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

The first candidate to put himself forward to succeed David Cameron as British prime minister, Stephen Crabb, has said a top priority for him would be to take back control of immigration policy. 
 
Crabb, the work and pensions secretary in Cameron&#39;s government, had supported a &quot;Remain&quot; vote in last week&#39;s referendum on the European Union, which saw Britain vote to leave the bloc by 52 to 48 percent. 
 
Cameron, who led the Remain campaign, has announced his resignation and a leadership contest will now take place in the ruling Conservative Party to elect his successor by early September. 
 
&quot;We cannot allow this leadership election to be defined by divisive labels like &#39;Remainer&#39; and &#39;Brexiteer&#39;,&quot; Crabb wrote in a column in the Daily Telegraph newspaper, calling on Conservatives to unite. 
 
Crabb said the people&#39;s verdict on the EU was clear and there would be no going back. A second referendum revisiting the issue was out of the question, he wrote. 
 
&quot;I want to lead a government that delivers on the expectations of the 17 million people who voted for Britain to leave the EU,&quot; he wrote. 
 
&quot;One of the overwhelming messages from that vote was the need to take back control of immigration policy in the UK. So for me, freedom of movement is a red line.&quot; 
 
The Remain camp had argued that if Britain wanted to retain access to the European single market, which it presented as crucial for its economy, it would have to come to a compromise over freedom of movement which is a key principle for the EU. 
 
A former state school pupil who was brought up by his single mother in a social housing home and once worked as a building site labourer,Crabb has been dubbed the &quot;blue collar ticket&quot; by some newspapers. 
 
His background contrasts dramatically with those of Cameron and of Boris Johnson, the former mayor of London who is seen as the frontrunner in the leadership contest, both of whom attended Eton, an elite private boarding school, and Oxford University. 
 
Crabb has gained support from Business Secretary Sajid Javid. 
 
Nominations must be submitted by Thursday. Apart from Johnson, the other senior figure widely expected to join the fray is Home Secretary Theresa May. 
 
(Reuters)

Stephen Crabb, work and pensions secretary in Cameron's government, had supported a "Remain" vote in last week's referendum on EU

The first candidate to put himself forward to succeed David Cameron as British prime minister, Stephen Crabb, has said a top priority for him would be to take back control of immigration policy. Crabb, the work and pensions secretary in Cameron's government, had supported a "Remain" vote in last week's referendum on the European Union, which saw Britain vote to leave the bloc by 52 to 48 percent. Cameron, who led the Remain campaign, has announced his resignation and a leadership contest will now take place in the ruling Conservative Party to elect his successor by early September. "We cannot allow this leadership election to be defined by divisive labels like 'Remainer' and 'Brexiteer'," Crabb wrote in a column in the Daily Telegraph newspaper, calling on Conservatives to unite. Crabb said the people's verdict on the EU was clear and there would be no going back. A second referendum revisiting the issue was out of the question, he wrote. "I want to lead a government that delivers on the expectations of the 17 million people who voted for Britain to leave the EU," he wrote. "One of the overwhelming messages from that vote was the need to take back control of immigration policy in the UK. So for me, freedom of movement is a red line." The Remain camp had argued that if Britain wanted to retain access to the European single market, which it presented as crucial for its economy, it would have to come to a compromise over freedom of movement which is a key principle for the EU. A former state school pupil who was brought up by his single mother in a social housing home and once worked as a building site labourer,Crabb has been dubbed the "blue collar ticket" by some newspapers. His background contrasts dramatically with those of Cameron and of Boris Johnson, the former mayor of London who is seen as the frontrunner in the leadership contest, both of whom attended Eton, an elite private boarding school, and Oxford University. Crabb has gained support from Business Secretary Sajid Javid. Nominations must be submitted by Thursday. Apart from Johnson, the other senior figure widely expected to join the fray is Home Secretary Theresa May. (Reuters)

British PM candidate Crabb says immigration control a top priority

British Health Secretary Jeremy Hunt said on Tuesday he was seriously considering entering the race to succeed David Cameron as prime minister. 
 
Hunt, who backed the campaign to stay in the European Union (EU), told ITV&#39;s Good Morning Britain programme he was weighing up whether to put his name forward before nominations for the next Conservative party leader close on Thursday.&nbsp; 
 
&quot;I am seriously considering it,&quot; he said &quot;What I want to do is to make the argument as to the kind of Britain that we need to be outside the EU. This is a big, big change and if we get it right we can succeed.&quot; 
 
Cameron announced he would resign after Britons voted to leave the EU. Boris Johnson, who was the most high-profile figure in the Leave camp, is the favourite to replace him, but a number of other prominent Conservatives are also thought to be considering a leadership bid. 
 
Hunt said Britain must remain part of the single market, and writing in the Daily Telegraph he said Britain could hold a second referendum on EU membership if it could broker a deal with the bloc to allow full control of its borders. 
 
&quot;I&#39;m not saying we have a second referendum on whether we remain in the EU,&quot; he told the BBC. &quot;We are leaving the EU...but what I am saying is that when we have negotiated the terms of our departure....I do think people should have a chance to have their say on those terms.&quot; 
 
Hunt said the prime minister who succeeded Cameron should be given a chance to negotiate with Brussels before Britain hands in its two-year notice to quit the EU, so they can put any deal on migration to the British public. 
 
&quot;So before setting the clock ticking we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election,&quot; Hunt said. 
 
(Reuters)&nbsp;

'So before setting the clock ticking we need to negotiate a deal and put it to the British people'

British Health Secretary Jeremy Hunt said on Tuesday he was seriously considering entering the race to succeed David Cameron as prime minister. Hunt, who backed the campaign to stay in the European Union (EU), told ITV's Good Morning Britain programme he was weighing up whether to put his name forward before nominations for the next Conservative party leader close on Thursday. "I am seriously considering it," he said "What I want to do is to make the argument as to the kind of Britain that we need to be outside the EU. This is a big, big change and if we get it right we can succeed." Cameron announced he would resign after Britons voted to leave the EU. Boris Johnson, who was the most high-profile figure in the Leave camp, is the favourite to replace him, but a number of other prominent Conservatives are also thought to be considering a leadership bid. Hunt said Britain must remain part of the single market, and writing in the Daily Telegraph he said Britain could hold a second referendum on EU membership if it could broker a deal with the bloc to allow full control of its borders. "I'm not saying we have a second referendum on whether we remain in the EU," he told the BBC. "We are leaving the EU...but what I am saying is that when we have negotiated the terms of our departure....I do think people should have a chance to have their say on those terms." Hunt said the prime minister who succeeded Cameron should be given a chance to negotiate with Brussels before Britain hands in its two-year notice to quit the EU, so they can put any deal on migration to the British public. "So before setting the clock ticking we need to negotiate a deal and put it to the British people, either in a referendum or through the Conservative manifesto at a fresh general election," Hunt said. (Reuters)

British health secretary likely to run for PM, pitches negotiations with EU

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?

British Prime Minister David Cameron&#39;s successor will be announced on September 9 after nominations are submitted by Thursday at the latest, the Conservative Party said on Tuesday. 
 
&quot;The party board recommends that the date of the declaration of the leader is September 9,&quot; the party said in a statement. A party committee on Monday had recommended the date of September 2. 
 
(AFP) 
 
 
&nbsp;

A party committee had earlier recommended September 2 as the date of announcement

British Prime Minister David Cameron's successor will be announced on September 9 after nominations are submitted by Thursday at the latest, the Conservative Party said on Tuesday. "The party board recommends that the date of the declaration of the leader is September 9," the party said in a statement. A party committee on Monday had recommended the date of September 2. (AFP)

Cameron successor announcement delayed to September 9, says the Conservative Party

At a time when all of us were convinced that globalisation was firmly perched in the world economic order and that regional trade blocs such as the European Union were the only way forward, here came the divorce of the century -- Brexit. 
 
Until a few days ago, it would have not sounded plausible that the British would exit this marriage of 43 years. As a global citizen looking at this vote, it was a bit unbelievable for me too. We have grown up into the idea that we will all move forward and amalgamate into a more just and egalitarian world. 
 
It is one thing to talk about amalgamation and telling the world that we believe in equality and quite another, when it comes to accepting the ideas as part of your own reality. We have all heard the British talk about the idea of Commonwealth and how countries that were part of their global empire should continue to stick around. But when it came down to taking their relationship forward with the rest of Europe, many Britons rejected the idea. 
 
Details dug in history 
 
Bretton Woods system: It all started after the Second World War in 1944 in a small town in New Hampshire in United States where delegates of 44 nations came together to define a new international monetary system. It was at this meeting that the IMF and the World Bank came into existence and all the currencies around the world were pegged to the dollar which was in turn pegged to Bullion. 
 
After this, the trade between the countries in the western world started increasing enormously and we saw the birth of globalisation. The outlook of these western countries was more and more outward looking. Talks of working together in a cohesive manner and amalgamation were in the forefront of their scheme of things.. 
 
Thus, during 40s and thereafter, the western countries were talking the language of interconnectivity through trade, defence forces (NATO), powerplay at IMF and World Bank and the actual culmination of all this integration and globalisation was seen in the formation of European Union. 
 
In the various stages of formation of a union among countries, European Union was just one step away from the final stage where all the countries not only have same trade and monetary policies but also the same fiscal policy. This was termed as an Economic Union and was the step towards the political unification of countries. 
 
The time of the East 
 
As the time passed, in the 70s and 80s, the Eastern World also started opening up and moved towards adopting more liberalised policies. China is a manufacturing hub and trade-driven economy and none of the countries here is even close to China&#39;s share in world trade. The east Asian Tigers also reaped the benefits of opening up their economy to world trade and experienced a tremendous increase in their GDP. 
 
After the 1991 liberalisation, India has also reaped benefits of this integrated world. 
 
What the western world was experiencing in 40s and 50s, the eastern world has been experiencing since 80s and 90s, and they have just started to see that growth trajectory. The eastern countries are yet to realise the full potential of their liberalised and more integrated economies. 
 
<img alt="" class="img-responsive" src="http://s.wionews.com/photos/Infographics_Who_is_next_to_follow-20160627110119.jpg" /> 
 
Resurrecting the walls 
 
But it seems that the western world is now in a reversal. Brexit is a clear indicator and the apparent rise of right-wing parties in other European countries represents that movement towards a more closed inward-looking policy. It has now become their territory, their national policy, their sovereignty. From &#39;our&#39; the world is moving to &#39;my&#39;. Thus, there is a clear swap in the positions of the western and eastern countries. 
 
The fall of the Berlin wall was not just a physical bringing down of the wall but it spoke more to the idea of people in Europe agreeing to share their wealth. 
 
But this backward trend is connected to the 2008 crisis, the result of which various European countries went into a second recession with their sovereign debt crisis. The debtor countries found themselves in deep trouble and were and still are forced to the terms and conditions of the surplus countries. And the entire paradigm about looking at national interests has started taking precedence. 
 
The incoming refugees from Syria and the terror attacks in Paris and Brussels added fuel to the already precarious situation, with the inward-looking mindset gaining more and more momentum. 
 
Maybe we should have listened to Keynes in 1944. 
 
At the Bretton Woods there were two proposals, one by Keynes and other by Henry White. The one that Henry White presented won. So this is probably a good time to ponder on what Keynes said. 
 
Keynes proposed a new currency called Bancor. He said that during the boom period a deficit nation takes more and more debt to fuel growth and a surplus nation also gives it. However, when this phase gets over and things start tumbling then the entire onus lies on the debtor nation and not the surplus one. So he proposed setting up of ICU: International Clearing Unit. 
 
Keynes proposed that any country racking up a large trade deficit (equating to more than half of its Bancor overdraft allowance) would be charged interest on its account. It would also be obliged to reduce the value of its currency and to prevent the export of capital. But -- and this was the key to his system -- he insisted that the nations with a trade surplus would be subject to similar pressures. 
 
Any country with a Bancor credit balance that was more than half the size of its overdraft facility would be charged interest, at a rate of 10%. It would also be obliged to increase the value of its currency and to permit the export of capital. If, by the end of the year, its credit balance exceeded the total value of its permitted overdraft, the surplus would be confiscated. The nations with a surplus would have a powerful incentive to get rid of it. In doing so, they would automatically clear other nations&#39; deficits. 
 
Doubt that world will be able to stop the reversal 
 
When Europe was in upheaval after Brexit, US Republican Presidential candidate Donald Trump landed in Scotland and declared that America wants itself back too. The challenge is that globalisation has been slow in the East and it is only now that countries like India may be ready to ride the wave. But as the western economies go into a recession, they may be scrambling themselves and not in a position to even deal with the growth in the East. With a world in conflict, the eyes are going to be off the idea of amalgamation, and people will focus on protecting whatever they have, and this move by the UK is just that.

