Live Updates: Blair Says "The Will Of The People Is Entitled To Change" On Brexit

Tony Blair has said Britain must "keep our options open" while negotiating its exit from the EU.

Speaking on Sky News' Murnaghan programme, the former prime minister said Article 50 – the formal progress that triggers a country leaving the bloc – should not be triggered "for as long as it takes" until a semblance of a Leave plan had been agreed.

He said the prime minister and chancellor should be "visiting every capital in Europe" at the moment as part of a "vast campaign for our national interest" to get the best deal possible.

While Blair said the referendum "expressed the will of the people", he cautioned that "the will of the people is entitled to change".

"I don't think you can override the settled will of the people, but my point is very simple: It's 52-48," Blair said. "Supposing some weeks or months down the line, as it becomes clear what we're moving to – because as I say the odd thing about the referendum is we knew what we were getting out of, we don't know what we're getting into – as that becomes clear, if it is clear that these terms are bad for us if we have major parts of business, and the financial sector saying this is not a good deal for us, if people start to worry about their jobs, we should just keep our options open.

"I'm not saying we have another referendum, I'm not saying you can revisit this, I'm simply saying there's no rule about this. We're a sovereign people, we can do what we want to do. Parliament of course shouldn't override the will of the people, but it is also the job of parliament to express the will of the people, and to make sure that they scrutinise carefully what this new deal might be."

Weekend editor Matthew Champion reports.

George Osborne said Britain needed to be "realistic about achieving a surplus by the end of the decade" following its dramatic decision to leave the European Union.

The chancellor of the exchequer told the BBC the economy was showing "clear signs" of shock.

His remarks echo those of the governor of the Bank of England, Mark Carney, who yesterday described the UK economy as being in the midst of "post-traumatic stress disorder".

Prior to the referendum, there were doubts as to whether Osborne would be able to achieve his objective, which has been constantly referred to throughout his economic assessments.

These are the chancellor's full remarks as he spoke at the Greater Manchester Chamber of Commerce:

Now, as the governor of the Bank of England said yesterday, the referendum result is as expected likely to lead to a significant negative shock for the British economy. How we respond will determine the impact on people's jobs and on economic growth. The Bank of England can support demand.

The government must provide fiscal credibility, so we will continue to be tough on the deficit but we must be realistic about achieving a surplus by the end of this decade. This is precisely the flexibility that our rules provide for. And we need to reduce uncertainty by moving as quickly as possible to a new relationship with Europe and being super competitive, open for business and free trading. That's the plan and we must set to it.

Business editor Simon Neville reports.

Mark Carney, the governor of the Bank of England, has given the strongest indication yet that interest rates could be cut to 0.25% in response to the UK's decision to leave the EU.

He warned that the economy will slow down following the result and urged politicians in Westminster to stop bickering and set out what the rules are likely to be to calm the markets.

He said: "All this uncertainty has contributed to a form of economic post-traumatic stress disorder amongst households and businesses, as well as in financial markets.

"In order to have confidence and plan for the future, financial institutions, like the rest of us, desire certainty."

Warning that the slowdown already started before last week's referendum result, he pointed out that several parts of the economy are suffering.

Even before 23 June, we observed the growing influence of uncertainty on major economic decisions. Commercial real estate transactions had been cut in half since their peak last year. Residential real estate activity had slowed sharply. Car purchases had gone into reverse. And business investment had fallen for the past two quarters measured… It now seems plausible that uncertainty could remain elevated for some time, with a more persistent drag on activity than we had previously projected.

Business editor Simon Neville reports.

The frontrunner for PM, former London mayor Boris Johnson, has pulled out from the race after his erstwhile supporter justice secretary Michael Gove unexpectedly declared he was also running.

Following the news, Johnson gave a dramatic press conference in London where he announced he would no longer be standing for the Conservative party leadership and the role of prime minister.

Meanwhile, the party is not short of candidates putting themselves forward for the role. As well as Gove, the home secretary, Theresa May, also launched her bid to lead the party on Thursday morning. Her bid has been well-received so far, with Chris Grayling, leader of the House of Commons, throwing his weight behind her candidacy.

Another announcement this morning has been energy secretary Andrea Leadsom's bid. A relative unknown outside of Westminster, she has taken part in both public accounts and Treasury select committees.

Yesterday, the secretary for work and pensions, Stephen Crabb, formally announced he would be running, as did former minister Liam Fox.

Senior politics reporter Emily Ashton reports.

US president Barack Obama has said that the UK's unexpected exit from the European Union will "freeze" the possibilities of investment in the country and in Europe as a whole.

Obama also made an appeal for the leaders of the EU and the UK to make Britain's departure as smooth and orderly as possible.

His warning comes as the other 27 leaders of the EU meet in Brussels for the first time without the UK. Back in Britain, the two main political parties have descended into infighting as both jostle to appoint new leaders, or depose the one already in place.

Although urging calm, and warning for the long-term future, Obama said that in the short-term he believed that the global economy would "hold steady". Indeed, as of Wednesday, the FTSE 100 appeared to have bounced back up, although the FTSE 250 – a more reliable indicator of the UK's internal market – was still down.

"I think there are some genuine longer-term concerns about global growth if in fact Brexit goes through and that freezes the possibilities of investment in Great Britain or in Europe as a whole," Obama said.

"At a time when global growth rates were weak already, this doesn't help."

The president urged all engaged parties in the EU–UK breakup to "catch their breath". He continued: "I think that will be a difficult, challenging process, but it does not need to be a panicky process."

The president of the European Commission, Jean-Claude Juncker, has promised to listen to Scotland's case to stay inside the EU, ahead of a meeting with the country's first minister Nicola Sturgeon.

Sturgeon flew to Brussels on Wednesday morning and has met a number of senior European officials as she bids to keep Scotland inside the EU after 62% of Scottish voters backed Remain.

Juncker, who is due to have an official meeting with Sturgeon later on Wednesday afternoon, said Scottish voters had "won their right" to be heard in the European parliament.

Following her meeting with Schulz, Sturgeon said it was an "introductory meeting" to discuss how Scotland can maintain its relationship with the EU, and Schulz added he "listened and learned a lot".

