EU president Donald Tusk meanwhile said leaders appreciated that the situation needs to calm down in Britain following the Brexit vote before the next steps can be taken. 
 
&quot;The leaders understood that some time is needed for the dust to settle,&quot; Tusk said. 
 
(AFP)

European Commission president expects Britain to trigger article 50 soon after Cameron's successor is named on September 9

Britain does not have "months to meditate" on the next steps following the Brexit vote, European Commission president Jean-Claude Juncker said on Tuesday. "I have some understanding for the fact that (Prime Minister) David Cameron wants to have some time in order to meditate," Juncker told a news conference after an EU summit. "We want Article 50 (of the Lisbon Treaty formally stating Britain's intention to leave) to be triggered as soon as possible. It has to be speeded up. We don't have months to meditate, we have to act." Juncker added: "What I don't understand is that those who wanted to leave (the EU) are totally unable to tell us what they want." "I thought that if you want to leave you have a plan, you have a project, you have a global picture," he said. Juncker also said that he expected Britain to trigger Article 50 very soon after Cameron's successor is named on September 9. "If someone from the 'Remain' camp will become British PM this has to be done in two weeks after his appointment," he said. "If the next British PM is coming from the 'Leave' campaign it should be done the day after his appointment." EU president Donald Tusk meanwhile said leaders appreciated that the situation needs to calm down in Britain following the Brexit vote before the next steps can be taken. "The leaders understood that some time is needed for the dust to settle," Tusk said. (AFP)

EU's Juncker says Britain doesn't have 'months to meditate'

British Prime Minister David Cameron, on Wednesday, told the leader of the main opposition Labour party Jeremy Corbyn, who is facing a revolt from MPs, to step down in the national interest. 
 
&quot;It might be in my party&#39;s interests for him to sit there, it&#39;s not in the national interests and I would say, for heaven&#39;s sake man, go,&quot; Cameron said to Corbyn at Prime Minister&#39;s Questions in Britain&#39;s parliament. 
 
Labour MPs voted against Corbyn in a no-confidence motion on Tuesday, by 172 to 40, after dozens of members of his frontbench team stepped down in recent days. But Corbyn has refused to go. 
 
Centrists have criticised the veteran socialist&#39;s leadership for months, but the row came to a head when he was accused of not campaigning enough in Britain&#39;s EU referendum, which delivered a shock &quot;Leave&quot; result last week. 
 
Corbyn was elected Labour leader last year on a wave of support from grassroots Labour members but has struggled to build broad support among MPs. 
 
Cameron has said he will step down in the wake of the referendum and will leave office when his successor is chosen in early September. 
 
(AFP)

Labour MPs voted against Jeremy Corbyn in a no-confidence motion by 172 to 40, but he has refused to go.

British Prime Minister David Cameron, on Wednesday, told the leader of the main opposition Labour party Jeremy Corbyn, who is facing a revolt from MPs, to step down in the national interest. "It might be in my party's interests for him to sit there, it's not in the national interests and I would say, for heaven's sake man, go," Cameron said to Corbyn at Prime Minister's Questions in Britain's parliament. Labour MPs voted against Corbyn in a no-confidence motion on Tuesday, by 172 to 40, after dozens of members of his frontbench team stepped down in recent days. But Corbyn has refused to go. Centrists have criticised the veteran socialist's leadership for months, but the row came to a head when he was accused of not campaigning enough in Britain's EU referendum, which delivered a shock "Leave" result last week. Corbyn was elected Labour leader last year on a wave of support from grassroots Labour members but has struggled to build broad support among MPs. Cameron has said he will step down in the wake of the referendum and will leave office when his successor is chosen in early September. (AFP)

'For heaven's sake man, go,' Cameron tells Corbyn

UK car dealerships saw the same number of customers over the weekend as before Britons voted for Brexit last week, Britain&#39;s car industry association said on Wednesday, noting that it would not change its forecast for record sales this year. 
 
Car sales hit an all-time high of 2.63 million last year, boosted by cheap finance and easily available credit. 
 
The CEO of the Society of Motor Manufacturers and Traders said the pace of sales growth had slowed in recent months but that he was not immediately changing the forecast of about 2.7 million registrations in 2016. 
 
&quot;I wouldn&#39;t want to jump to conclusions on changing forecasts. In essence, the fundamentals of the market are still strong,&quot; Mike Hawes told reporters at a briefing in London. 
 