The idea of countries coming together and forming unions slowly fades as each one struggles to protect what it owns

At a time when all of us were convinced that globalisation was firmly perched in the world economic order and that regional trade blocs such as the European Union were the only way forward, here came the divorce of the century -- Brexit. Until a few days ago, it would have not sounded plausible that the British would exit this marriage of 43 years. As a global citizen looking at this vote, it was a bit unbelievable for me too. We have grown up into the idea that we will all move forward and amalgamate into a more just and egalitarian world. It is one thing to talk about amalgamation and telling the world that we believe in equality and quite another, when it comes to accepting the ideas as part of your own reality. We have all heard the British talk about the idea of Commonwealth and how countries that were part of their global empire should continue to stick around. But when it came down to taking their relationship forward with the rest of Europe, many Britons rejected the idea. Details dug in history Bretton Woods system: It all started after the Second World War in 1944 in a small town in New Hampshire in United States where delegates of 44 nations came together to define a new international monetary system. It was at this meeting that the IMF and the World Bank came into existence and all the currencies around the world were pegged to the dollar which was in turn pegged to Bullion. After this, the trade between the countries in the western world started increasing enormously and we saw the birth of globalisation. The outlook of these western countries was more and more outward looking. Talks of working together in a cohesive manner and amalgamation were in the forefront of their scheme of things.. Thus, during 40s and thereafter, the western countries were talking the language of interconnectivity through trade, defence forces (NATO), powerplay at IMF and World Bank and the actual culmination of all this integration and globalisation was seen in the formation of European Union. In the various stages of formation of a union among countries, European Union was just one step away from the final stage where all the countries not only have same trade and monetary policies but also the same fiscal policy. This was termed as an Economic Union and was the step towards the political unification of countries. The time of the East As the time passed, in the 70s and 80s, the Eastern World also started opening up and moved towards adopting more liberalised policies. China is a manufacturing hub and trade-driven economy and none of the countries here is even close to China's share in world trade. The east Asian Tigers also reaped the benefits of opening up their economy to world trade and experienced a tremendous increase in their GDP. After the 1991 liberalisation, India has also reaped benefits of this integrated world. What the western world was experiencing in 40s and 50s, the eastern world has been experiencing since 80s and 90s, and they have just started to see that growth trajectory. The eastern countries are yet to realise the full potential of their liberalised and more integrated economies. Resurrecting the walls But it seems that the western world is now in a reversal. Brexit is a clear indicator and the apparent rise of right-wing parties in other European countries represents that movement towards a more closed inward-looking policy. It has now become their territory, their national policy, their sovereignty. From 'our' the world is moving to 'my'. Thus, there is a clear swap in the positions of the western and eastern countries. The fall of the Berlin wall was not just a physical bringing down of the wall but it spoke more to the idea of people in Europe agreeing to share their wealth. But this backward trend is connected to the 2008 crisis, the result of which various European countries went into a second recession with their sovereign debt crisis. The debtor countries found themselves in deep trouble and were and still are forced to the terms and conditions of the surplus countries. And the entire paradigm about looking at national interests has started taking precedence. The incoming refugees from Syria and the terror attacks in Paris and Brussels added fuel to the already precarious situation, with the inward-looking mindset gaining more and more momentum. Maybe we should have listened to Keynes in 1944. At the Bretton Woods there were two proposals, one by Keynes and other by Henry White. The one that Henry White presented won. So this is probably a good time to ponder on what Keynes said. Keynes proposed a new currency called Bancor. He said that during the boom period a deficit nation takes more and more debt to fuel growth and a surplus nation also gives it. However, when this phase gets over and things start tumbling then the entire onus lies on the debtor nation and not the surplus one. So he proposed setting up of ICU: International Clearing Unit. Keynes proposed that any country racking up a large trade deficit (equating to more than half of its Bancor overdraft allowance) would be charged interest on its account. It would also be obliged to reduce the value of its currency and to prevent the export of capital. But -- and this was the key to his system -- he insisted that the nations with a trade surplus would be subject to similar pressures. Any country with a Bancor credit balance that was more than half the size of its overdraft facility would be charged interest, at a rate of 10%. It would also be obliged to increase the value of its currency and to permit the export of capital. If, by the end of the year, its credit balance exceeded the total value of its permitted overdraft, the surplus would be confiscated. The nations with a surplus would have a powerful incentive to get rid of it. In doing so, they would automatically clear other nations' deficits. Doubt that world will be able to stop the reversal When Europe was in upheaval after Brexit, US Republican Presidential candidate Donald Trump landed in Scotland and declared that America wants itself back too. The challenge is that globalisation has been slow in the East and it is only now that countries like India may be ready to ride the wave. But as the western economies go into a recession, they may be scrambling themselves and not in a position to even deal with the growth in the East. With a world in conflict, the eyes are going to be off the idea of amalgamation, and people will focus on protecting whatever they have, and this move by the UK is just that.

McLuhan did not know that the village would be disconnected

Britain&#39;s vote to leave the European Union may lead to further volatility in financial markets, finance minister George Osborne said on Monday, but &#39;world&#39;s fifth-biggest economy would cope with the challenge ahead&#39;, he asserted.&nbsp; 
 
Osborne, who was speaking publicly for the first time since Britain voted to leave the bloc on Thursday, said the government had put in place robust contingency plans and there was more action that it and the Bank of England could take. 
 
&quot;Our economy is about as strong as it could be to confront the challenge our country now faces,&quot; he told a news conference at Britain&#39;s finance ministry.&nbsp; 
 
 
Osborne to clarify his political future in coming days&nbsp; 
Osborne&#39;s future as finance minister has come under question after he was on the losing side in the referendum.&nbsp;During the campaign, he said he would have to raise taxes and cut spending in the event of a vote to leave the EU. 
 
On Monday, however, he said the government should wait until the successor to Prime Minister David Cameron is in place before deciding on how to change its fiscal plans in response to the expected slowdown in the economy. 
 
Cameron said on Friday he would stand down but would stay in the job until his successor was in place in October. 
 
&quot;There will be an adjustment in our economy because of the decision that the British people have taken,&quot; Osborne said. 
 
&quot;There will have to be action to deal with the impact on the public finances, but of course it&#39;s perfectly sensible to wait until we have a new prime minister to determine what that will look like,&quot; he said. 
 
Sterling, which fell more than 8 percent against the US dollar on Friday, trimmed some of its losses on Monday as Osborne spoke. 
 
Further, Osborne, who was once the favourite to succeed Cameron, said he would clarify his political future in the coming days. 
 
(Reuters)&nbsp; 
 
 
&nbsp;

Osborne said UK government should wait until David Cameron's successor is in place before deciding on how to change its fiscal plans

Britain's vote to leave the European Union may lead to further volatility in financial markets, finance minister George Osborne said on Monday, but 'world's fifth-biggest economy would cope with the challenge ahead', he asserted. Osborne, who was speaking publicly for the first time since Britain voted to leave the bloc on Thursday, said the government had put in place robust contingency plans and there was more action that it and the Bank of England could take. "Our economy is about as strong as it could be to confront the challenge our country now faces," he told a news conference at Britain's finance ministry. Osborne to clarify his political future in coming days Osborne's future as finance minister has come under question after he was on the losing side in the referendum. During the campaign, he said he would have to raise taxes and cut spending in the event of a vote to leave the EU. On Monday, however, he said the government should wait until the successor to Prime Minister David Cameron is in place before deciding on how to change its fiscal plans in response to the expected slowdown in the economy. Cameron said on Friday he would stand down but would stay in the job until his successor was in place in October. "There will be an adjustment in our economy because of the decision that the British people have taken," Osborne said. "There will have to be action to deal with the impact on the public finances, but of course it's perfectly sensible to wait until we have a new prime minister to determine what that will look like," he said. Sterling, which fell more than 8 percent against the US dollar on Friday, trimmed some of its losses on Monday as Osborne spoke. Further, Osborne, who was once the favourite to succeed Cameron, said he would clarify his political future in the coming days. (Reuters)

Economy strong enough to face Brexit vote, Osborne calls for patient approach

Hungary&#39;s government is drawing up a list of incentives to lure companies leaving Britain after the Brexit vote, economy minister Mihaly Varga told business daily Vilaggazdasag in an interview published today. 
 
The interview did not go into details on what sort of offers would be made to persuade companies to move to Hungary, or how far the plan had progressed. 
 
Varga said Britain&#39;s exit from the EU would probably affect Hungary in the longer term, as it would hit the EU&#39;s budget, and thus the development funds flowing to eastern Europe. 
 
But Varga said this was not an immediate issue, as Britain&#39;s negotiations with the EU would last at least for two years, and there was no need to amend Hungary&#39;s budget this year or next. 
 
He said Hungary also had no plan to follow Britain&#39;s example in leaving the EU. 
 
&quot;There is no such intention, no such plan, no such scenario or idea,&quot; Varga told the paper. 
 
He said he expected market turbulence to subside this week after Friday&#39;s sharp falls. 
 
(Reuters)

Budapest has no plan to follow London's example in leaving the EU, said economy minister Mihaly Varga

Hungary's government is drawing up a list of incentives to lure companies leaving Britain after the Brexit vote, economy minister Mihaly Varga told business daily Vilaggazdasag in an interview published today. The interview did not go into details on what sort of offers would be made to persuade companies to move to Hungary, or how far the plan had progressed. Varga said Britain's exit from the EU would probably affect Hungary in the longer term, as it would hit the EU's budget, and thus the development funds flowing to eastern Europe. But Varga said this was not an immediate issue, as Britain's negotiations with the EU would last at least for two years, and there was no need to amend Hungary's budget this year or next. He said Hungary also had no plan to follow Britain's example in leaving the EU. "There is no such intention, no such plan, no such scenario or idea," Varga told the paper. He said he expected market turbulence to subside this week after Friday's sharp falls. (Reuters)

Hungary prepares incentives to lure firms leaving Britain after Brexit vote

Britain&#39;s opposition Labour leader said on Sunday he would not resign despite more than a third of his senior team withdrawing their support for him, plunging the party into crisis in the wake of Britain&#39;s vote to leave the European Union (EU).&nbsp; 
 
Jeremy Corbyn, elected last year with the overwhelming support from grassroots Labour members, has faced criticism from some Labour lawmakers that he had not done enough to convince millions of voters in the party&#39;s heartlands to back remaining in the EU. 
 
&quot;I regret there have been resignations today from my shadow cabinet. But I am not going to betray the trust of those who voted for me, or the millions of supporters across the country who need Labour to represent them,&quot; Corbyn said in a statement. 
 
&quot;Those who want to change Labour&#39;s leadership will have to stand in a democratic election, in which I will be a candidate.&quot; 
 
After a stinging election defeat for Labour last year, Corbyn won the leadership thanks to grassroots support but he has struggled to win the backing of Labour lawmakers, many of whom find themselves far closer to the centre ground than him. 
 
 
Cameron&#39;s resignation piles pressure on Labour party 
Britain is not due to hold a parliamentary election until 2020, but after Prime Minister David Cameron&#39;s announcement that he would resign after losing the referendum, many expect that one could now be called earlier by his successor &ndash; putting pressure on Labour to present itself as a credible alternative. 
 
&quot;I urge you, because you are a decent man, to do the decent thing and take the only action that can avert potential disaster by stepping aside,&quot; senior lawmaker Chris Bryant said in a letter to Corbyn, which he posted on Twitter. 
 
&quot;If you do so I believe future generations will praise your selflessness. If you refuse to step aside, I fear you will go down in history as the man who broke the Labour Party,&rdquo; the post on the microblogging said.&nbsp; 
 
Bryant, who said he was stepping down from his role in charge of Labour&#39;s parliamentary business, further underlined Corbyn&#39;s &quot;ambivalent attitude&quot; to the EU campaign had betrayed the Labour party and wider movement. 
 
Since the referendum, two Labour lawmakers have submitted a motion of no-confidence in Corbyn, calling for his leadership to be debated at a meeting of the party&#39;s lawmakers on Monday, followed by a secret ballot. 
 
Early on Sunday the Labour leader sacked his foreign policy chief Hilary Benn, after Benn said he had lost confidence in the ability of Corbyn, who is on the party&#39;s far left, to lead Labour. 
 
Over the course of the day, 11 others &ndash; Bryant, Gloria de Piero, Heidi Alexander, Lucy Powell, Ian Murray, Kerry McCarthy, Vernon Coaker, Charles Falconer, Lilian Greenwood, Karl Turner and Seema Malhotra &nbsp;- said they were stepping down from Corbyn&#39;s top team of 30 lawmakers, known as the &quot;shadow cabinet&quot;. 
 