Sturgeon said: "I don't underestimate the challenges that lie ahead in seeking a path and these are initial meetings so people understand that Scotland, unlike other parts of the United Kingdom, doesn't want to leave the European Union."

Scotland correspondent Jamie Ross reports.

The seismic shocks from the UK's vote to leave the EU could result in the loss of 100,000 financial jobs from the City of London, according to a former MEP.

Baroness Bowles, a Liberal Democrat peer who was chair of the European parliament's economic and monetary affairs committee for five years, made the warning after France's president Hollande earlier took aim at the UK's financial centre.

She told the British Bankers Association's annual retail conference that while in the EU, the City can process deals in euros, but if Hollande has his way the EU could ban the UK from clearing euro deals, then jobs would be lost.

Baroness Bowles also warned that politicians will need to bring uncertainty to an end quickly, or stagnation and lack of longterm investment and could cause the UK to suffer and potentially slip into a recession.

"You can't invest in something that is so uncertain… The lack of investment does cause us to stagnate.

"If you're looking over 10 years [investments] caution is to the fore."

Business editor Simon Neville reports.

Speaking to reporters after an informal meeting of leaders of the 27 non-UK EU states in Brussels, the pair said there would be "no negotiation without notification" that the UK intended to leave.

Juncker said:

What is important is that the 27, plus Donald and myself, were expressing that there would be no internal market à la carte, so those who want to have access to our internal market, they would have to implement freedoms without exception, and without nuances. We are expressing the view that the EU needs further reforms, but these are not reforms being contrary with what we are doing now.

When asked about the future for Scotland — which overwhelmingly voted to Remain part of the bloc — Juncker said: "I'll listen to Nicola Sturgeon. Scotland won their right to be heard in Brussels so I will listen carefully to what the First Minister will tell me.

"But we don't have the intention to interfere in the British process. It is not our duty, and is not our job."

Rajesh Agrawal was appointed by Sadiq Khan on Wednesday, ending grumbling from the city that despite eight weeks in the job the new London mayor had failed to appoint a deputy.

The new deputy mayor's first task will be to sooth the nerves of the city's financial services district, which has been on edge since the UK dramatically voted to leave the EU.

"I know that Rajesh is the best person for the job of protecting jobs and growth in London as we deal with the fallout of the referendum," Khan told the Evening Standard.

As a city, London returned an overwhelming mandate to stay. Khan has used this to suggest London should be granted more powers, specifically over skills, infrastructure, and planning, in order to shield its powerful banking industry.

Agrawal is a self-made millionaire who was formerly Khan's business adviser during his successful mayoral bid.

The EU's 27 remaining member states will say the UK's withdrawal must be done in "an orderly fashion", and that any future deal must balance "rights and obligations", according to a draft statement seen by BuzzFeed News.

The draft statement notes that it is up to Britain to notify the EU of its intention to withdraw, but adds "as soon as it is ready to do so" – a clear sign that EU leaders have accepted the UK government's position that exit procedures cannot be triggered until a new prime minister is in place.

"It would be preferable to do this quickly so as to avoid entering into a prolonged period of uncertainty", the draft goes on to say.

The draft confirms leaders' intentions that there will be no negotiations until the notification has been triggered, following the election of a new PM.

But the tone of the draft statement is warmer than many of the statements that have come out of Brussels since the Brexit vote last week.

Europe editor Alberto Nardelli reports from Brussels.

European Council President Donald Tusk said Tuesday that the bloc's leaders want UK's exit plans "to be specified as soon as possible."

His comments came on the same day British Prime Minister David Cameron met with EU leaders in Brussels to make the case that his nation needs time to formally trigger the the two-year window of exit negotiations.

Despite Cameron's appeals for patience, EU leaders are anxious for what UK's exit path will look like.

"We don't have months to meditate, we have to act," European Commission President Jean-Claude Juncker said, according to the AP.

Cameron acknowledged the sentiment regarding a clearer path forward, but said that there was no immediate timeframe in place.

Jason Wells reports.

British diplomats are worried the sun may finally be setting on their nation's outsize role on the international stage, after the country voted to leave the European Union last week.

With its storied imperial history and a permanent veto-wielding seat on the United Nations Security Council, the United Kingdom has always punched above its weight diplomatically, more like a Russia or China than a long-faded world power like Portugal or Holland.

But the vote on Thursday not only marked the potential departure of the UK from the 28-nation bloc, but also signalled the emergence of a myopic, inward-looking era for a country long considered among the most influential in global affairs. British diplomats deployed around the world said they were stunned by the outcome of the referendum.

"Not surprisingly all of us are gutted and shocked and can't really believe it," one senior diplomat serving in an Arab capital told BuzzFeed News. "We are by definition internationalists. You want to play a major role in everything. And we got used to doing this through the EU over the last 40 years."

One current British diplomat said EU counterparts were commiserating with their UK colleagues, describing their reaction to the vote result as: "Jesus, you're a bit fucked. But let's try and get through this."

BuzzFeed News correspondents Borzou Daragahi and Monica Mark report.

The decision on whether MPs should debate a hugely popular online petition that called on the UK to hold a second EU referendum, according to the British parliament's petitions committee.

In a statement on Tuesday, a spokesperson said the decision was driven by a concern over the legitimacy of signatories.

"The Committee has decided to defer its decision on this petition until the government digital service has done all it can to verify the signatures on the petition. We have already had to remove 77,000 fraudulent signatures," a spokesperson said.

The petition, signed on the parliament's website, called on the government to hold a second referendum if either side – In or Out – won by a majority of less than 60% or if there was a turnout of less than 75%. Neither of the criteria were fulfilled.

The petition has generated huge coverage in the days following last Thursday's vote for a number of reasons.

As well as attracting almost 4 million signatories, it has emerged that the individual who started the petition is actually a Leave voter. William Oliver Healey, 27, actually started the petition before the vote because he thought the UK would vote to remain in the EU.

Even if the committee eventually agrees to hold a debate, it would take place in Westminster Hall – which doesn't have the power to change law or trigger a second referendum.

Business secretary Sajid Javid has thrown his support behind work and pensions secretary Stephen Crabb, speaking at a press conference following a meeting with business leaders to discuss the outcome of the EU referendum.