&quot;As I understand it, footfall in the dealerships over the weekend was pretty much where it should be despite three rugby test matches and six football matches which normally does have an impact.&quot; 
 
At the same briefing, Jaguar Land Rover&#39;s strategy director and Toyota&#39;s Europe CEO said they saw no short-term changes to their investment plans, which are often made years in advance. 
 
Jaguar Land Rover (JLR), which said it was committed to its British plants and a plan to build a new facility in Slovakia, said it could not envisage a harsh response such as high tariffs from EU allies on it or Britain&#39;s other high-end carmakers. 
 
&quot;I can&#39;t imagine any overly punitive measure in the premium end of the business that would cut off that market opportunity,&quot; JLR&#39;s Strategy Director, Adrian Hallmark, said. 
 
&quot;It would be cutting the European nose off to spite its face.&quot; 
 
(Reuters)

Jaguar Land Rover's strategy director said they saw no short-term changes to their investment plans planned in advance

UK car dealerships saw the same number of customers over the weekend as before Britons voted for Brexit last week, Britain's car industry association said on Wednesday, noting that it would not change its forecast for record sales this year. Car sales hit an all-time high of 2.63 million last year, boosted by cheap finance and easily available credit. The CEO of the Society of Motor Manufacturers and Traders said the pace of sales growth had slowed in recent months but that he was not immediately changing the forecast of about 2.7 million registrations in 2016. "I wouldn't want to jump to conclusions on changing forecasts. In essence, the fundamentals of the market are still strong," Mike Hawes told reporters at a briefing in London. "As I understand it, footfall in the dealerships over the weekend was pretty much where it should be despite three rugby test matches and six football matches which normally does have an impact." At the same briefing, Jaguar Land Rover's strategy director and Toyota's Europe CEO said they saw no short-term changes to their investment plans, which are often made years in advance. Jaguar Land Rover (JLR), which said it was committed to its British plants and a plan to build a new facility in Slovakia, said it could not envisage a harsh response such as high tariffs from EU allies on it or Britain's other high-end carmakers. "I can't imagine any overly punitive measure in the premium end of the business that would cut off that market opportunity," JLR's Strategy Director, Adrian Hallmark, said. "It would be cutting the European nose off to spite its face." (Reuters)

UK car industry: demand not hit by Brexit vote yet, forecast unchanged

US secretary of state John Kerry said on Tuesday that Britain&#39;s vote to leave the European Union may never be implemented and that London is in no hurry to go. 
 
Speaking one day after talks with Prime Minister David Cameron, Kerry said the outgoing British leader feels &quot;powerless&quot; to negotiate a departure he does not want. 
 
&quot;This is a very complicated divorce,&quot; Kerry told the Aspen Ideas Festival, referring to Britain&#39;s negotiated exit from the EU after last week&#39;s &quot;Brexit&quot; referendum. 
 
Kerry, who visited Downing Street on Monday, said Cameron was loathe to invoke &quot;Article 50&quot; of the Lisbon treaty, which would trigger a two-year timetable for departure. 
 
London, Kerry explained, does not want to find itself boxed in after two years without a new association agreement and to be forced out of the EU without one. 
 
And, he added, Cameron &quot;feels powerless - and I think this is a fair conclusion - to go out and start negotiating a thing that he doesn&#39;t believe in and he has no idea how he would do it. 
 
&quot;And by the way, nor do most of the people who voted to do it,&quot; Kerry said, apparently referring to &quot;Leave&quot; campaigners such as former London mayor Boris Johnson, now the front-runner to replace Cameron as premier. 
 
Asked by the panel moderator if this meant the Brexit decision could be &quot;walked back&quot; and if so how, Kerry said: &quot;I think there are a number of ways.&quot; 
 
&quot;I don&#39;t as secretary of state want to throw them out today. I think that would be a mistake. But there are a number of ways,&quot; he said. 
 
Washington has long supported a strong role for its British ally in the European project, and was dismayed when British voters chose last week to quit the Union. 
 
Now, US officials are calling for a calm debate on Brexit leading to a deal that would allow a close association between London and Brussels to continue. 
 
Some EU leaders, however, insist that Cameron must move quickly to invoke Article 50 and begin divorce talks, to put an end to political and economic uncertainty. 
 