Malhotra, a member of Corbyn&#39;s finance policy team who had introduced him at a speech on Saturday, said Labour needed to strengthen its influence at a time of such political and economic upheaval. 
 
&quot;We need to recognise that we do not currently look like a government in waiting,&quot; she said in a letter to Corbyn, which she also published on Twitter. 
 
Several of the others also said in statements that they doubted Corbyn&#39;s ability to lead the party to victory in the next election. 
 
(Reuters)&nbsp; 
&nbsp;

Stand in an election -- 'In which I will be a candidate' -- if you want to change Labour's leadership, says Britain's Opposition leader

Britain's opposition Labour leader said on Sunday he would not resign despite more than a third of his senior team withdrawing their support for him, plunging the party into crisis in the wake of Britain's vote to leave the European Union (EU). Jeremy Corbyn, elected last year with the overwhelming support from grassroots Labour members, has faced criticism from some Labour lawmakers that he had not done enough to convince millions of voters in the party's heartlands to back remaining in the EU. "I regret there have been resignations today from my shadow cabinet. But I am not going to betray the trust of those who voted for me, or the millions of supporters across the country who need Labour to represent them," Corbyn said in a statement. "Those who want to change Labour's leadership will have to stand in a democratic election, in which I will be a candidate." After a stinging election defeat for Labour last year, Corbyn won the leadership thanks to grassroots support but he has struggled to win the backing of Labour lawmakers, many of whom find themselves far closer to the centre ground than him. Cameron's resignation piles pressure on Labour party Britain is not due to hold a parliamentary election until 2020, but after Prime Minister David Cameron's announcement that he would resign after losing the referendum, many expect that one could now be called earlier by his successor – putting pressure on Labour to present itself as a credible alternative. "I urge you, because you are a decent man, to do the decent thing and take the only action that can avert potential disaster by stepping aside," senior lawmaker Chris Bryant said in a letter to Corbyn, which he posted on Twitter. "If you do so I believe future generations will praise your selflessness. If you refuse to step aside, I fear you will go down in history as the man who broke the Labour Party,” the post on the microblogging said. Bryant, who said he was stepping down from his role in charge of Labour's parliamentary business, further underlined Corbyn's "ambivalent attitude" to the EU campaign had betrayed the Labour party and wider movement. Since the referendum, two Labour lawmakers have submitted a motion of no-confidence in Corbyn, calling for his leadership to be debated at a meeting of the party's lawmakers on Monday, followed by a secret ballot. Early on Sunday the Labour leader sacked his foreign policy chief Hilary Benn, after Benn said he had lost confidence in the ability of Corbyn, who is on the party's far left, to lead Labour. Over the course of the day, 11 others – Bryant, Gloria de Piero, Heidi Alexander, Lucy Powell, Ian Murray, Kerry McCarthy, Vernon Coaker, Charles Falconer, Lilian Greenwood, Karl Turner and Seema Malhotra - said they were stepping down from Corbyn's top team of 30 lawmakers, known as the "shadow cabinet". Malhotra, a member of Corbyn's finance policy team who had introduced him at a speech on Saturday, said Labour needed to strengthen its influence at a time of such political and economic upheaval. "We need to recognise that we do not currently look like a government in waiting," she said in a letter to Corbyn, which she also published on Twitter. Several of the others also said in statements that they doubted Corbyn's ability to lead the party to victory in the next election. (Reuters)

A third of his senior team withdraws support but Corbyn says he will not step down

Pope Francis said Sunday that Christians and the Roman Catholic Church should seek forgiveness from homosexuals for the way they have been treated. 
 
Speaking to reporters aboard the plane taking him back to Rome from Armenia, he also said the Church should ask forgiveness for the way it has treated women, for turning a blind eye to child labour and for &quot;blessing so many weapons&quot; in the past. 
 
In the hour-long freewheeling conversation that has become a trademark of his international travels, Francis was asked if he agreed with recent comments by a German Roman Catholic cardinal that the Church should apologise to gays. 
 
Pope recalls Church teachings&nbsp; 
Francis looked sad when the reporter asked if an apology was made more urgent by the killing of 49 people at a gay club in Orlando, Florida this month. 
 
He recalled Church teachings that homosexuals &quot;should not be discriminated against. They should be respected, accompanied pastorally.&quot; 
 
&quot;I think that the Church not only should apologise ... to a gay person whom it offended but it must also apologise to the poor as well, to the women who have been exploited, to children who have been exploited by (being forced to) work. It must apologise for having blessed so many weapons.&quot; 
 
The Church teaches that homosexual tendencies are not sinful but homosexual acts are, and that homosexuals should try to be chaste. 
 
Francis repeated a slightly modified version of the now-famous &quot;Who am I to judge?&quot; comment he made about gays on his first foreign trip after his election in 2013. 
 
&quot;The questions is: if a person who has that condition, who has good will, and who looks for God, who are we to judge?&quot; 
 
&#39;Forgiveness, not apology&#39; &nbsp; 
Vatican spokesman Father Federico Lombardi said that the pope, by saying &quot;has that condition&quot;, did not imply a medical condition but &quot;a person in that situation&quot;. In Italian, the word &quot;condition&quot; can also mean &quot;situation&quot;. 
 
&quot;We Christians have to apologise for so many things, not just for this (treatment of gays), but we must ask for forgiveness, not just apologise! Forgiveness! Lord, it is a word we forget so often!&quot; he said. 
 
Francis has been hailed by many in the gay community for being the most merciful pope towards them in recent history and conservative Catholics have criticised him for making comments they say are ambiguous about sexual morality. 
 
He told reporters on the plane &quot;there are traditions in some countries, some cultures, that have a different mentality about this question (homosexuals)&quot; and there are &quot;some (gay) demonstrations that are too offensive for some&quot;. 
 
But he suggested that those were not grounds for discrimination or marginalisation of gays. 
 
Pope insists on &#39;re-creating&#39; while talking about Brexit 
The pope did not elaborate on what he meant by seeking forgiveness for the Church &quot;having blessed so many weapons&quot;, but it appeared to be a reference to some Churchmen who actively backed wars in the past. 
 
In other parts of the conversation, Francis said he hoped the European Union &nbsp;(EU) would be able to give itself another form after the United Kingdom&#39;s decision to leave. 
 
&quot;There is something that is not working in that bulky union, but let&rsquo;s not throw the baby out with the bath water, let&rsquo;s try to jump-start things, to re-create,&quot; he said. 
 
He also denied reports that former Pope Benedict, who resigned in 2013, was still exercising influence inside the Vatican. 
 
&quot;There is only one pope,&quot; he said. He praised Benedict, 89, for &quot;protecting me, having my back, with his prayers&quot;. 
 
Francis said he had heard that when some Church officials had gone to Benedict to complain that Francis was too liberal, Benedict &quot;sent them packing&quot;. 
 
(Reuters)&nbsp;

Also says Church should ask forgiveness for how it has treated women, child labour and for 'blessing so many weapons in the past'

Pope Francis said Sunday that Christians and the Roman Catholic Church should seek forgiveness from homosexuals for the way they have been treated. Speaking to reporters aboard the plane taking him back to Rome from Armenia, he also said the Church should ask forgiveness for the way it has treated women, for turning a blind eye to child labour and for "blessing so many weapons" in the past. In the hour-long freewheeling conversation that has become a trademark of his international travels, Francis was asked if he agreed with recent comments by a German Roman Catholic cardinal that the Church should apologise to gays. Pope recalls Church teachings Francis looked sad when the reporter asked if an apology was made more urgent by the killing of 49 people at a gay club in Orlando, Florida this month. He recalled Church teachings that homosexuals "should not be discriminated against. They should be respected, accompanied pastorally." "I think that the Church not only should apologise ... to a gay person whom it offended but it must also apologise to the poor as well, to the women who have been exploited, to children who have been exploited by (being forced to) work. It must apologise for having blessed so many weapons." The Church teaches that homosexual tendencies are not sinful but homosexual acts are, and that homosexuals should try to be chaste. Francis repeated a slightly modified version of the now-famous "Who am I to judge?" comment he made about gays on his first foreign trip after his election in 2013. "The questions is: if a person who has that condition, who has good will, and who looks for God, who are we to judge?" 'Forgiveness, not apology' Vatican spokesman Father Federico Lombardi said that the pope, by saying "has that condition", did not imply a medical condition but "a person in that situation". In Italian, the word "condition" can also mean "situation". "We Christians have to apologise for so many things, not just for this (treatment of gays), but we must ask for forgiveness, not just apologise! Forgiveness! Lord, it is a word we forget so often!" he said. Francis has been hailed by many in the gay community for being the most merciful pope towards them in recent history and conservative Catholics have criticised him for making comments they say are ambiguous about sexual morality. He told reporters on the plane "there are traditions in some countries, some cultures, that have a different mentality about this question (homosexuals)" and there are "some (gay) demonstrations that are too offensive for some". But he suggested that those were not grounds for discrimination or marginalisation of gays. Pope insists on 're-creating' while talking about Brexit The pope did not elaborate on what he meant by seeking forgiveness for the Church "having blessed so many weapons", but it appeared to be a reference to some Churchmen who actively backed wars in the past. In other parts of the conversation, Francis said he hoped the European Union (EU) would be able to give itself another form after the United Kingdom's decision to leave. "There is something that is not working in that bulky union, but let’s not throw the baby out with the bath water, let’s try to jump-start things, to re-create," he said. He also denied reports that former Pope Benedict, who resigned in 2013, was still exercising influence inside the Vatican. "There is only one pope," he said. He praised Benedict, 89, for "protecting me, having my back, with his prayers". Francis said he had heard that when some Church officials had gone to Benedict to complain that Francis was too liberal, Benedict "sent them packing". (Reuters)

Be a good Christian, ask homosexuals for forgiveness: Pope

Britain could have a new prime minister by early September, the ruling Conservative Party said today, after David Cameron started laying the groundwork for his successor to trigger the country&#39;s exit from the European Union. 
 
The government is under pressure to fill a vacuum left when Cameron announced he would resign by October after Britain ignored his advice and voted to leave the 28-member bloc in last week&#39;s referendum. 
 
Triggering a leadership battle which could draw in some of his closest advisers, Cameron urged ministers to work together in the meantime. But he also formed a separate unit, staffed by public servants, to help advise Britain on its departure and its options for a future outside the EU. 
 
Graham Brady, chair of the &quot;1922 committee&quot; of Conservative lawmakers which sets the party&#39;s ground rules in parliament, said the group had recommended that the leadership contest should begin next week and conclude no later than Sept. 2. 
 
That recommendation will almost certainly be passed. 
 
&quot;Both the Conservatives and the country more generally really want certainty. We would like a resolution and we think it would be a good thing to conclude this process as soon as we practicably can,&quot; Brady told Sky News. 
 
He said there should be no new parliamentary election before Britain had negotiated the terms of its exit from the EU. 
 
Several Conservative lawmakers have urged leadership candidates to try to broker a deal quickly to make sure that any campaign is as painless as possible, to avoid deepening divisions exposed during the referendum campaign. 
 
&quot;A leadership contest now is not in the interests of our country,&quot; said Justine Greening, international development minister. &quot;It will mean our party focuses inward at the very time our country most needs us to focus outward.&quot; 
 
Jockeying for position 
 
All eyes are on former London mayor Boris Johnson, the most prominent of the &quot;Leave&quot; campaigners and now bookmakers&#39; favourite to succeed Cameron. 
 
But not all party members back him and many are pressing for &quot;Anyone But Boris&quot;, seeing his decision to back the Leave campaign as a betrayal of his former ally Cameron, according to media reports. 
 
Cameron&#39;s spokeswoman declined to comment on the leadership battle and said there had been no discussion at today&#39;s cabinet meeting, which did not include Johnson, about the possibility of an early parliamentary election. 
 
Instead, she said, the Prime Minister had urged unity both in government and in the country and had announced he had set up an advisory unit to help manage Britain&#39;s departure from the European Union and to make sure his successor has all the possible information necessary to decide the country&#39;s future. 
 
The unit would &quot;make sure we have done the groundwork ready for a new prime minister. So it is about preparing advice on the whole range of issues that will need to be looked at, things like transitional issues,&quot; she said, adding that Oliver Letwin, a lawmaker and friend of Cameron&#39;s, would be involved in it. 
 
For now, the priority was working together on government business, which some critics say has been all but put on hold since campaigning for the referendum began in February, and reassuring the many migrants who fear their status may change. 
 
Cameron would not put up with intolerance, she added, after reports that migrants, particularly those from Poland, had been told by some Britons to &quot;go home&quot; after the referendum. 
 