He also insisted the UK was "open for business" and said discussions had already begun with South Korea and Australia to set up new trade deals with those countries – although he confirmed trade minister Lord Price's assessment that the UK only has about 15 to 20 trade negotiations, compared with the US's 500.

Javid added that he would start a worldwide tour to reassure investors that they could still work with the UK, saying that Chinese telecoms giant Haiwei would still be investing £1.3 billion into the country.

Tipped as the next chancellor, Javid also suggested that the UK could keep a free trade deal with the EU without opening up its borders to migrants.

On following current EU migration rules, he said that "access can come in many forms. I don't think we can stand here and say that it has to work like that for the UK."

One business leader in the room told BuzzFeed News afterwards that a key and immediate issue for them was the status of EU migrant workers.

The leader said that for business "the biggest immediate priority will be the status of migrant workers".

UK business editor Simon Neville reports.

US president Barack Obama has cautioned against "overstating" the consequences of Britain's vote to leave the European Union, saying there had been "a little bit of hysteria post-Brexit".

In a video released by National Public Radio on Tuesday, Obama said he did not anticipate "major cataclysmic changes" as a result of British voters opting to leave the EU.

"I think that the best way to think about this is a pause button has been pressed on the project of full European integration," Obama said. "I would not overstate it. There's been a little bit of hysteria post-Brexit vote as if somehow NATO's gone and the transatlantic alliance is dissolving and every country is rushing off to its own corner. That's not what's happening."

The president said the vote reflected that the "European project was probably moving faster and without as much consensus as it should have".

Suggesting that if the UK were to negotiate a relationship with the EU similar to that of Norway, Obama said the average person would not "notice a big change".

Here are his full comments:

I think that the best way to think about this is a pause button has been pressed on the project of full European integration. I would not overstate it. There's been a little bit of hysteria post-Brexit vote as if somehow NATO's gone and the transatlantic alliance is dissolving and every country is rushing off to its own corner. That's not what's happening. What's happening is that you had a European project that was probably moving faster and without as much consensus as it should have. You have a monetary union, although England wasn't a part of that, that was always difficult to manage because the economy in Germany is very different than the economy in Italy or Greece, and you have a European Union government in Brussels that, because it needs consensus from more than a couple dozen countries, often times seems overly bureaucratic and deadlocked. I think this will be a moment in which all of Europe says, 'All right, let's take a breath and let's figure out how do we maintain some of our national identities, how do we preserve the benefits of integration, and how do we deal with some of the frustrations that our own voters are feeling.' But the basic core values of Europe, the tenets of liberal market–based democracies, those aren't changing. The interests that we have in common with Europe remain the same, and our concerns internally are the same. So, Europe can't afford to turn inward. They're going to have to worry about working with us on the Middle East, they're going to have to worry about us working together to deal with an aggressive Russia, they're going to have to deal with us in respect to how do we continue to uphold international rules and norms around the world that have served both the US and Europe very well. And so, I don't anticipate that there's going to be major cataclysmic changes as a consequence of this. Keep in mind that Norway is not a member of the European Union, but Norway is one of our closest allies. They align themselves on almost every issue with Europe and us, they are a place that is continually supporting the kinds of initiatives internationally that we support, and if over the course what is going to be at least a two-year negotiation between England and Europe, Great Britain ends up being affiliated to Europe like Norway is the average person is not going to notice a big change.

David Mack reports.

German vice chancellor Sigmar Gabriel has slammed David Cameron's efforts to keep the UK in the European Union as "awful".

Speaking to the BBC on Tuesday, Gabriel said the Leave vote was a "pity and catastrophe for Europe and for Britain in the long term".

He added: "I've never met a politician like Mr Cameron - an awful campaign - but nevertheless now we have to decide"

This isn't the first time Gabriel, who represents the Social Democratic Party, has criticised Cameron. In an interview with Handelsblatt, he said the UK prime minister made a "massive and historic mistake" by calling the referendum, adding that the effort to keep Britain in the EU was weak.

Gabriel said: "In his campaign, he told the British: Being part of the European Union is really terrible, but if we remain, things will improve a little. That wasn't very convincing."

David Cameron has arrived at a historic EU summit where he will discussing leaving the bloc with European leaders.

"Britain will be leaving the European Union but I want that process to be as constructive as possible and I hope the outcome can be as constructive as possible, because of course while we're leaving the European Union, we mustn't be turning our backs on Europe," he said.

"These countries are our neighbours, our friends, our allies, our partners and I very much hope we'll seek the closest possible relationship in terms of trade and cooperation and security, because that is good for us and that is good for them. And that's the spirit in which the discussions I think will be held today."

Marine Le Pen, leader of France's conservative and anti-EU party the National Front, threw fuel onto the raging bonfire post-Brexit.

Describing recent events as a "beautiful" moment for history, Le Pen continued: "Dear colleagues, why are you getting so het up?"

She began by addressing a chamber that only moments before had roundly booed and jeered Nigel Farage's remarks, saying: "Look how beautiful history is when liberty succeeds.

"The will of the people embody things. The UK is leaving after the result of the referendum – this is perhaps the most historic event in the continent since the fall of the Berlin wall.

"It is a signal of liberty and freedom sent out to the entire world. It is a cry of love from the people for their country. The British have chosen a route which was thought was closed for all time."

She added: "For decades the European Union has been built on the back of ordinary people, France and the Netherlands with their vote, the Irish having to vote again after voting no to Lisbon. The Greeks being forced to give up their referendum and accept more austerity and that way was forced down their throats. Perpetual poverty was their fate.

"The UK has committed the heresy of breaking the chains linking them to the European Union. If you have been blind for decades by implementing absurd policies, which have brought deindustrialization, mass unemployment, and mass immigration then it is difficult to come back down to earth with a bump and see what is actually happening."

In a tone similar to that of Farage, she criticised those who had fought to preserve the union, saying: "The propagandists for the EU on the left, or in the centre, or up to the right, put away those sulky faces, put away those angry looks, and rejoice in the great emancipation of peoples."

Le Pen said there "glowing future for the United Kingdom, and that should motivate all of us to build a better future".

Turning to the rest of Europe, Le Pen said she could already hear "false truths" and "misinformation" seeking to deter other European nations from making a similar decision to that of the UK.