(AFP)

Kerry said there are a number of ways in which the Brexit decision could be walked back

US secretary of state John Kerry said on Tuesday that Britain's vote to leave the European Union may never be implemented and that London is in no hurry to go. Speaking one day after talks with Prime Minister David Cameron, Kerry said the outgoing British leader feels "powerless" to negotiate a departure he does not want. "This is a very complicated divorce," Kerry told the Aspen Ideas Festival, referring to Britain's negotiated exit from the EU after last week's "Brexit" referendum. Kerry, who visited Downing Street on Monday, said Cameron was loathe to invoke "Article 50" of the Lisbon treaty, which would trigger a two-year timetable for departure. London, Kerry explained, does not want to find itself boxed in after two years without a new association agreement and to be forced out of the EU without one. And, he added, Cameron "feels powerless - and I think this is a fair conclusion - to go out and start negotiating a thing that he doesn't believe in and he has no idea how he would do it. "And by the way, nor do most of the people who voted to do it," Kerry said, apparently referring to "Leave" campaigners such as former London mayor Boris Johnson, now the front-runner to replace Cameron as premier. Asked by the panel moderator if this meant the Brexit decision could be "walked back" and if so how, Kerry said: "I think there are a number of ways." "I don't as secretary of state want to throw them out today. I think that would be a mistake. But there are a number of ways," he said. Washington has long supported a strong role for its British ally in the European project, and was dismayed when British voters chose last week to quit the Union. Now, US officials are calling for a calm debate on Brexit leading to a deal that would allow a close association between London and Brussels to continue. Some EU leaders, however, insist that Cameron must move quickly to invoke Article 50 and begin divorce talks, to put an end to political and economic uncertainty. (AFP)

Brexit may not happen, London in no hurry to leave, says US state secretary John Kerry

Britain&#39;s vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook.&nbsp;

UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week&#39;s Brexit&nbsp;referendum which has resulted in the biggest blow since World War II&nbsp;to the European goal of forging greater unity.

&quot;Our economy is about as strong as it could be to confront the challenge our country now faces,&quot; Osborne told reporters.&nbsp;

&quot;It is inevitable after Thursday&#39;s vote that Britain&#39;s economy is going to have to adjust to the new situation we find ourselves in,&quot; said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister.

Boris Johnson, a leading proponent of&nbsp;Brexit&nbsp;and the frontrunner to be the next prime minister, praised Osborne for saying &quot;some reassuring things to the markets&quot;.

The former London mayor said it was now clear that &quot;people&#39;s pensions are safe, the pound is stable, markets are stable. I think that is all very good news.&quot;

But neither Osborne&#39;s nor Johnson&#39;s words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors&#39; expectations by voting to end 43 years of EU membership.

European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US&nbsp;investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever.&nbsp;

Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday.&nbsp;

Asian stocks markets opened weaker on Tuesday, with MSCI&#39;s Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan&#39;s Nikkei was off 0.7 per&nbsp;cent.

&quot;Markets already appear to be pricing in a full-blown recession in the UK&nbsp;and rising recession risk in the rest of Europe,&quot; said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.

Ratings agency Standard &amp; Poor&#39;s (S&amp;P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow.&nbsp;

&quot;In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK,&quot; S&amp;P said in a statement.

The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the&nbsp;Brexit&nbsp;vote would trigger a Bank of England interest rate cut aimed at steadying the economy.

US&nbsp;stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London&#39;s future as the region&#39;s financial capital. Safe-haven bond and gold prices rose.

US&nbsp;Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain&#39;s decision last week, although he admitted that the result does present additional &quot;headwinds&quot; for the US&nbsp;economy.

Visiting Brussels, US&nbsp;Secretary of State John Kerry said it was important that &quot;nobody loses their head&quot; as the EU and Britain deal with the fallout from the referendum.

European Central Bank President Mario Draghi expressed &quot;sadness&quot; on Monday at Britain&#39;s vote to leave the EU.&nbsp;

Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting.&nbsp;

POLITICAL CONFUSION IN BRITAIN

With the ruling UK&nbsp;Conservative party looking for a new leader after Cameron&#39;s resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos.

&quot;There&#39;s no political leadership in the UK right when markets need the reassurance of direction,&quot; said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre.

British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also &quot;highly likely&quot; to launch a bid.&nbsp;

Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September.

The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain&#39;s departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU.

&quot;I am clear, and the cabinet agreed this morning, that the decision must be accepted,&quot; Cameron told parliament, which also faces a public petition for a new referendum.&nbsp;

While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn&#39;s team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted.

Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down.

Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many&nbsp;Brexit&nbsp;backers focused on immigration, complaining too many migrants had arrived from eastern Europe.

Piling on misery for beaten English &quot;remain&quot; voters, the country&#39;s soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland.

&quot;We embarrassed ourselves three of four days ago in the referendum, we&#39;ve embarrassed ourselves now. It&#39;s a really, really sad time to be English,&quot; lamented English soccer fan Alex in the French city of Nice.