&quot;Across Britain we should be standing together at the moment, to not allow the result of this referendum to divide communities or to provoke fear amongst some.&quot; 
 
(Reuters)

All eyes are on former London mayor, Boris Johnson, the most prominent of the 'Leave' campaigners expected to succeed David Cameron

Britain could have a new prime minister by early September, the ruling Conservative Party said today, after David Cameron started laying the groundwork for his successor to trigger the country's exit from the European Union. The government is under pressure to fill a vacuum left when Cameron announced he would resign by October after Britain ignored his advice and voted to leave the 28-member bloc in last week's referendum. Triggering a leadership battle which could draw in some of his closest advisers, Cameron urged ministers to work together in the meantime. But he also formed a separate unit, staffed by public servants, to help advise Britain on its departure and its options for a future outside the EU. Graham Brady, chair of the "1922 committee" of Conservative lawmakers which sets the party's ground rules in parliament, said the group had recommended that the leadership contest should begin next week and conclude no later than Sept. 2. That recommendation will almost certainly be passed. "Both the Conservatives and the country more generally really want certainty. We would like a resolution and we think it would be a good thing to conclude this process as soon as we practicably can," Brady told Sky News. He said there should be no new parliamentary election before Britain had negotiated the terms of its exit from the EU. Several Conservative lawmakers have urged leadership candidates to try to broker a deal quickly to make sure that any campaign is as painless as possible, to avoid deepening divisions exposed during the referendum campaign. "A leadership contest now is not in the interests of our country," said Justine Greening, international development minister. "It will mean our party focuses inward at the very time our country most needs us to focus outward." Jockeying for position All eyes are on former London mayor Boris Johnson, the most prominent of the "Leave" campaigners and now bookmakers' favourite to succeed Cameron. But not all party members back him and many are pressing for "Anyone But Boris", seeing his decision to back the Leave campaign as a betrayal of his former ally Cameron, according to media reports. Cameron's spokeswoman declined to comment on the leadership battle and said there had been no discussion at today's cabinet meeting, which did not include Johnson, about the possibility of an early parliamentary election. Instead, she said, the Prime Minister had urged unity both in government and in the country and had announced he had set up an advisory unit to help manage Britain's departure from the European Union and to make sure his successor has all the possible information necessary to decide the country's future. The unit would "make sure we have done the groundwork ready for a new prime minister. So it is about preparing advice on the whole range of issues that will need to be looked at, things like transitional issues," she said, adding that Oliver Letwin, a lawmaker and friend of Cameron's, would be involved in it. For now, the priority was working together on government business, which some critics say has been all but put on hold since campaigning for the referendum began in February, and reassuring the many migrants who fear their status may change. Cameron would not put up with intolerance, she added, after reports that migrants, particularly those from Poland, had been told by some Britons to "go home" after the referendum. "Across Britain we should be standing together at the moment, to not allow the result of this referendum to divide communities or to provoke fear amongst some." (Reuters)

Britain may see new PM by early September, readies for Brexit

The petition calling for a second referendum on Britain`s exit from the European Union (EU) which has gained more than three million signatures is under investigation by parliamentary authorities for possible manipulations. 
 
The House of Commons petitions committee has confirmed that 77,000 signatures were added fraudulently and have been removed and the committee is now continually monitoring the petition for any suspicious activity. 
 
The request for another referendum on the Parliament&#39;s official petitions website should have been signed only by British and UK residents, but data showed signatories from other countries as well, including Iceland, the Cayman Islands and Tunisia. 
 
According to the officials, in some cases there are more signatures than total population like in the Vatican City that has a total population of just 800, but over 39,000 residents of the city appeared to have signed the petition. 
 
Helen Jones, the chair of the petitions committee, said that those signatures discovered to be fake would be &quot;removed&quot; and said such fraud &quot;undermines the process of parliamentary democracy&quot;, reports The Guardian. 
 
She said, &quot;The Government Digital Service are taking action to investigate and, where necessary, remove fraudulent signatures.&nbsp; 
It is clear that this petition is very important to a substantial number of people.&nbsp; 
 
The petitions committee will be considering the petition at its meeting next week, and will decide whether or not to schedule a debate on it. 
 
&quot;The website`s only identity `test` is a simple checkbox asking to confirm you are either a British citizen or that you are a resident of the UK.&nbsp; 
 
While postcodes are required, street addresses are not, and no proof of ID is needed. 
 
The petition was started by leave activist William Oliver Healey in May, when polls suggested remain would win. Parliament must consider all petitions that reach a threshold of 100,000 votes for a debate.&nbsp; 
 
(ANI)

The House of Commons petitions committee has confirmed that 77,000 signatures were added fraudulently and have been removed

The petition calling for a second referendum on Britain`s exit from the European Union (EU) which has gained more than three million signatures is under investigation by parliamentary authorities for possible manipulations. The House of Commons petitions committee has confirmed that 77,000 signatures were added fraudulently and have been removed and the committee is now continually monitoring the petition for any suspicious activity. The request for another referendum on the Parliament's official petitions website should have been signed only by British and UK residents, but data showed signatories from other countries as well, including Iceland, the Cayman Islands and Tunisia. According to the officials, in some cases there are more signatures than total population like in the Vatican City that has a total population of just 800, but over 39,000 residents of the city appeared to have signed the petition. Helen Jones, the chair of the petitions committee, said that those signatures discovered to be fake would be "removed" and said such fraud "undermines the process of parliamentary democracy", reports The Guardian. She said, "The Government Digital Service are taking action to investigate and, where necessary, remove fraudulent signatures. It is clear that this petition is very important to a substantial number of people. The petitions committee will be considering the petition at its meeting next week, and will decide whether or not to schedule a debate on it. "The website`s only identity `test` is a simple checkbox asking to confirm you are either a British citizen or that you are a resident of the UK. While postcodes are required, street addresses are not, and no proof of ID is needed. The petition was started by leave activist William Oliver Healey in May, when polls suggested remain would win. Parliament must consider all petitions that reach a threshold of 100,000 votes for a debate. (ANI)

Brexit: Petition for second EU referendum under scrutiny for fraudulent signatures

The European parliament&#39;s chief called today for British Prime Minister David Cameron to begin formal proceedings to leave the EU at a summit this week. 
 
Martin Schulz told German newspaper Bild am Sonntag that a period of limbo over Brexit would &quot;lead to even more insecurity and thus endanger jobs&quot;. 
 
&quot;Hesitating simply to accommodate the party tactics of the British conservatives hurts everyone,&quot; he said. 
 
&quot;That is why we expect the British government to now deliver. The summit on Tuesday is the right time.&quot; 
 
The four biggest groups in the European parliament have also drawn up a draft resolution calling for Cameron to set the Brexit ball rolling on Tuesday, Germany&#39;s Frankfurter Allgemeine Sonntagszeitung reported. 
 
This was crucial, the groups wrote, &quot;to avoid damaging uncertainty for all and to preserve the integrity of the union&quot;. 
 
They added that &quot;no new relationship of whatever kind between the United Kingdom and the EU can be agreed before (Britain&#39;s) exit accord has been completed&quot;. 
 
Cameron said on Friday in the wake of the shock referendum outcome favouring Britain leaving the EU that he would resign his office by October and leave negotiations on the so-called &quot;Brexit&quot; to his successor. 
 
To begin the withdrawal process, Britain must invoke Article 50 of the EU&#39;s Lisbon treaty, which has never been used before. 
 
The first step is to inform the European Council of member states which sets the clock ticking on a two-year timetable of negotiations. 
 
The EU will hold a summit on Tuesday and Wednesday to discuss the fallout from the British vote and the European parliament will also hold a special session. 
 
Foreign ministers from the EU&#39;s six founding states meeting in Berlin on Saturday urged Britain to begin the exit process &quot;as soon as possible&quot;.&nbsp; 
 
(AFP)

Martin Schulz says a period of limbo over Brexit would 'lead to even more insecurity and thus endanger jobs'

The European parliament's chief called today for British Prime Minister David Cameron to begin formal proceedings to leave the EU at a summit this week. Martin Schulz told German newspaper Bild am Sonntag that a period of limbo over Brexit would "lead to even more insecurity and thus endanger jobs". "Hesitating simply to accommodate the party tactics of the British conservatives hurts everyone," he said. "That is why we expect the British government to now deliver. The summit on Tuesday is the right time." The four biggest groups in the European parliament have also drawn up a draft resolution calling for Cameron to set the Brexit ball rolling on Tuesday, Germany's Frankfurter Allgemeine Sonntagszeitung reported. This was crucial, the groups wrote, "to avoid damaging uncertainty for all and to preserve the integrity of the union". They added that "no new relationship of whatever kind between the United Kingdom and the EU can be agreed before (Britain's) exit accord has been completed". Cameron said on Friday in the wake of the shock referendum outcome favouring Britain leaving the EU that he would resign his office by October and leave negotiations on the so-called "Brexit" to his successor. To begin the withdrawal process, Britain must invoke Article 50 of the EU's Lisbon treaty, which has never been used before. The first step is to inform the European Council of member states which sets the clock ticking on a two-year timetable of negotiations. The EU will hold a summit on Tuesday and Wednesday to discuss the fallout from the British vote and the European parliament will also hold a special session. Foreign ministers from the EU's six founding states meeting in Berlin on Saturday urged Britain to begin the exit process "as soon as possible". (AFP)

Leave, EU Parliament chief tells Britain, starting Tuesday

Britain need not send a formal letter to the European Union (EU) to trigger a two-year countdown to its exit from the bloc, EU officials said, implying British Prime Minister David Cameron could start the process when he speaks at a summit on Tuesday. 
 
&quot;&#39;Triggering&#39; ... could either be a letter to the president of the European Council or an official statement at a meeting of the European Council duly noted in the official records of the meeting,&quot; a spokesman for the council of EU leaders said. 
 
A second EU official, asked about mounting frustration among leaders with the British prime minister&#39;s delay in delivering the formal notification required to launch divorce proceedings, said: &quot;It doesn&#39;t have to be written. He can just say it.&quot; 
 
Cameron will brief the other 27 national leaders over dinner at a European Council summit in Brussels&nbsp;on Tuesday on the outcome of Thursday&#39;s referendum at which Britons voted to leave the EU, prompting him to announce he will resign. 
 
On Friday, he said he would leave it to his successor as Conservative party leader and premier to trigger Article 50 of the EU treaty, which sets out a two-year process to quit the bloc. That appeared to be a reversal of a pledge to launch the process immediately after the vote. It has angered EU leaders who want a quick settlement to limit uncertainty. 
 
Some European leaders still expect Cameron himself to start the process in the coming days or weeks, officials said on Saturday. British officials were not immediately available. 
 
Meanwhile, some Brexit campaigners have long said that Britain should aim to negotiate a comprehensive new relationship with the EU, seeking access to markets without submitting to EU rules or open migration, before binding itself into the two-year timetable that would be fixed for talks if Article 50 is triggered. 
 
Such talk worries EU officials and leaders who fear that a prolonged haggling with London will further increase the risk of a domino effect of nationalist-led demands for exit from other states. They do not see a legal way to force Britain to start the process but have piled political pressure on Cameron to honour his pledge to launch Article 50 negotiations and respect the popular vote. 
 
&#39;Once you trigger it, you cannot take it back&#39;&nbsp; 
The Council spokesman made clear that leaders cannot simply choose to interpret something Cameron says as the trigger without the prime minister saying clearly he means it to be. 
 
&quot;The notification of Article 50 is a formal act and has to be done by the British government to the European Council,&quot; the spokesman said. &quot;It has to be done in an unequivocal manner with the explicit intent to trigger Article 50. 
 
&quot;Negotiations of leaving and the future relationship can only begin after such a formal notification. If it is indeed the intention of the British government to leave the EU, it is therefore in its interest to notify as soon as possible.&quot; 
 
Since the shock vote on Thursday, won 52-48 percent by the Leave camp in defiance of polls and the bulk of the British establishment, there have been calls in Britain for the result to be reviewed or for parliament to ignore the referendum. 
 
The second EU official, asked whether Britain could launch the process and then ask to stay, said that was not foreseen by the treaty: &quot;Once you trigger it, you cannot take it back.&quot; 
 
If a state fails to agree a departure treaty with the others, EU law simply stops applying to it after two years. 
 