"The way ahead is simple." she said. "Either you persevere with your expensive idea of Europe, with the crazy schemes of those who want even more Europe and when ordinary people want less, and if you do go down that path then I can guarantee that this totalitarian organisation will collapse."

Nigel Farage has just spoken at the European parliament in Brussels and his comments did not go down well with many in the room.

"Isn't it funny, when I came here 17 years ago, I said I wanted to lead a campaign to leave the EU and you all laughed at me. Well, you aren't laughing now," Farage said to loud jeers.

"The main reason the UK voted the way it did is that you [the EU] have by stealth, by deception, and without ever telling the truth to the UK and the rest of Europe, you have opposed upon them a political union.

"What happened last Thursday was a remarkable result. What the little people did, what the ordinary people did, what the people who have been oppressed and seen their living standards go down did … they said 'we want our country back, we want our fishing waters back, we want our borders back'. … That is what we have done and that is what must happen."

Farage then took a swipe at his fellow EU politicians, saying: "I know that virtually none of you have ever done a proper job in your lives or worked in business or worked in trade or ever created a job."

He also claimed Britain would not be the only country to leave the EU following Brexit.

German chancellor Angela Merkel has said she will use "all her strength" to prevent the EU and the UK from drifting apart after Brexit.

In an address Tuesday to parliament before she heads to Brussels to meet with other leaders, Merkel said expected the UK would want to maintain "close relations" with the EU once it leaves.

"Whoever wants to leave this family cannot expect to have no more obligations but to keep privileges," she said.

Merkel said there can be no talks with Britain on leaving the EU until Britain starts the formal procedure to leave.

EU parliament holds emergency meeting in Brussels.

The European parliament is holding an emergency sitting in Brussels to discuss Brexit today.

The debate will feature speeches from EU Commission president Jean-Claude Juncker, UKIP leader Nigel Farage, and French Front National leader Marine Le Pen.

Speaking at the meeting, Juncker said the results had saddened him but added that "democracy is democracy, and we should respect it".

Britain "remain our friends" but "I would like the United Kingdom to clarify its position," he added.

Speaking on BBC's Today programme on Tuesday morning, Osborne said there will have to be tax rises and spending cuts in the wake of Brexit.

"We are absolutely going to have to provide fiscal security to people," the chancellor said. When pushed whether that meant tax rises and spending cuts he replied, "Yes, absolutely."

"Markets will move up and down, but we are in a period of prolonged economic adjustment. ... Life will not be as rosy as it would be inside the EU."

In a column in The Times this morning, Osborne also wrote: "I am very clear that we should be aiming to have the best possible terms of trade in goods and services, including financial services, with the EU. That must be the model we seek."

He also ruled himself out of the Tory leadership battle to replace David Cameron, after the prime minister announced last week that he was resigning in the wake of the Brexit vote.

"As for my own future, I will not be a candidate in the Conservative leadership election to come," Osborne said.

"It isn't in my nature to do things by half-measure, and I fought the referendum campaign with everything I've got. I believed in this cause and fought hard for it. So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs at this time."

The UKIP leader objected to the notion that a "bomb" had been planted under Britain's economy as a result of the vote, arguing British trade would continue with Europe despite choosing to leave the EU.

"Perhaps there's been a bomb put under the Conservative and Labour parties, but quite right, too," he said. "They have both agreed we should be part of this. The British people have said we shouldn't be part of this. That's why you're now seeing political collateral damage."

Farage also said he doubts Scotland will leave the UK, despite most Scottish voters opting to remain in the EU.

"Is [Scottish first minister] Nicola Sturgeon really going to hold a referendum against independence? Because that's what she'd be doing, and once that gets explained to Scottish people, once they realise the ramifications of being in the EU, I think they'll vote differently."

He said he had never condoned the acts of violence or hatred against Muslims or Europeans reported since the vote, but maintained the "real prejudice" was against the pro-Brexit crowd.

"The real prejudice is the prejudice that's been there for a decade against anybody that dares stand up to the establishment, anybody that dares to say we shouldn't be part of the European Union, and anybody that even thinks we should even question immigration as an issue."

Farage said he hadn't spoken with Boris Johnson or Michael Gove since the referendum, and he worried the former London mayor might be softening his position.

"I don't care who the next Conservative leader is," he said, "as long as it's somebody who will hold faith with that referendum result.

"Does [Johnson] really want to deal with this free-movement issue? I don't yet know the answer to that. I'm worried it's being used as a smokescreen to do a different kind of deal with the European Union that would keep us within free movement."

He added: "I'm nervous. I'm nervous."

– David Mack

Ratings agency Standard & Poor's downgraded the credit rating of British government bonds from the highest level, AAA, to AA with a negative outlook.

The agency said it was taking down Britain's creditworthiness because the aftermath of the Brexit vote "will weaken the predictability, stability, and effectiveness of policymaking in the UK", along with risks to the country's economy.

Speaking at a press conference on Monday night following a meeting in Berlin with German chancellor Angela Merkel and Italian prime minister Matteo Renzi, Hollande said the UK was already a victim of the Brexit vote.

The meeting between the leader of the Eurozone's three major economies swept away any doubts that they are not on the same page regarding Britain's exit. They reiterated there would be no informal talks before the UK triggers Article 50 to withdraw from the EU.

The three leaders understand that the UK needs time for David Cameron's successor as Tory leader – and thereby prime minister – to be chosen. But they are clear that they expect whoever takes over to get on with it.

At the same time, they stressed that the EU must also respond to people's concerns about the union with reforms. Renzi said it was a "great opportunity to write a new chapter".

Europe's leaders had already been clear that any new arrangement would come at a cost, and that cherry-picking was not on the menu for Britain.

– Europe editor Alberto Nardelli

Speaking during a visit to London to meet with Foreign Secretary Philip Hammond, the U.S. Secretary of State said he "personally will regret" that British voters opted to leave the European Union.

However, both men stressed the so-called "special relationship" between the U.S. and the U.K. would endure despite the vote.

"The day before the vote we were motivated in our efforts globally by similar interests and similar values," Kerry said. "That vote does not wipe away those interests or those values."

Kerry said President Obama's concerns prior to the vote that a Brexit would mean Washington wouldn't as readily turn to London for diplomacy were "valid." He said the United States was "currently evaluating the impact of this decision."