EUROPE WANTS QUICKER RESOLUTION

Cameron&#39;s refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU&#39;s second largest economy after Germany, to leave the 28-country bloc.

&quot;It should be implemented quickly. We cannot remain in an uncertain and indefinite situation,&quot; French Finance Minister Michel Sapin said on France 2 television.

Guenther Oettinger, German member of the EU&#39;s executive European Commission, said delay would hurt Europe as well as Britain. &quot;Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets,&quot; he told Deutschlandfunk radio.

Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable.

The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people&#39;s concerns by setting clear goals to improve security, the economy and prospects for young people.

German Chancellor Angela Merkel, who has appeared to take a softer line on Britain&#39;s decision than some European leaders, said she had &quot;neither a brake nor an accelerator&quot; to control events, adding: &quot;We just don&#39;t want an impasse.&quot;

The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession.&nbsp;

South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage&nbsp;Brexit&nbsp;turmoil in financial markets. 
 
(Reuters)

European bank shares had their worst two-day fall on record and world stocks saw their worst two-day fall since the 2008 financial crisis

Britain's vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook. UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week's Brexit referendum which has resulted in the biggest blow since World War II to the European goal of forging greater unity. "Our economy is about as strong as it could be to confront the challenge our country now faces," Osborne told reporters. "It is inevitable after Thursday's vote that Britain's economy is going to have to adjust to the new situation we find ourselves in," said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister. Boris Johnson, a leading proponent of Brexit and the frontrunner to be the next prime minister, praised Osborne for saying "some reassuring things to the markets". The former London mayor said it was now clear that "people's pensions are safe, the pound is stable, markets are stable. I think that is all very good news." But neither Osborne's nor Johnson's words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors' expectations by voting to end 43 years of EU membership. European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever. Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday. Asian stocks markets opened weaker on Tuesday, with MSCI's Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan's Nikkei was off 0.7 per cent. "Markets already appear to be pricing in a full-blown recession in the UK and rising recession risk in the rest of Europe," said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management. Ratings agency Standard & Poor's (S&P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow. "In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," S&P said in a statement. The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the Brexit vote would trigger a Bank of England interest rate cut aimed at steadying the economy. US stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London's future as the region's financial capital. Safe-haven bond and gold prices rose. US Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain's decision last week, although he admitted that the result does present additional "headwinds" for the US economy. Visiting Brussels, US Secretary of State John Kerry said it was important that "nobody loses their head" as the EU and Britain deal with the fallout from the referendum. European Central Bank President Mario Draghi expressed "sadness" on Monday at Britain's vote to leave the EU. Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting. POLITICAL CONFUSION IN BRITAIN With the ruling UK Conservative party looking for a new leader after Cameron's resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos. "There's no political leadership in the UK right when markets need the reassurance of direction," said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre. British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also "highly likely" to launch a bid. Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September. The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain's departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU. "I am clear, and the cabinet agreed this morning, that the decision must be accepted," Cameron told parliament, which also faces a public petition for a new referendum. While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn's team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted. Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down. Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many Brexit backers focused on immigration, complaining too many migrants had arrived from eastern Europe. Piling on misery for beaten English "remain" voters, the country's soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland. "We embarrassed ourselves three of four days ago in the referendum, we've embarrassed ourselves now. It's a really, really sad time to be English," lamented English soccer fan Alex in the French city of Nice. EUROPE WANTS QUICKER RESOLUTION Cameron's refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU's second largest economy after Germany, to leave the 28-country bloc. "It should be implemented quickly. We cannot remain in an uncertain and indefinite situation," French Finance Minister Michel Sapin said on France 2 television. Guenther Oettinger, German member of the EU's executive European Commission, said delay would hurt Europe as well as Britain. "Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets," he told Deutschlandfunk radio. Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable. The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people's concerns by setting clear goals to improve security, the economy and prospects for young people. German Chancellor Angela Merkel, who has appeared to take a softer line on Britain's decision than some European leaders, said she had "neither a brake nor an accelerator" to control events, adding: "We just don't want an impasse." The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession. South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage Brexit turmoil in financial markets. (Reuters)

Post Brexit, UK political confusion keeps world markets on edge

Chancellor&nbsp;George&nbsp;Osborne&nbsp;said&nbsp;on&nbsp;Tuesday&nbsp;that&nbsp;Britain&nbsp;would&nbsp;have&nbsp;to&nbsp;raise&nbsp;taxes&nbsp;and&nbsp;cut&nbsp;spending&nbsp;to&nbsp;deal&nbsp;with&nbsp;the&nbsp;economic&nbsp;challenge&nbsp; 
posed&nbsp;after&nbsp;Britons&nbsp;voted&nbsp;to&nbsp;leave&nbsp;the&nbsp;European&nbsp;Union&nbsp;(EU). 
 