(Reuters)&nbsp;

Officials say Britain does not need to send a formal letter to the union, Prime Minister Cameron 'can just say it'

Britain need not send a formal letter to the European Union (EU) to trigger a two-year countdown to its exit from the bloc, EU officials said, implying British Prime Minister David Cameron could start the process when he speaks at a summit on Tuesday. "'Triggering' ... could either be a letter to the president of the European Council or an official statement at a meeting of the European Council duly noted in the official records of the meeting," a spokesman for the council of EU leaders said. A second EU official, asked about mounting frustration among leaders with the British prime minister's delay in delivering the formal notification required to launch divorce proceedings, said: "It doesn't have to be written. He can just say it." Cameron will brief the other 27 national leaders over dinner at a European Council summit in Brussels on Tuesday on the outcome of Thursday's referendum at which Britons voted to leave the EU, prompting him to announce he will resign. On Friday, he said he would leave it to his successor as Conservative party leader and premier to trigger Article 50 of the EU treaty, which sets out a two-year process to quit the bloc. That appeared to be a reversal of a pledge to launch the process immediately after the vote. It has angered EU leaders who want a quick settlement to limit uncertainty. Some European leaders still expect Cameron himself to start the process in the coming days or weeks, officials said on Saturday. British officials were not immediately available. Meanwhile, some Brexit campaigners have long said that Britain should aim to negotiate a comprehensive new relationship with the EU, seeking access to markets without submitting to EU rules or open migration, before binding itself into the two-year timetable that would be fixed for talks if Article 50 is triggered. Such talk worries EU officials and leaders who fear that a prolonged haggling with London will further increase the risk of a domino effect of nationalist-led demands for exit from other states. They do not see a legal way to force Britain to start the process but have piled political pressure on Cameron to honour his pledge to launch Article 50 negotiations and respect the popular vote. 'Once you trigger it, you cannot take it back' The Council spokesman made clear that leaders cannot simply choose to interpret something Cameron says as the trigger without the prime minister saying clearly he means it to be. "The notification of Article 50 is a formal act and has to be done by the British government to the European Council," the spokesman said. "It has to be done in an unequivocal manner with the explicit intent to trigger Article 50. "Negotiations of leaving and the future relationship can only begin after such a formal notification. If it is indeed the intention of the British government to leave the EU, it is therefore in its interest to notify as soon as possible." Since the shock vote on Thursday, won 52-48 percent by the Leave camp in defiance of polls and the bulk of the British establishment, there have been calls in Britain for the result to be reviewed or for parliament to ignore the referendum. The second EU official, asked whether Britain could launch the process and then ask to stay, said that was not foreseen by the treaty: "Once you trigger it, you cannot take it back." If a state fails to agree a departure treaty with the others, EU law simply stops applying to it after two years. (Reuters)

Now that you've left... hurry up and leave, the EU tells Britain

Britain&#39;s vote to leave the European Union (EU) could open a period of turbulence for the country&#39;s airline industry, which has soared under the EU&#39;s Single European Sky system over the last two decades. 
 
Among the mass of agreements that Britain will have to renegotiate with Brussels are those governing flights between Britain and the rest of the EU. 
 
&quot;They are not long, the days of wine and roses,&quot; whether for airlines, airports or British air travellers, points out Peter Morris, chief economist at Ascend Flightglobal Consultancy. 
 
British airlines may not be able to introduce any route without prior authorisation&nbsp; 
The single sky system lifted trade restrictions on airlines controlled by EU member states or their nationals, and whose headquarters are located within the EU.&nbsp;Unless British negotiators manage to secure preferential conditions, British airlines will lose this status. 
 
This will mean they no longer enjoy rights including being able to freely set airfares, and to launch any route in Europe without getting authorisation in advance. 
 
In concrete terms, passengers leaving or arriving in the United Kingdom will face new taxes, while British airlines will be slower to develop new routes. 
 
Airlines in Britain might want to remain in Single European Sky&nbsp; 
The shares of two main key players in the sector, EasyJet and the International Airlines Group (IAG), plummeted Friday following the news of the shock Brexit vote, losing 14.35 percent and 22.54 respectively on the London market. 
 
Low-cost airline Ryanair, however, which campaigned vocally for Britain to remain in the EU, is a little less exposed because it is based in Ireland, even if it has a large presence in Britain. 
 
As soon as the referendum result became clear, EasyJet wrote to British and EU authorities pressing them to ensure that Britain remains in the Single European Sky. 
 
&quot;Britain being in Europe is the best thing for Britain,&quot; EasyJet chief executive Carolyn McCall told AFP a few months before Thursday&#39;s referendum. 
 
&quot;That is based on the fact that deregulation of aviation has been a fantastic benefit to consumers,&quot; she said, noting that it had reduced fares by 40 percent and increased routes by 170 percent. 
 
On Friday the airline insisted that Brexit will not have a major impact on its strategy, but also said it was working on alternative options to allow it to maintain its current network and operations. 
 
According to Morris, EasyJet, currently based at Luton airport north of London, &quot;will doubtless already have plans under way for a head office within the EU, perhaps under a different brand&quot;. 
 
He said he also expects that IAG, which includes British Airways and which is headquartered in London, will try to widen its network using its non-British subsidiary airlines, at the expense of British Airways. 
 
IAG also owns Spanish carriers Iberia and Vueling as well as Ireland&#39;s Aer Lingus, which it could use to strengthen its operations around hubs in Dublin and Madrid. 
 
That could harm London&#39;s role as an international hub with five airports. 
 
Fall in demand for flights to Europe also likely&nbsp; 
The Brexit vote may have a few more consequences for the aviation sector in the country.&nbsp; 
 
On the downside for the British capital, tides of US and Asian passengers who transit via its airports could be attracted by offers from hubs which remain in the EU. 
 
Further, the long-debated construction of a new runway at Heathrow or Gatwick, Britain&#39;s two main airports, could be delayed further if &quot;Leave&quot; campaign figurehead Boris Johnson becomes prime minister. 
 
The former London mayor, tipped as a frontrunner to succeed Prime Minister David Cameron after the Brexit vote, has long campaigned for an alternative plan to build a new airport in the Thames estuary east of the capital. 
 
&quot;For Heathrow and its third runway the game&#39;s up,&quot; said John Strickland of JLS Consulting.&nbsp;He highlighted another more immediate consequence of the Brexit vote: the collapse of sterling on exchange markets. 
 
This will lead to higher fuel and lease costs, and a likely fall in demand for flights to Europe by British travellers whose pounds aren&#39;t worth as much on the continent since Thursday&#39;s shock vote. 
 
(AFP)&nbsp; 
 
 
 
 
&nbsp;

In concrete terms, passengers leaving or arriving in United Kingdom may face new taxes, while British airlines will be slower to develop

Britain's vote to leave the European Union (EU) could open a period of turbulence for the country's airline industry, which has soared under the EU's Single European Sky system over the last two decades. Among the mass of agreements that Britain will have to renegotiate with Brussels are those governing flights between Britain and the rest of the EU. "They are not long, the days of wine and roses," whether for airlines, airports or British air travellers, points out Peter Morris, chief economist at Ascend Flightglobal Consultancy. British airlines may not be able to introduce any route without prior authorisation The single sky system lifted trade restrictions on airlines controlled by EU member states or their nationals, and whose headquarters are located within the EU. Unless British negotiators manage to secure preferential conditions, British airlines will lose this status. This will mean they no longer enjoy rights including being able to freely set airfares, and to launch any route in Europe without getting authorisation in advance. In concrete terms, passengers leaving or arriving in the United Kingdom will face new taxes, while British airlines will be slower to develop new routes. Airlines in Britain might want to remain in Single European Sky The shares of two main key players in the sector, EasyJet and the International Airlines Group (IAG), plummeted Friday following the news of the shock Brexit vote, losing 14.35 percent and 22.54 respectively on the London market. Low-cost airline Ryanair, however, which campaigned vocally for Britain to remain in the EU, is a little less exposed because it is based in Ireland, even if it has a large presence in Britain. As soon as the referendum result became clear, EasyJet wrote to British and EU authorities pressing them to ensure that Britain remains in the Single European Sky. "Britain being in Europe is the best thing for Britain," EasyJet chief executive Carolyn McCall told AFP a few months before Thursday's referendum. "That is based on the fact that deregulation of aviation has been a fantastic benefit to consumers," she said, noting that it had reduced fares by 40 percent and increased routes by 170 percent. On Friday the airline insisted that Brexit will not have a major impact on its strategy, but also said it was working on alternative options to allow it to maintain its current network and operations. According to Morris, EasyJet, currently based at Luton airport north of London, "will doubtless already have plans under way for a head office within the EU, perhaps under a different brand". He said he also expects that IAG, which includes British Airways and which is headquartered in London, will try to widen its network using its non-British subsidiary airlines, at the expense of British Airways. IAG also owns Spanish carriers Iberia and Vueling as well as Ireland's Aer Lingus, which it could use to strengthen its operations around hubs in Dublin and Madrid. That could harm London's role as an international hub with five airports. Fall in demand for flights to Europe also likely The Brexit vote may have a few more consequences for the aviation sector in the country. On the downside for the British capital, tides of US and Asian passengers who transit via its airports could be attracted by offers from hubs which remain in the EU. Further, the long-debated construction of a new runway at Heathrow or Gatwick, Britain's two main airports, could be delayed further if "Leave" campaign figurehead Boris Johnson becomes prime minister. The former London mayor, tipped as a frontrunner to succeed Prime Minister David Cameron after the Brexit vote, has long campaigned for an alternative plan to build a new airport in the Thames estuary east of the capital. "For Heathrow and its third runway the game's up," said John Strickland of JLS Consulting. He highlighted another more immediate consequence of the Brexit vote: the collapse of sterling on exchange markets. This will lead to higher fuel and lease costs, and a likely fall in demand for flights to Europe by British travellers whose pounds aren't worth as much on the continent since Thursday's shock vote. (AFP)

Brexit effect: Turbulent road ahead or sky full of opportunities for British airlines?

German Chancellor Angela Merkel called on Saturday for clear-headed negotiations with &quot;close partner&quot; Britain over its departure from the European Union. 
 
Foreign ministers of the European Union&#39;s (EU) six founding members had earlier said Britain should leave the bloc as soon as possible after Britons voted on Thursday to quit the 28-member bloc. However, Merkel struck a more conciliatory tone. 
 
&quot;The negotiations must take place in a businesslike, good climate,&quot; Merkel said after a meeting of her conservative party in Hermannswerder, outside Potsdam, to the west of Berlin. 
 
&quot;Britain will remain a close partner, with which we are linked economically,&quot; she said, adding that there was no hurry for Britain to invoke Article 50 of the EU treaty, the first step it must take to set in motion the exit process. 
 
&quot;It should not take ages, that is true, but I would not fight now for a short time frame,&quot; Merkel said, in contrast with the more urgent call by the foreign ministers of Germany, France, Italy, the Netherlands, Belgium and Luxembourg, who were meeting to the north of the German capital. 
 
They pressed for Britain to trigger the process for exiting the bloc after Britons voted by 52-48 percent to exit the EU, which it joined more than 40 years ago. 
 
&quot;We now expect the UK government to provide clarity and give effect to this decision as soon as possible,&quot; they said in a joint statement. 
 
Schulz piles pressure on Britain&nbsp; 
 
The president of the European Parliament, Martin Schulz, also piled pressure on Britain, calling for it to trigger the Leave process at a summit of EU leaders next Tuesday. 
 
&quot;We expect the British government to deliver now,&quot; Schulz told Germany`s Bild am Sonntag newspaper. &quot;The summit on Tuesday is the appropriate moment to do so.&quot; 
 
EU officials said there was no real problem if it took a few months to begin the process for Britain to leave, though waiting until the end of the year could get in the way of the next round of EU budget talks and European election campaigning. 
 
The officials said they were worried that British Prime Minister David Cameron, who resigned on Friday, could hand over to someone with a strategy to drag out the country`s departure. 
 
Matthew Elliott, chief executive of the Vote Leave campaign, said Britain should begin informal negotiations on a full settlement governing its post-Brexit relationship with the EU before invoking Article 50 of the Lisbon Treaty. 
 
&#39;Period of uncertainity could result in economic, political consequences&#39;&nbsp; 
 
France also pressed for a swift start to the exit process, with Foreign Minister Jean-Marc Ayrault saying negotiations must move quickly and that the remaining EU member states also needed to give fresh impetus to the European project. 
 
&quot;We have to give a new sense to Europe, otherwise populism will fill the gap,&quot; he said, adding that the EU could not wait for Cameron to depart in October before the exit process begins. 
 
Ayrault said other EU leaders would put &quot;a lot of pressure&quot; on Cameron at Tuesday`s summit to act quickly. 
 
French President Francois Hollande said the separation &quot;will be painful for Britain but ... as in all divorces, it will be painful for those who stay behind, too&quot;. 
 
Pertinently, France and Germany have drafted a 10-page paper mapping out three areas of immediate concern for the remaining EU members: security, migration and refugees, and jobs and growth which diplomatic sources say they want to use as a basis to shore up the EU, while building a more flexible union. 
 