"Yes, the UK and EU relationship will now change," Kerry said, "but what will never change is that we are strongest when we stand together as a transatlantic community and find the common ground."

Both men said the forces that compelled British voters to choose Brexit were being felt globally.

Hammond said he acknowledged a "genuine fear" in Europe that a "contagion" could arise from the vote and prompt other member nations to hold their own referendums. "Something is stirring politically," he said, of right-wing, populist movements across the world.

"You can't put that back in the bottle," Kerry said of the forces of globalisation. "Nobody can."

— David Mack

Vote Leave campaign leader Boris Johnson's promise of what a post-Brexit Britain would look like might not be as realistic as he's leading people to believe. Johnson has laid out his views in his weekly Telegraph column.

In the column, he said Britain would retain access to the single market with none of the obligations. He also said that British people "would still be able to go and work in the EU; to live; to travel; to study; to buy homes and to settle down".

"What can I say about BoJo's column? It's a little bit delusional. I don't see how these suggestions could happen," one senior European government official told BuzzFeed News on Monday.

For more on this, read the report by BuzzFeed Europe Editor Alberto Nardelli.

Downing Street has announced that Whitehall's new Brexit unit, charged with working out how the UK leaves the European Union, will be led by Cabinet Office minister Oliver Letwin.

According to a press release, Letwin "will play a facilitative role hearing views from across the government and outside on issues that need to be considered by the new unit".

Letwin has had a colourful political career. Here are a few of the highlights:

• He was, in part, responsible for increased privatisation in the NHS. • He has voted against gay rights in the past. • He once had to apologise for a "racist" memo. • He put repairs to his tennis court on expenses. • He told Margaret Thatcher to test-run the poll tax in Scotland. • He was once robbed after he let someone into his house to use his toilet. • He once had to apologise for putting parliamentary papers in a park bin. • He signed off a £3 million grant to Kids Company days before it shut down. • He has admitted to taking drugs. And to being pretentious.

Want more info? Read the report from senior reporter Alan White and LBGT editor Patrick Strudwick.

Boris Johnson, former mayor of London and Tory leadership frontrunner, broke his weekend-long post-referendum silence on Sunday night in a Telegraph column setting out his vision for how Brexit might work.

Johnson strikes a conciliatory tone in the article, promising Brits would retain easy access to Europe, EU citizens already in the UK would be protected, and that a favourable deal was possible.

But do his claims tally with what we know from other sources?

That's mostly not true. When we talk about the "strength" of the pound, we're almost always comparing it with the dollar, which is the world's reserve currency. Since 10pm on referendum night, the pound has dropped from around $1.48 to $1.33 – unprecedentedly large moves in usually sedate currency markets. This is much lower than the pound was at any point during 2013 and 2014.

Special correspondent James Ball also tackles eight more claims here.

David Cameron has said he does not want the EU referendum to "divide communities or provoke fear" following reports that hate crime is on the rise after last week's the historic vote.

Speaking to MPs on Monday about the outcome of the referendum, the prime minister said: "We have a fundamental responsibility to bring our country together.

"In the past few days we've seen despicable graffiti daubed on a Polish community centre, we've seen verbal abuse hurled against individuals because they're members of ethnic minorities. Let's remember these people have come here and made a wonderful contribution to this country.

"We will not stand for hate crime and these kinds of attacks. They must be stamped out."

Cameron has added his voice to leading figures calling for vigilance against racism, including Sadiq Khan, the London mayor, who said he had "zero tolerance" for hate crime in the capital.

"As your mayor, I take seriously my responsibility to defend London's fantastic mix of diversity and tolerance," Khan said. "So it's really important we stand guard against any rise in hate crimes or abuse by those who might use last week's referendum as cover to seek to divide us."

The Muslim Council of Britain, an umbrella organisation of Muslim institutions, said it had collated details of 100 "hate incidents" since the referendum result.

Dr Shuja Shafi, the council's secretary general, said he would be writing to the home secretary, Theresa May, to ask what measures are being taken to step up security and policing in areas where hate crimes had been reported.

Reports of hate crime included far-right demonstrators chanting abuse outside a mosque in Birmingham, while Shazia Awan, a former Conservative parliamentary candidate who campaigned to remain in the EU, was told to "pack her bags and go home" soon after the referendum result.

Senior reporter Aisha Gani and senior political reporter Emily Ashton report.

The UK will not invoke Article 50 until there is a new prime minister and cabinet in place, David Cameron has said.

In a statement to the House of Commons on Monday, the prime minister said he had spoken to European leaders in the last few days and told them the British government "will not be triggering" the article at tomorrow's European Council meeting.

Before the mechanism is activated, the British government will need to agree on the "kind of relationship we want with the EU", he said.

Cameron added: "That is rightly something for the next prime minister and their cabinet to decide. I have also made this point to the presidents of the European Council and the European Commission and I will make this clear again at the European Council tomorrow.

"Mr Speaker, this is our sovereign decision and it will be for Britain – and Britain alone – to take. Tomorrow is also an opportunity to make this point: Britain is leaving the European Union, but we must not turn our back on Europe – or on the rest of the world."

Once the Article 50 button is pushed, the UK will be out of the EU within two years. At that point, all treaty provisions and EU-related rules and programme would cease. Read more about how Brexit will work here.

David Cameron has set up a new unit in Whitehall to come up with options on how Brexit will actually work – after officials failed to make contingency plans in advance.

The team of civil servants will be based in the Cabinet Office will present its findings to the new prime minister in the autumn.

Cabinet minister Oliver Letwin will play a "facilitative" role hearing from people from within and outside government about what the next steps should be.

Cameron's spokeswoman said the new unit had been approved at a special cabinet meeting on Monday as ministers met to discuss the fallout of Britain voting to leave the European Union last week.

She said: "The point of this team is that the British people have decided to leave the European Union. The civil service, as we were clear in the run-up, had not done contingency work on what that would be."

Read more on the plan here.

Senior political reporter Emily Ashton reports.

Here's who might succeed David Cameron as the next Conservative party leader:

So we all know David Cameron announced that he intends to resign as prime minister and Conservative party leader on Friday after Britain voted to leave the European Union. A new leader will be in place by 2 September, the party's backbench 1922 committee decided on Monday.