&quot;We&nbsp;are&nbsp;absolutely&nbsp;going&nbsp;to&nbsp;have&nbsp;to&nbsp;provide&nbsp;fiscal&nbsp;security&nbsp;to&nbsp;people,&nbsp;we&nbsp;are&nbsp;going&nbsp;to&nbsp;have&nbsp;to&nbsp;show&nbsp;the&nbsp;country&nbsp;and&nbsp;the world that&nbsp;the&nbsp;government&nbsp;can&nbsp;live&nbsp;within&nbsp;its&nbsp;means,&quot;&nbsp;he&nbsp;told&nbsp;BBC&nbsp;radio. 
 
Asked&nbsp;if&nbsp;that&nbsp;meant&nbsp;tax&nbsp;rises&nbsp;and&nbsp;spending&nbsp;cuts,&nbsp;he&nbsp;said:&nbsp;&quot;Yes,&nbsp;absolutely.&quot; 
 
(Reuters)&nbsp; 
&nbsp; 
&nbsp;

'We?are?going?to?have?to?show?the?country?and?the world that?the?government?can?live?within?its?means'

Chancellor George Osborne said on Tuesday that Britain would have to raise taxes and cut spending to deal with the economic challenge posed after Britons voted to leave the European Union (EU). "We are absolutely going to have to provide fiscal security to people, we are going to have to show the country and the world that the government can live within its means," he told BBC radio. Asked if that meant tax rises and spending cuts, he said: "Yes, absolutely." (Reuters)

Britain to raise taxes in wake of EU divorce, says Osborne

Britain&#39;s opposition leader Jeremy Corbyn told more than 1,000 of his supporters to &quot;stand together&quot; on Monday, as he faces a no-confidence motion after almost all his policy team withdrew their support for him in protest after Britons voted to leave the European Union (EU).&nbsp; 
 
The noisy rally took place outside parliament where his party were meeting to discuss the no-confidence vote in Corbyn&#39;s leadership. After the meeting, Corbyn addressed his supporters, not directly mentioning the ongoing drama within his party. 
 
Corbyn has vowed to fight to retain control of Labour, resisting pressure to quit over what critics say was his lacklustre effort to keep Britain inside the European Union. 
 
Labour&#39;s Shadow Chancellor John McDonnell and newly appointed Shadow Health Secretary Diane Abbott reaffirmed their support for Corbyn at the rally. 
 
The no-confidence motion is due to be voted on at a secret ballot on Tuesday, although it is not enough on its own to trigger a leadership contest -- something that requires 51 lawmakers to nominate a rival candidate. 
 
Corbyn was elected party leader last year on a surprise wave of grassroots enthusiasm for his left-wing agenda and promise of a new approach to politics. But his relationship with Labour&#39;s elected lawmakers has always been fragile, with many questioning whether the party could win an election on such a ticket. 
 
(Reuters)&nbsp;

Almost all of his policy team has withdrawn their support for him

Britain's opposition leader Jeremy Corbyn told more than 1,000 of his supporters to "stand together" on Monday, as he faces a no-confidence motion after almost all his policy team withdrew their support for him in protest after Britons voted to leave the European Union (EU). The noisy rally took place outside parliament where his party were meeting to discuss the no-confidence vote in Corbyn's leadership. After the meeting, Corbyn addressed his supporters, not directly mentioning the ongoing drama within his party. Corbyn has vowed to fight to retain control of Labour, resisting pressure to quit over what critics say was his lacklustre effort to keep Britain inside the European Union. Labour's Shadow Chancellor John McDonnell and newly appointed Shadow Health Secretary Diane Abbott reaffirmed their support for Corbyn at the rally. The no-confidence motion is due to be voted on at a secret ballot on Tuesday, although it is not enough on its own to trigger a leadership contest -- something that requires 51 lawmakers to nominate a rival candidate. Corbyn was elected party leader last year on a surprise wave of grassroots enthusiasm for his left-wing agenda and promise of a new approach to politics. But his relationship with Labour's elected lawmakers has always been fragile, with many questioning whether the party could win an election on such a ticket. (Reuters)

Corbyn faces no-confidence motion today, tells supporters to ?stand together?

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