Notably, global stock markets plunged on Friday, and sterling saw its biggest one-day drop in more than 30 years, while ratings agency Moody`s downgraded Britain`s credit outlook. 
 
The six foreign ministers said the EU was losing &quot;not just a member state but history, tradition and experience&quot;. 
 
Luxembourg Foreign Minister Jean Asselborn told Reuters: &quot;I believe you can destroy the European Union with referenda. We have to communicate better what the EU has done, and we have to work harder on issues such as migration where we have failed.&quot; 
 
Both Ayrault and Asselborn warned Britain not to play games by drawing out the exit process. 
 
&quot;It&#39;s in Britain`s interest and in the interest of Europeans not to have a period of uncertainty that would have financial consequences, and that could have economic and political consequences,&quot; he told a news conference after the meeting.&nbsp; 
 
(Reuters)&nbsp;

The president of the European Parliament, Martin Schulz, also piled pressure on Britain, calling for it to trigger the Leave process?

German Chancellor Angela Merkel called on Saturday for clear-headed negotiations with "close partner" Britain over its departure from the European Union. Foreign ministers of the European Union's (EU) six founding members had earlier said Britain should leave the bloc as soon as possible after Britons voted on Thursday to quit the 28-member bloc. However, Merkel struck a more conciliatory tone. "The negotiations must take place in a businesslike, good climate," Merkel said after a meeting of her conservative party in Hermannswerder, outside Potsdam, to the west of Berlin. "Britain will remain a close partner, with which we are linked economically," she said, adding that there was no hurry for Britain to invoke Article 50 of the EU treaty, the first step it must take to set in motion the exit process. "It should not take ages, that is true, but I would not fight now for a short time frame," Merkel said, in contrast with the more urgent call by the foreign ministers of Germany, France, Italy, the Netherlands, Belgium and Luxembourg, who were meeting to the north of the German capital. They pressed for Britain to trigger the process for exiting the bloc after Britons voted by 52-48 percent to exit the EU, which it joined more than 40 years ago. "We now expect the UK government to provide clarity and give effect to this decision as soon as possible," they said in a joint statement. Schulz piles pressure on Britain The president of the European Parliament, Martin Schulz, also piled pressure on Britain, calling for it to trigger the Leave process at a summit of EU leaders next Tuesday. "We expect the British government to deliver now," Schulz told Germany`s Bild am Sonntag newspaper. "The summit on Tuesday is the appropriate moment to do so." EU officials said there was no real problem if it took a few months to begin the process for Britain to leave, though waiting until the end of the year could get in the way of the next round of EU budget talks and European election campaigning. The officials said they were worried that British Prime Minister David Cameron, who resigned on Friday, could hand over to someone with a strategy to drag out the country`s departure. Matthew Elliott, chief executive of the Vote Leave campaign, said Britain should begin informal negotiations on a full settlement governing its post-Brexit relationship with the EU before invoking Article 50 of the Lisbon Treaty. 'Period of uncertainity could result in economic, political consequences' France also pressed for a swift start to the exit process, with Foreign Minister Jean-Marc Ayrault saying negotiations must move quickly and that the remaining EU member states also needed to give fresh impetus to the European project. "We have to give a new sense to Europe, otherwise populism will fill the gap," he said, adding that the EU could not wait for Cameron to depart in October before the exit process begins. Ayrault said other EU leaders would put "a lot of pressure" on Cameron at Tuesday`s summit to act quickly. French President Francois Hollande said the separation "will be painful for Britain but ... as in all divorces, it will be painful for those who stay behind, too". Pertinently, France and Germany have drafted a 10-page paper mapping out three areas of immediate concern for the remaining EU members: security, migration and refugees, and jobs and growth which diplomatic sources say they want to use as a basis to shore up the EU, while building a more flexible union. Notably, global stock markets plunged on Friday, and sterling saw its biggest one-day drop in more than 30 years, while ratings agency Moody`s downgraded Britain`s credit outlook. The six foreign ministers said the EU was losing "not just a member state but history, tradition and experience". Luxembourg Foreign Minister Jean Asselborn told Reuters: "I believe you can destroy the European Union with referenda. We have to communicate better what the EU has done, and we have to work harder on issues such as migration where we have failed." Both Ayrault and Asselborn warned Britain not to play games by drawing out the exit process. "It's in Britain`s interest and in the interest of Europeans not to have a period of uncertainty that would have financial consequences, and that could have economic and political consequences," he told a news conference after the meeting. (Reuters)

Merkel in 'no hurry' as EU members await clarity after Brexit

Top US diplomat John Kerry will fly to Brussels and London on Monday for talks with Washington&#39;s key allies in the aftermath of Britain&#39;s vote to leave the European Union. 
 
US officials travelling to Rome with the secretary of state told reporters on the flight that two stops had been added to his European itinerary at the last moment. 
 
&quot;Tomorrow we&#39;ll go to Brussels and then on to London,&quot; one official said. 
 
Washington was dismayed last week when British voters chose to leave the European Union, a decision that triggered global economic uncertainty and fears other EU members will follow suit. 
 
President Barack Obama had made clear his concern about the Brexit referendum, and now US officials are scrambling to try to stop the political crisis harming Western unity. 
 
Kerry arrived in Rome today on a planned visit to have lunch with Foreign Minister Paolo Gentiloni and a working dinner with Israeli Prime Minister Benjamin Netanyahu. 
 
But officials on his flight said that on Monday he would fly on to the EU headquarters in Brussels for crisis talks with EU foreign policy chief Federica Mogherini. 
 
Mogherini had been expected to meet Kerry in Rome today, but she was busy dealing with the fallout of the dramatic vote, which stunned European and world leaders. 
 
From Brussels Kerry will continue to London to see Foreign Secretary Philip Hammond and other officials from outgoing British Prime Minister David Cameron`s government. 
 
The two senior diplomats are expected to hold a joint news conference before Kerry leaves to return to Washington. 
 
Obama and Kerry have been at pains to insist the vaunted &quot;special relationship&quot; between Washington and London will survive what US officials view as the Brexit debacle.But Washington foreign policy experts are all but unanimous in assessing that the White House will increasingly turn to core EU allies to defend its interests on the continent. 
 
Obama himself, on a visit to London last month, warned British voters that their nation would go &quot;to the back of the queue&quot; for a US trade deal if they voted &quot;out.&quot; 
 
US officials are also keen to help London`s divorce from Brussels go through smoothly without further inflicting further damage on skittish world financial markets. 
 
But they, like many EU capitals, are also concerned not to allow Brexit to serve as an inspiration for eurosceptic forces in other members such as Italy or The Netherlands. 
 
The London visit will be the first by a senior US official since Thursday`s dramatic referendum, when voters demanded Britain leave the world`s richest trading bloc.&nbsp; 
 
Kerry&#39;s trip had originally been planned as an opportunity to meet Netanyahu and discuss regional security and the stalled Israel-Palestinian peace process. 
 
But US officials played down the chance of any concrete progress, insisting that the pair meet regularly and that no new initiative would be on the table.&nbsp; 
 
(AFP)

London visit will be the first by John Kerry after the referendum when voters demanded Britain leave the world's richest trading bloc

Top US diplomat John Kerry will fly to Brussels and London on Monday for talks with Washington's key allies in the aftermath of Britain's vote to leave the European Union. US officials travelling to Rome with the secretary of state told reporters on the flight that two stops had been added to his European itinerary at the last moment. "Tomorrow we'll go to Brussels and then on to London," one official said. Washington was dismayed last week when British voters chose to leave the European Union, a decision that triggered global economic uncertainty and fears other EU members will follow suit. President Barack Obama had made clear his concern about the Brexit referendum, and now US officials are scrambling to try to stop the political crisis harming Western unity. Kerry arrived in Rome today on a planned visit to have lunch with Foreign Minister Paolo Gentiloni and a working dinner with Israeli Prime Minister Benjamin Netanyahu. But officials on his flight said that on Monday he would fly on to the EU headquarters in Brussels for crisis talks with EU foreign policy chief Federica Mogherini. Mogherini had been expected to meet Kerry in Rome today, but she was busy dealing with the fallout of the dramatic vote, which stunned European and world leaders. From Brussels Kerry will continue to London to see Foreign Secretary Philip Hammond and other officials from outgoing British Prime Minister David Cameron`s government. The two senior diplomats are expected to hold a joint news conference before Kerry leaves to return to Washington. Obama and Kerry have been at pains to insist the vaunted "special relationship" between Washington and London will survive what US officials view as the Brexit debacle.But Washington foreign policy experts are all but unanimous in assessing that the White House will increasingly turn to core EU allies to defend its interests on the continent. Obama himself, on a visit to London last month, warned British voters that their nation would go "to the back of the queue" for a US trade deal if they voted "out." US officials are also keen to help London`s divorce from Brussels go through smoothly without further inflicting further damage on skittish world financial markets. But they, like many EU capitals, are also concerned not to allow Brexit to serve as an inspiration for eurosceptic forces in other members such as Italy or The Netherlands. The London visit will be the first by a senior US official since Thursday`s dramatic referendum, when voters demanded Britain leave the world`s richest trading bloc. Kerry's trip had originally been planned as an opportunity to meet Netanyahu and discuss regional security and the stalled Israel-Palestinian peace process. But US officials played down the chance of any concrete progress, insisting that the pair meet regularly and that no new initiative would be on the table. (AFP)

Top US envoy Kerry heads to Britain amid Brexit crisis

China&#39;s policymakers and leading economists today voiced concerns about Britain&#39;s vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. 
 
The &quot;Brexit&quot; decision &quot;will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years,&quot; said Lou Jiwei, China&#39;s minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. 
 
&quot;It&#39;s difficult to predict now,&quot; he said. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Stock markets around the world plunged in the wake of the referendum. Sterling&#39;s value also plummeted. 
 
Lou&#39;s views were echoed by the head of China&#39;s top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin. 
 
&quot;For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see,&quot; Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today. 
 
&quot;The Brexit incident wil affect China&#39;s economy via investment, trade and capital,&quot; he said. &quot;But I believe the impact will not be big and relevant government departments have made contingency plans.&quot; 
 
Huang Yiping, a professor at Peking University and a member of the central bank&#39;s monetary policy committee, said it is hard to judge the direct impact of the British referendum on China&#39;s economy. 
 
&quot;If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that&#39;s very bad for the world, it&#39;s very bad for China,&quot; Huang said. 
 
Li Daokui, a professor at Tsinghua University and a former adviser to China&#39;s central bank, was more optimistic on the referendum&#39;s effects on the world&#39;s second-largest economy. 
 
&quot;China is perhaps one of the least impacted economies in the world by the event of Brexit,&quot; he told an audience at WEF. 
 
&quot;The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued,&quot; Li said. 
 
Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union &quot;creates a whole bunch of financial, economic, political and geopolitical uncertainties.&quot; 
 
It could be the &quot;beginning of the disintegration&quot; of the bloc of countries, the euro zone or the United Kingdom, said Roubini. 
 
&quot;I don&#39;t expect a global recession or another global financial crisis,&quot; he added. &quot;I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009.&quot; 
 
Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery. 
 
&quot;It is a shock, not a crisis, and so far markets seem to be handling this pretty well,&quot; Falcon said at the WEF conference. 
 
(Reuters)

The repercussions and fallout will emerge in the next five to 10 years, said Lou Jiwei, China's finance minister

China's policymakers and leading economists today voiced concerns about Britain's vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. The "Brexit" decision "will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years," said Lou Jiwei, China's minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "It's difficult to predict now," he said. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Stock markets around the world plunged in the wake of the referendum. Sterling's value also plummeted. Lou's views were echoed by the head of China's top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin. "For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see," Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today. "The Brexit incident wil affect China's economy via investment, trade and capital," he said. "But I believe the impact will not be big and relevant government departments have made contingency plans." Huang Yiping, a professor at Peking University and a member of the central bank's monetary policy committee, said it is hard to judge the direct impact of the British referendum on China's economy. "If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that's very bad for the world, it's very bad for China," Huang said. Li Daokui, a professor at Tsinghua University and a former adviser to China's central bank, was more optimistic on the referendum's effects on the world's second-largest economy. "China is perhaps one of the least impacted economies in the world by the event of Brexit," he told an audience at WEF. "The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued," Li said. Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union "creates a whole bunch of financial, economic, political and geopolitical uncertainties." It could be the "beginning of the disintegration" of the bloc of countries, the euro zone or the United Kingdom, said Roubini. "I don't expect a global recession or another global financial crisis," he added. "I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009." Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery. "It is a shock, not a crisis, and so far markets seem to be handling this pretty well," Falcon said at the WEF conference. (Reuters)

China's finance minister sees 'Brexit' heightening uncertainty for markets

Nearly 60 per cent of Scots now support Scottish independence after Britain voted to leave the European Union this week, according to an opinion poll reported by a newspaper on Saturday. 
 