So who's up for the job and how the hell does a Tory leadership contest work? Here's the list of potential candidates:

• Boris Johnson
• Theresa May
• Stephen Crabb
• George Osborne
• Andrea Leadsom
• Liam Fox
• Dominic Raab
• Nicky Morgan

BuzzFeed UK senior political editor Emily Ashton has more on each candidate and their prospects here.

The pound was still taking a battering on Monday and even surpassed the record falls it hit on Friday morning when the world was waking up to the referendum result.

A single pound will now get you just $1.32 (or $1.315, to be more precise) – the new lowest level ever. On Thursday evening the rate was £1 to $1.50 when investors thought the UK would vote Remain.

The reason the pound is taking such a pummelling is the huge uncertainty looming over the UK, which is scaring investors – they worry that the economy will tumble into a recession, so they want to put their money into safer currencies.

Citi analysts were even more gloomy and reckon the pound could fall to as low as $1.25.

Business editor Simon Neville reports.

The Polish embassy in London has said it is "shocked and deeply concerned" by recent reports of xenophobic abuse directed against "the Polish community and other UK residents of migrant heritage".

Yesterday, allegedly racist graffiti was found on the front of a Polish cultural centre in London in what is suspected to be the latest example of anti-immigrant sentiment following Britain's vote to leave the European Union last Thursday.

Banks continue to bear the brunt of the uncertainty surrounding the vote to leave the EU.

Barclays and Royal Bank of Scotland watched their shares tank on Monday morning, and even had trading in the stocks suspended by the London Stock Exchange.

The suspensions were automatically triggered by circuit breakers to allow the market to settle on a price.

A suspension happens when shares fall by more than 8%. Barclays shares are down 10% and RBS down 14%. Both fell by around 20% on Friday – triggering similar suspensions.

A source close to Barclays said: "Shares were suspended twice on Friday. It's automatically triggered by the stock market and will be trading again shortly. So, beyond the obvious problems, we're not too concerned."

The FTSE 100 fell by a modest 1.34% to 6065, despite the heavy falls in bank shares. Housebuilders also saw shares fall as anecdotal evidence emerged that outside investors were starting to worry.

And Foxtons and EasyJet both warned profits in their business would fall.

The FTSE 250 fell harder, down 3.7%, suffering more than the top-tier index because it is made up of typically UK-based and -focused companies, unlike the FTSE 100, which is more international.

Business editor Simon Neville reports.

EU parliament to hold special session on Brexit tomorrow.

The European parliament is expected to adopt a resolution "on the consequences from the result of the UK referendum to leave the EU" tomorrow in an extraordinary plenary session. BuzzFeed News has seen the agreed draft.

The main points:

– The parliament stresses that the will of the British citizens should be respected with a swift and coherent implementation of the withdrawal procedure.

– It calls for an immediate activation of Article 50. (However, as things stand it seems probable that the procedure will not begin until the UK has a new PM in place.)

– It notes that the settlement agreed by David Cameron is February is as a consequence of the referendum result now "null and void".

– The parliament "reminds that any new relationship between the UK and the EU may not be agreed before the conclusion of the withdrawal agreement".

– The parliament invites the Council to appoint the European Commission as negotiator on Article 50, and will remind that the consent of the European parliament will be required under the EU treaties. (Both these points are clear in EU law, so no surprise.)

There are also additional points on the future of the EU and calls for a roadmap for a better union. Europe editor Alberto Nardelli reports.

Leave campaigner Boris Johnson says "the pound is stable, the markets are stable".

Former Mayor of London and Tory MP Boris Johnson has spoken to reporters about George Osborne's statement this morning.

"It's clear that Project Fear is over, there's not going to be an emergency Budget, people's pensions are safe, the pound is stable, the markets are stable," the Leave campaigner said.

"I think that's all very good news."

He claimed Europeans living in Britain would have "their rights protected", as would British people working abroad.

The Leave side just wants an immigration system "that's fair, impartial and humane to all people coming from around the world," he added.

By just 9am Monday, another seven Labour shadow cabinet ministers and junior ministers had resigned.

Here is a run-down of the Labour figures who have tendered their resignations, claiming they can no longer support beleaguered leader Jeremy Corbyn after his decision to sack shadow foreign secretary Hilary Benn in the early hours of Sunday morning.

First to go was Heidi Alexander, shadow health secretary. Her resignation was followed in increasingly quick succession by Gloria De Piero, shadow spokesperson for young people; Ian Murray, shadow minister for Scotland; Seema Malhotra, shadow chief secretary to the Treasury; Kerry McCarthy, shadow secretary of state for environment, food, and rural affairs; Lucy Powell, shadow education secretary; Lilian Greenwood, shadow secretary of state for transport; Vernon Coaker, shadow secretary of state for Northern Ireland; Lord Falconer, secretary of state for Justice and shadow Lord Chancellor; Karl Turner, shadow attorney general; Chris Bryant, shadow Commons leader; Toby Perkins, shadow minister for business, innovation, and skills; Anna Turley, shadow minister for civil society; Diana Johnson, shadow foreign minister; and junior shadow minister Jess Phillips.

In total, 14 shadow ministers have resigned.

EasyJet and Foxtons told the stock market on Monday morning that they both expected profits to fall following the vote to leave the EU.

EasyJet said the pound falling against the dollar – it fell 2% Sunday night to $1.34 for £1 – will cost the firm an extra £25 million this year, particularly as fuel prices (which are priced in US dollars) are likely to rise.

The airline also revealed that there were 700 cancellations in June as customers worried about air traffic control strikes in France and the EgyptAir crash.

On Friday, bosses said they were already in negotiations with EU nations to ensure flights to those countries could continue.

Foxtons, the London-focused estate agent, said: "The run up to the EU referendum led to significant uncertainty across London residential markets and the decision to leave Europe is expected to prolong that uncertainty."

Banks, housebuilders, and travel firms were some of the hardest hit companies on Friday, with shares in all falling badly, and they are likely to be hit again when the stock markets open at 8am.

Chancellor George Osborne has spoken out to calm volatile markets following Friday's vote to leave the EU.

In a speech on Monday morning, Osborne said it would "not be plain sailing in the days ahead".