The Sunday Post said 59 per cent of respondents in the poll backed independence from the United Kingdom. That was sharply higher than the 45 per cent of votes cast in favour of independence at a referendum in 2014 which resulted in the country staying in the UK. 
 
Scottish First Minister Nicola Sturgeon said earlier on Saturday that a fresh independence referendum was possible. Many Scots voted in favour of remaining in the UK in 2014 because of concerns that breaking away might leave them outside the bloc. 
 
Scots voted by 62-38 per cent to remain in the EU in Thursday&#39;s EU membership referendum but British voters as a whole voted by 52-48 per cent to leave. 
 
The Sunday Post reported the poll finding on its front page which was pictured and posted on Twitter by editorial staff. The newspaper declined to provide further details of the poll. 
 
(Reuters)

First Minister Nicola Sturgeon has said a fresh independence referendum is possible

Nearly 60 per cent of Scots now support Scottish independence after Britain voted to leave the European Union this week, according to an opinion poll reported by a newspaper on Saturday. The Sunday Post said 59 per cent of respondents in the poll backed independence from the United Kingdom. That was sharply higher than the 45 per cent of votes cast in favour of independence at a referendum in 2014 which resulted in the country staying in the UK. Scottish First Minister Nicola Sturgeon said earlier on Saturday that a fresh independence referendum was possible. Many Scots voted in favour of remaining in the UK in 2014 because of concerns that breaking away might leave them outside the bloc. Scots voted by 62-38 per cent to remain in the EU in Thursday's EU membership referendum but British voters as a whole voted by 52-48 per cent to leave. The Sunday Post reported the poll finding on its front page which was pictured and posted on Twitter by editorial staff. The newspaper declined to provide further details of the poll. (Reuters)

60% Scots want independence: Poll

Just days after voting to leave the European Union, more than 2.5 million Britons and UK residents have signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. 
 
Parliament has to consider a debate on any petition posted on its website that attracts more than 100,000 signatures. 
 
The proposal, posted before the June 23 referendum, said the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum was less than 60 per cent in a turnout of under 75 per cent of eligible voters. 
 
The result on Thursday saw 52 per cent of voters, 17,410,742 people, back a British exit, on a turnout of 72 per cent. 
 
According to an opinion poll conducted on Friday, half of voters said the result should stand, even if the EU offered more reforms to Britain&#39;s EU membership, while 39 per cent said a second referendum should be held under the new terms offered. 
 
Some 48 per cent of British adults said they were happy with the result against 43 per cent who were unhappy, according to the poll by ComRes for the Sunday Mirror. 
 
The online petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 2136 GMT on Saturday, 2,503,065 people had signed it. 
 
Most of those who signed were based in areas where support for staying in the EU was strongest, most especially London, the website indicated. 
 
Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, had said there would be no second referendum. 
 
The ComRes poll also asked a representative sample of 1,069 adults when the next general election should be. 
 
One third said there should be a vote as soon as the next prime minister was in place in the autumn, while 23 per cent said an election should be held early next year. 
 
Some 27 per cent said the next election should be in 2020 as currently planned, according to the online poll. 
 
(Reuters)

Britain's parliament has to consider a debate on any petition posted on its website that attracts more than a 100,000 signatures

Just days after voting to leave the European Union, more than 2.5 million Britons and UK residents have signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. Parliament has to consider a debate on any petition posted on its website that attracts more than 100,000 signatures. The proposal, posted before the June 23 referendum, said the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum was less than 60 per cent in a turnout of under 75 per cent of eligible voters. The result on Thursday saw 52 per cent of voters, 17,410,742 people, back a British exit, on a turnout of 72 per cent. According to an opinion poll conducted on Friday, half of voters said the result should stand, even if the EU offered more reforms to Britain's EU membership, while 39 per cent said a second referendum should be held under the new terms offered. Some 48 per cent of British adults said they were happy with the result against 43 per cent who were unhappy, according to the poll by ComRes for the Sunday Mirror. The online petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 2136 GMT on Saturday, 2,503,065 people had signed it. Most of those who signed were based in areas where support for staying in the EU was strongest, most especially London, the website indicated. Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, had said there would be no second referendum. The ComRes poll also asked a representative sample of 1,069 adults when the next general election should be. One third said there should be a vote as soon as the next prime minister was in place in the autumn, while 23 per cent said an election should be held early next year. Some 27 per cent said the next election should be in 2020 as currently planned, according to the online poll. (Reuters)

Over 2.5 million sign petition asking for second EU referendum

Seven members of Britain&#39;s opposition Labour Party said on Sunday they had withdrawn support for the leadership of Jeremy Corbyn, plunging the party into crisis in the wake of Britain&#39;s vote to leave the European Union. 
 
Corbyn sacked Hilary Benn as Labour&#39;s foreign policy chief today after he said he had lost confidence in the leadership. Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray all announced they were withdrawing support and stepping down from Corbyn&#39;s &#39;shadow cabinet&#39;. 
 
Sky News television reported that Lilian Greenwood and Kerry Mccarthy had also resigned. 
 
Several said in statements that they doubted Corbyn&#39;s ability to lead the party to victory in the country&#39;s next parliamentary election. 
 
A vote must take place within months after Conservative Prime Minister David Cameron announced on Friday he would step down by October after Britain voted to leave the European Union. 
 
(Reuters)

Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray announced they were withdrawing support and resigning from shadow cabinet

Seven members of Britain's opposition Labour Party said on Sunday they had withdrawn support for the leadership of Jeremy Corbyn, plunging the party into crisis in the wake of Britain's vote to leave the European Union. Corbyn sacked Hilary Benn as Labour's foreign policy chief today after he said he had lost confidence in the leadership. Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray all announced they were withdrawing support and stepping down from Corbyn's 'shadow cabinet'. Sky News television reported that Lilian Greenwood and Kerry Mccarthy had also resigned. Several said in statements that they doubted Corbyn's ability to lead the party to victory in the country's next parliamentary election. A vote must take place within months after Conservative Prime Minister David Cameron announced on Friday he would step down by October after Britain voted to leave the European Union. (Reuters)

Seven of Labour withdraw support from Corbyn

One of the key &quot;Leave&quot;&nbsp;campaigners in Britain`s European Union (EU) membership referendum, Boris Johnson, has won the backing of Justice minister Michael Gove to replace David Cameron as prime minister, a newspaper has reported. 
 
Gove reportedly called Johnson by telephone on Saturday to say he would back him for the leadership of the ruling Conservative Party, The Sunday Times said. 
 
After voters in the referendum took the historic decision to back the &quot;Leave&quot; campaign which was led by Johnson and Gove, Cameron announced on Friday that he would step down as prime minister by October. Cameron had urged voters to stay in the bloc. 
 
The Sunday Times said interior minister Theresa May was expected to enter the leadership contest in the coming days and was likely to get support from allies of Cameron who see her as the best candidate to take on Johnson, a former London mayor. 
 
May supported the &quot;Remain&quot; campaign but took a lower profile than Cameron and finance minister George Osborne, whose hopes of becoming the party`s next leader took a big blow with the outcome of the referendum.&nbsp; 
 
(Reuters)&nbsp; 
&nbsp;

Theresa May was expected to enter the leadership contest and was likely to get support from allies of Cameron, reports suggest

One of the key "Leave" campaigners in Britain`s European Union (EU) membership referendum, Boris Johnson, has won the backing of Justice minister Michael Gove to replace David Cameron as prime minister, a newspaper has reported. Gove reportedly called Johnson by telephone on Saturday to say he would back him for the leadership of the ruling Conservative Party, The Sunday Times said. After voters in the referendum took the historic decision to back the "Leave" campaign which was led by Johnson and Gove, Cameron announced on Friday that he would step down as prime minister by October. Cameron had urged voters to stay in the bloc. The Sunday Times said interior minister Theresa May was expected to enter the leadership contest in the coming days and was likely to get support from allies of Cameron who see her as the best candidate to take on Johnson, a former London mayor. May supported the "Remain" campaign but took a lower profile than Cameron and finance minister George Osborne, whose hopes of becoming the party`s next leader took a big blow with the outcome of the referendum. (Reuters)

Boris Johnson wins justice minister's backing to replace Cameron as PM

Turmoil unleashed by Britain&#39;s vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. 
 
In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday&#39;s referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. 
 
Labour&#39;s left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. 
 
His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn&#39;s failure to win over traditional Labour voters had played a major role in the referendum result. 
 
Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. &quot;He is a good and decent man but he is not a leader,&quot; Benn told BBC television. 
 
The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. 
 
Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. 
 
Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain&#39;s exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. 
 
Chinese Finance Minister Lou Jiwei said the vote &quot;will cast a shadow over the global economy&quot;. 
 
&quot;It&#39;s difficult to predict now,&quot; he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot; 
 
Japan likewise fretted over the effect on the global currency market and contemplated official action. &quot;Speculative, violent moves have extremely negative effects,&quot; said Tomomi Inada, policy chief of the ruling LDP party. &quot;If necessary, the government should not hesitate to respond, including currency intervention,&quot; Nikkei daily quoted him as saying. 
 
Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. 
 
No respite 
 
South Korea&#39;s finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. 
 
The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. 
 
Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. 
 
The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain&#39;s lead and further weakening the EU. 
 
Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. 
 
Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU&#39;s Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. 
 
Only after the new leader has invoked can work on thrashing out Britain&#39;s new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. 
 
No lying down 
 
Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. 
 
The petition, posted on Parliament&#39;s website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday&#39;s figure. 
 
It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted &quot;leave&quot;. 
 
The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. 
 
An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. 
 
Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible 
 
&quot;My challenge now as first minister is to work out how I best protect Scotland&#39;s interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail,&quot; she told the BBC&#39;s Andrew Marr show.&nbsp; 
 
(Reuters)

The 52-48% referendum vote marked the biggest blow since World War II to the European project forging unity across the continent

Turmoil unleashed by Britain's vote to leave the EU engulfed the opposition Labour Party, while policymakers as far away as China, Japan and South Korea fretted today over the threat to global financial stability, hours before markets reopen. In the oldest parliamentary democracy, three million Britons have signed a petition calling for a re-run of Thursday's referendum that split the nation, and one opinion poll showed a strong majority of Scots now want to break with the United Kingdom rather than with the European Union. Labour's left-wing leader Jeremy Corbyn sacked his foreign policy chief as the party plunged into open conflict. His health chief responded by resigning, calling for a new leader and reflecting accusations among pro-EU lawmakers that Corbyn's failure to win over traditional Labour voters had played a major role in the referendum result. Sacked foreign affairs spokesman Hilary Benn also called for Corbyn, who was elected last year largely by Left-wing party members and supporters, to go. "He is a good and decent man but he is not a leader," Benn told BBC television. The 52-48 per cent referendum vote marked the biggest blow since World War II to the European project of forging greater unity across the continent. Sterling fell as much as 10 per cent against the Dollar on Friday to levels last seen in 1985, while world stocks saw more than $2 trillion wiped off their value. The weekend gave some respite from the turmoil, but with markets opening shortly in Asia, anxiety is growing. Prime Minister David Cameron resigned on Friday after Britons ignored his passionate appeals to stay in the EU, but left formally notifying Brussels of Britain's exit to his successor, who is unlikely to be in office for about three months. That signals a long period of limbo. Chinese Finance Minister Lou Jiwei said the vote "will cast a shadow over the global economy". "It's difficult to predict now," he said at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Japan likewise fretted over the effect on the global currency market and contemplated official action. "Speculative, violent moves have extremely negative effects," said Tomomi Inada, policy chief of the ruling LDP party. "If necessary, the government should not hesitate to respond, including currency intervention," Nikkei daily quoted him as saying. Prime Minister Shinzo Abe has tried to engineer a weaker Yen to encourage exports to help revive the Japanese economy. But after initial success, investors have sought safety in the Yen this year due to stock market turmoil and now the Brexit vote, pushing the currency back up. No respite South Korea's finance minister also said he feared international markets will remain volatile throughout negotiations on the British exit. The United States, which during campaigning made clear it wanted Britain to stay in the EU, also showed signs of unease. Secretary of state John Kerry will meet EU foreign policy chief Frederica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday. The visit is largely meant to offer symbolic reassurance at a critical juncture for Europe, but a senior US official said Kerry would also stress the importance of other members not following Britain's lead and further weakening the EU. Despite the international expressions of concern, respite from the uncertainty is unlikely for months, at the very least. Cameron has offered to stay on as a caretaker, but he has refused to invoke Article 50 of the EU's Lisbon Treaty, which allows for two years of exit negotiations. Instead he left that job to his successor, who is due to be elected by his Conservative Party sometime before its annual conference in October. Only after the new leader has invoked can work on thrashing out Britain's new relationship with the bloc begin. The man widely tipped as the next prime minister is former London mayor Boris Johnson, the most prominent member of the campaign to leave the EU. No lying down Signs are growing that not all the 16 million Britons who voted to stay in the EU are willing to take the result lying down. Many flocked to back an online petition demanding a second vote, with signatures exceeding three million today morning, more than double the figure the previous afternoon. The petition, posted on Parliament's website before the referendum, said there should be another vote if the outcome was close on a turnout of less than 75 per cent - three points above Thursday's figure. It will have to be considered for debate by lawmakers, but has no legal force and its backers compare with the 17.4 million who voted "leave". The referendum has also re-energised support for Scotland, which voted overwhelmingly to remain in the EU, to break away from the United Kingdom instead. An opinion poll in The Sunday Post said 59 per cent of respondents backed independence, rocketing from 45 per cent of votes cast in a referendum in 2014. Scottish first minister Nicola Sturgeon has said a fresh independence referendum is possible "My challenge now as first minister is to work out how I best protect Scotland's interests, how I try to prevent us being taken out of the EU against our will with all of the deeply damaging and painful consequences that that will entail," she told the BBC's Andrew Marr show. (Reuters)

British EU exit turmoil alarms Asia, rocks Labour opposition

&nbsp;Tens of thousands of people took to the streets of London today for an annual parade celebrating gay and transgender rights, with many expressing concerns as Britain gears up to part ways with the European Union after Thursday&#39;s referendum. 
 
One of the attendees, Andrew Bailey, said that even though the EU&#39;s human rights charter is incorporated into British laws he was worried that a great deal could now change. 
 
&quot;We are really worried about the future here. We have rights, we have a great celebration here and we have the apparent solidarity of this government. We need to have the EU support as well,&quot; he said. 
 
Another attendee, Sue Underwood, was more optimistic. 
 
&quot;I think I am looking at a positive outcome ... It is just going to be a hard few years I think but I am hoping it will be good at the end of it,&quot; she said. 
 
Britain is under pressure to set out a quick timetable for a divorce from the European Union, with European Commission President Jean-Claude Juncker saying he wanted to begin negotiating immediately. 
 
London&#39;s 43rd Pride Festival also saw some attending to show solidarity with the Lesbian, Gay, Bisexual, Transgender&nbsp;(LGBT) community in Orlando, Florida, where a gunman killed 49 in a gay nightclub on June 12, the deadliest mass shooting in modern US history. 
 
(Reuters)

Many are worried that things might change now that Britain is parting ways with the European Union

Tens of thousands of people took to the streets of London today for an annual parade celebrating gay and transgender rights, with many expressing concerns as Britain gears up to part ways with the European Union after Thursday's referendum. One of the attendees, Andrew Bailey, said that even though the EU's human rights charter is incorporated into British laws he was worried that a great deal could now change. "We are really worried about the future here. We have rights, we have a great celebration here and we have the apparent solidarity of this government. We need to have the EU support as well," he said. Another attendee, Sue Underwood, was more optimistic. "I think I am looking at a positive outcome ... It is just going to be a hard few years I think but I am hoping it will be good at the end of it," she said. Britain is under pressure to set out a quick timetable for a divorce from the European Union, with European Commission President Jean-Claude Juncker saying he wanted to begin negotiating immediately. London's 43rd Pride Festival also saw some attending to show solidarity with the Lesbian, Gay, Bisexual, Transgender (LGBT) community in Orlando, Florida, where a gunman killed 49 in a gay nightclub on June 12, the deadliest mass shooting in modern US history. (Reuters)

Thousands take to London's streets for annual gay pride parade

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London&#39;s financial centre was at risk of losing its prized &quot;EU passport&quot;. 
 
Banks based in London rely on a so-called EU passport to operate across the bloc&#39;s capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. 
 
The City of London will not be able to keep that passport if Britain leaves the EU&#39;s single market of trade in goods and services, Villeroy told France Inter radio. 
 
&quot;There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules,&quot; he said. 
 
&quot;It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market.&quot; 
 
Central banks are efficiently dealing with the fallout of Thursday&#39;s UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: &quot;The euro is a solid currency.&quot; 
 
&quot;What happened on Thursday is bad news, first of all for Britain,&quot; he said. &quot;Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy.&quot; 
 
Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. 
 
(Reuters)

Some London-based banks have said they would shift operations to the euro zone if Britain left the EU

Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said today, adding London's financial centre was at risk of losing its prized "EU passport". Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU. The City of London will not be able to keep that passport if Britain leaves the EU's single market of trade in goods and services, Villeroy told France Inter radio. "There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said. "It would be a bit paradoxical to leave the EU and apply all EU rules, but that is one solution if Britain wants to keep access to the single market." Central banks are efficiently dealing with the fallout of Thursday's UK vote to leave the EU, said Villeroy, who is also governor of the French central bank, adding: "The euro is a solid currency." "What happened on Thursday is bad news, first of all for Britain," he said. "Of course there will be negative consequences for the European economy but there will be much more limited than the negative consequences all experts forecast for the UK economy." Brexit does not put the French economy at any risk of contracting in the next quarters, he said, confirming past growth forecasts of at least 1.4 per cent for 2016. (Reuters)

ECB's Villeroy: Brexit talks must be quick, City of London at risk of losing 'EU passport'

Moody&#39;s Investors Service cut Britain&#39;s credit rating outlook to &quot;negative&quot; on Friday, saying the vote to pull out of the European Union could hurt its economic prospects. 
 
While retaining the country&#39;s overall rating at a high &quot;Aa1&quot;, Moody&#39;s said after the Brexit vote that it expects the country&#39;s growth to slow, economic policy-making to suffer and the country&#39;s finances to weaken while it struggles through the details of the breakup. 
 
&quot;During the several years in which the UK will have to renegotiate its trade relations with the EU, Moody&#39;s expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth,&quot; it said. 
 
&quot;Over the longer term, should the UK not be able to secure a favorable alternative trade arrangement with the EU and other countries, the UK&#39;s growth prospects would be materially weaker than currently expected.&quot; 
 
During the talks with the European Union on how to structure future political, economic and trade relations, Moody&#39;s believes that many investment and spending decisions in the country will be put on hold. 
 
Much depends on the future trade relationship between Britain and the EU. Currently trade is completely open between the two. 
 
Moody&#39;s also said that the change in government that will come with the resignation of Prime Minister David Cameron will create uncertainty over the country&#39;s financial discipline. 
 
It said that Britain&#39;s savings from not having to contribute to the EU budget will not compensate for the negative effects of lower growth. 
 
(AFP)

Country's overall rating stays at a high 'Aa1'

Moody's Investors Service cut Britain's credit rating outlook to "negative" on Friday, saying the vote to pull out of the European Union could hurt its economic prospects. While retaining the country's overall rating at a high "Aa1", Moody's said after the Brexit vote that it expects the country's growth to slow, economic policy-making to suffer and the country's finances to weaken while it struggles through the details of the breakup. "During the several years in which the UK will have to renegotiate its trade relations with the EU, Moody's expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth," it said. "Over the longer term, should the UK not be able to secure a favorable alternative trade arrangement with the EU and other countries, the UK's growth prospects would be materially weaker than currently expected." During the talks with the European Union on how to structure future political, economic and trade relations, Moody's believes that many investment and spending decisions in the country will be put on hold. Much depends on the future trade relationship between Britain and the EU. Currently trade is completely open between the two. Moody's also said that the change in government that will come with the resignation of Prime Minister David Cameron will create uncertainty over the country's financial discipline. It said that Britain's savings from not having to contribute to the EU budget will not compensate for the negative effects of lower growth. (AFP)

Britain's credit rating outlook cut to 'negative'

Just days after voting to leave the European Union, more than 1.5 million Britons and UK residents had signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. 
 
The petition on the British parliament website was posted before the June 23 referendum, saying the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum is less than 60 per cent based on a turnout of under 75 per cent of electors. 
 
The result on Thursday saw 52 per cent of voters back a British exit on a turnout of 72 per cent of eligible voters. 
 
Since then, the petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 1417 GMT today, 1,580,220 people had signed it with the number rising quickly. 
 
It appeared to be rising at a rate of around 1,000 signatures a minute at one point. 
 
Most of those who signed were based in areas where support for staying in the EU was strongest such as London, the website indicated. 
 
Parliament has to consider a debate on any petition which attracts more than 100,000 signatures. 
 
Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, has previously said there would be no second referendum. 
 
(Reuters)

The British Parliament has to consider a debate on any petition which attracts more than 100,000 signatures

Just days after voting to leave the European Union, more than 1.5 million Britons and UK residents had signed a petition calling for a second vote, forcing lawmakers to at least consider a debate on the issue. The petition on the British parliament website was posted before the June 23 referendum, saying the government should hold another plebiscite on EU membership if the support for Leave or Remain in a referendum is less than 60 per cent based on a turnout of under 75 per cent of electors. The result on Thursday saw 52 per cent of voters back a British exit on a turnout of 72 per cent of eligible voters. Since then, the petition -- which only British citizens or UK residents have the right to sign -- was proving so popular that by 1417 GMT today, 1,580,220 people had signed it with the number rising quickly. It appeared to be rising at a rate of around 1,000 signatures a minute at one point. Most of those who signed were based in areas where support for staying in the EU was strongest such as London, the website indicated. Parliament has to consider a debate on any petition which attracts more than 100,000 signatures. Prime Minister David Cameron, who said on Friday he would resign after leading the failed campaign to keep Britain in the EU, has previously said there would be no second referendum. (Reuters)

More than 1.5 million and rising sign UK petition for new EU referendum

The European Union needs a new roadmap that should be devised in consultation with voters and then put to a referendum, France&#39;s Economy Minister Emmanuel Macron said today in comments that may further stir tensions with the ruling Socialist Party. 
 
Macron&#39;s talk of a European-wide referendum goes beyond comments made by President Francois Hollande and Prime Minister Manuel Valls, who both said the EU needed to reinvent itself after Britons voted to leave the bloc but made no reference to a popular vote.&nbsp; 
 
&quot;We would first build this new project with European peoples and then submit this new roadmap, this new project, to a referendum,&quot; he said ahead of a debate on the fallout from the British referendum. 
 
Macron said voters should be consulted through a series of debates that he called &quot;democratic conventions&quot;. 
 
&quot;It must be done in the right framework,&quot; the minister added. 
 
Macron, a former investment banker, is one of the embattled Socialist government`s most popular ministers among the public. But his launch last month of his own &quot;En Marche&quot; party a year ahead of a presidential election has fueled speculation that he could be eying the Elysee palace as the ratings of Hollande stay rock-bottom. He has said he would not run in the election. 
 
Macron said a knee-jerk referendum must be avoided. 
 
&quot;The idea would not be to have 27 separate referendums,&quot; Macron said during the debate. &quot;We&#39;ve never had the courage to organise a true European referendum in its real sense. This next project must give it that strength.&quot;&nbsp; 
 
In 2005, a proposed EU constitution was blocked by a referendum in France, due mostly to public opposition to an enlarged, free-marketeering Europe. Dutch voters also rejected the constitution in a separate referendum. 
 
(Reuters)

France's Economy Minister said voters should be consulted through a series of debates that he called 'democratic convention'

The European Union needs a new roadmap that should be devised in consultation with voters and then put to a referendum, France's Economy Minister Emmanuel Macron said today in comments that may further stir tensions with the ruling Socialist Party. Macron's talk of a European-wide referendum goes beyond comments made by President Francois Hollande and Prime Minister Manuel Valls, who both said the EU needed to reinvent itself after Britons voted to leave the bloc but made no reference to a popular vote. "We would first build this new project with European peoples and then submit this new roadmap, this new project, to a referendum," he said ahead of a debate on the fallout from the British referendum. Macron said voters should be consulted through a series of debates that he called "democratic conventions". "It must be done in the right framework," the minister added. Macron, a former investment banker, is one of the embattled Socialist government`s most popular ministers among the public. But his launch last month of his own "En Marche" party a year ahead of a presidential election has fueled speculation that he could be eying the Elysee palace as the ratings of Hollande stay rock-bottom. He has said he would not run in the election. Macron said a knee-jerk referendum must be avoided. "The idea would not be to have 27 separate referendums," Macron said during the debate. "We've never had the courage to organise a true European referendum in its real sense. This next project must give it that strength." In 2005, a proposed EU constitution was blocked by a referendum in France, due mostly to public opposition to an enlarged, free-marketeering Europe. Dutch voters also rejected the constitution in a separate referendum. (Reuters)

France's Macron wants new European project, and EU-wide referendum

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