"Today I want to reassure the British people and the global community that Britain is ready to confront what the future holds for us from a position of strength," he said.

"Our economy is about as strong as it could be to face the challenge. This is not the outcome that I wanted ... Now that the people have spoken, we in this democracy must accept that result, I fully accept the result of the referendum.

"I've got a very important job to do, to speak to international investors, international counterparts ... [but] there will be an adjustment in our economy that will have an impact on our public finances.

"What the British people need to know is that the fundamentals of the British economy is strong. ... Britain is open for business."

Osborne also echoed David Cameron, who resigned as prime minister on Friday, and said Article 50 would not be triggered until a new PM was in place.

He also appeared to concede that the emergency Budget he said would be needed during the campaign in the event of Brexit could also wait until a new PM was chosen.

In his Telegraph column Johnson, who is widely tipped to replace David Cameron as prime minister, wrote:

I cannot stress too much that Britain is part of Europe, and always will be. There will still be intense and intensifying European cooperation and partnership in a huge number of fields: the arts, the sciences, the universities, and on improving the environment. EU citizens living in this country will have their rights fully protected, and the same goes for British citizens living in the EU.

He added: "British people will still be able to go and work in the EU; to live; to travel; to study; to buy homes and to settle down."

Johnson also played down economic fears, writing: "The stock market is way above its level of last autumn; the pound remains higher than it was in 2013 and 2014."

A coordinated coup was launched after Corbyn's sacked the shadow foreign secretary, Hilary Benn, in the early hours of Sunday morning.

In one resignation letter the shadow minister for culture, Chris Bryant, wrote that the referendum had shown "you and your team cannot run an effective national campaign". He concluded: "I fear you will go down in history as the man who broke the Labour party."

However, Corbyn's office said he is not going anywhere and released a defiant statement saying he will not "betray the trust" of those who voted for him by resigning.

The Telegraph reported that in one of the most open signs of fissures beginning to open in the EU so far, Zaorálek told Czech television: "In my opinion, he [Juncker] is not the right person for that position. We have to ask who is responsible for the result of the referendum in Britain." A Eurosceptic German MEP made a similar call on the day the result was announced.

"The EU will still consist of 28 member states, as I expect a new independence referendum in Scotland, which will then be successful," Gunther Krichbaum reportedly told the Welt am Sonntag newspaper. "We should respond quickly to an application for admission from the EU-friendly country."

For live updates on the Labour leadership crisis, see BuzzFeed's breaking news post here.

In a carefully balanced statement, Watson said he was "deeply disappointed" to hear of Benn's sacking but "equally saddened" by the numerous resignations rocking the Labour party.

As of Sunday evening, nine shadow cabinet members have resigned following the decision of Corbyn to sack Hilary Benn in the early hours of Sunday morning.

Watson went on to say that he expects an "early general election" and that as a result the Labour party must be prepared to form a government. "There's much work to do," he said.

He said his "single focus is to hold the Labour party together in very turbulent times".

Watson's statement in full:

"I was deeply disappointed to see Hilary Benn sacked in the early hours of this morning and equally saddened that so many talented, able and hard-working colleagues felt they had to leave the shadow cabinet.

"My single focus is to hold the Labour party together in very turbulent times.

"The nation needs an effective opposition, particularly as the current leadership of the country is so lamentable. It's very clear to me that we are heading for an early general election and the Labour party must be ready to form a Government. There's much work to do.

"I will be meeting Jeremy Corbyn tomorrow morning to discuss the way forward."

The German chancellor's chief of staff has suggested the UK should be allowed time to "think" following the shock Brexit vote on Friday.

Peter Altmaier, Angela Merkel's chief of staff, told the RND newspaper Sunday morning: "Politicians in London should have the possibility to reconsider the consequences of an exit."

He described the UK's decision as "a difficult watershed with many consequences".

Theresa Villiers, the Conservative MP for Chipping Barnet, said she wanted a delay in Article 50, according to comments tweeted by the Times writer Phillip Collins.

Villiers, appointed secretary of state for Northern Ireland in 2012, wrote in the Observer the day after the referendum result that there was "no need to plunge into tabling Article 50 now".

Sigmar Gabriel's remarks to Reuters may signal the end of any hopes of a "Brexit-lite" deal, whereby the UK would retain some control and remain within the single market.

In earlier remarks he said there are "no half EU memberships."

Kerry, speaking to Sky News during a visit to Rome to meet his Italian counterpart, Paolo Gentiloni, said that although his administration had wished the vote would go to Remain, he and US president Barack Obama had to respect the voters.

He said: "I am absolutely convinced – and I say this to the marketplace, I say this to citizens who are wondering what is going on – I am absolutely convinced, President Obama is absolutely convinced that we will be able to work through this in a sensible, thoughtful way that takes the best strengths of the EU, the best strengths of the marketplace, the best interests of our national security and international security, and works to keep them moving in the right direction for our countries."

Kerry will visit Brussels, where he will meet European Union foreign policy chief Federica Mogherini, and then London on Monday, Reuters reported. According to a senior state department official, Kerry will use the visit to London to reassure foreign secretary Phillip Hammond of continued American support.

A House of Commons petitions committee has said it is investigating allegations of fraudulent votes in a petition calling for a second referendum.

Helen Jones, who chairs the cross-party petitions committee, said in a statement on Twitter that it is taking allegations of fraud "very seriously", and confirmed her office would be investigating – and possibly removing signatures it deems fraudulent.

The full statement reads:

"We take fraud in the petitions system very seriously, because it undermines the process of parliamentary democracy. The Government Digital Service are taking action to investigate and, where necessary, remove fraudulent signatures. People adding fraudulent signatures to this petition should know that they undermine the cause they pretend to support.

"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.

"That doesn't mean that the Committee will be deciding whether or not it agrees with the petition – just whether or not it should be debated. Any debate would allow a range of views to be expressed."

Should any petition pass 100,000 signatures it will be scheduled for debate in the House of Commons.

The claims follow the revelation that the petition was originally set up by a Leave voter in May, concerned that Remain would carry the vote.

News reporter Rose Troup Buchanan reports.

So far, seven shadow ministers have handed in their resignations.

Shadow health secretary Heidi Alexander, shadow minister for young people Gloria De Piero, shadow Scottish secretary Ian Murray, shadow chief secretary Seema Malhotra, shadow environment secretary Kerry McCarthy, shadow education secretary Lucy Powell, and shadow transport secretary Lilian Greenwood have all quit. Sources have also confirmed that Seema Malhotra, shadow chief secretary, has resigned.

The resignations follow Corbyn's shock decision to sack foreign shadow minister Hilary Benn last night, which prompted a furious backlash from some Labour MPs.

Senior Labour MPs Dame Margaret Hodge and Ann Coffey, who last week submitted a motion of no confidence in Corbyn, have now said his continued leadership could lead to "political oblivion".

Senior politics correspondent Emily Ashton and news reporter Laura Silver report live.

Tim Farron, the leader of the Liberal Democrats, has said he is "determined to speak for the 16 million people who voted for Europe".

"We all have to accept the result of the referendum, I am personally heartbroken by it," he told the BBC on Sunday. He added: "It is right for me to lead a more hopeful and inspiring campaign ... back to the European Union".

Earlier, the Lib Dems trended on Twitter as they announced their intentions. Farron had told supporters on Saturday the referendum result was a "a howl of anger at politicians and institutions who they felt were out of touch and had let them down".

As the fallout from the EU vote continued, the Lib Dems reported they had seen their membership surge.

In a statement, the party – which was decimated in the last general election – said more than 4,000 people had joined.

"We are the only party committed to a future for Britain at the heart of Europe," Farron said in the statement.

"Naturally we respect the result of the referendum, but Brexit will hit livelihoods, homes, and jobs. As the Brexit camp renounce their promises on the NHS and immigration before the slogans have even been peeled off their battlebus, it is now clear that the British people were told lie after lie."

Nicola Sturgeon has said Scotland could prevent Britain from leaving the European Union.

Asked on BBC's Sunday Politics Scotland whether she would consider asking the Scottish parliament to block Brexit, the first minister said: "Of course."

Earlier, Sturgeon told the BBC's The Andrew Marr Show: "We're in uncharted territory right now.

"For anybody to say right now that Scotland would have to wait to get back in, the whole point here is that our argument is we don't want to leave. We don't want to leave and get back in, we want to stay."

Weekend editor Matthew Champion and Scotland correspondent Jamie Ross report.

The former work and pensions secretary, who campaigned strongly for the UK to leave the EU, was asked directly whether the £350 million Leave campaigners claimed was sent to the EU every week would be redirected to the NHS.

Dodging the question on The Andrew Marr Show, Duncan Smith said the figure was calculated as a total gross payment to the EU and was an "extrapolation". He went on to claim that the Leave campaign never said all of that figure would go to the NHS, but added "a significant amount of it" would.

Nigel Farage, who although one of the Leave side's most prominent campaigners was not part of the official Leave campaign, has also publicly disavowed the £350 million figure.

"It wasn't one of my adverts," he said in an interview on Friday morning. He conceded the number may have been a "mistake".

As the Labour party spirals into open civil war, things are not looking much sunnier across the aisle. Some Conservative MPs appear to be moving towards an attempt to prevent Boris Johnson taking the leadership after David Cameron's resignation on Friday.

Home secretary Theresa May is being touted by many as a possible alternative successor. The Sunday Times reported that her aides were ringing MPs for support this weekend.

"There is a special place in hell reserved for Boris," a member of Cameron's inner circle told the paper. "He and [Michael] Gove have basically engineered a right-wing coup. We need to get behind Theresa. She's the grown-up."

Other names apparently being discussed as possible contenders for a leadership bid include Nicky Morgan, Stephen Crabb, Liam Fox, and George Freeman.

Duncan Smith told BBC1's Andrew Marr Show on Sunday morning that while he was "very sad" at the PM's resignation, it would be "very, very difficult" for the public to support a Remain-backing MP to take the leadership, given the vote.

Although while he urged his party not to "rake over the coals" following Cameron's resignation, Duncan Smith emphasised that the Conservatives "need to deliver on this very clear mandate from the public".

Nicola Sturgeon could seek to keep Scotland inside the European Union by inheriting the UK's membership rather than applying as a new independent country, she has said.

"We're in uncharted territory right now," said Sturgeon on The Andrew Marr Show. "The reality is that there is no rules. My priority is to seek to protect Scotland's interests."

Discussing the potential for the second independence referendum, she said: "The UK that Scotland voted to stay in in 2014 doesn't exist any more."

But, Sturgeon continued, she would never want to see a border between England and Scotland "in any circumstances".

"Whatever happens here, England will always be our nearest neighbour and, I hope, our best friend," she said. She added that she was watching Westminster "with a sense of utter despair" as both political parties spiralled into infighting.

Scotland political correspondent Jamie Ross reports.

The Labour party appears to be plunging into a full-blown crisis following the UK's dramatic vote to leave the European Union on Friday.

Half of the shadow cabinet is expected to resign Sunday morning. Shadow health secretary Heidi Alexander was one of the first to go, tweeting her letter of resignation this morning.

In it, she said while she respected Jeremy Corbyn as a "man of principle," she did not believe he had the "capacity to shape the answers our country is demanding".

Benn is expected to appear on the Andrew Marr Show at 9am. Scotland first minister Nicola Sturgeon and business secretary Sajid Javid are also expected to appear.

Senior political correspondent Emily Ashton and news reporter Laura Silver report live.

Labour's civil war broke into the open during the very early hours of Sunday morning as Corbyn sacked shadow foreign secretary Hilary Benn, raising the prospect of a full-blown leadership challenge at a time of great national uncertainty.

The Labour leader removed Benn from his role shortly after 1am after reading a report in The Observer that the Leeds Central MP had been asking shadow cabinet colleagues to resign in an attempt to force out Corbyn.

In response Benn issued a statement at 3:40am saying he had no faith in Corbyn's leadership, insisting Labour are on track to lose the next general election, and concluding that there is "widespread concern" within the shadow cabinet at the state of the party.

"In particular, there is no confidence in our ability to win the next election, which may come much sooner than expected, if Jeremy continues as leader," he added.

Political editor Jim Waterson reports.

Labour MP David Lammy has called on parliament to "stop this madness" and overturn Thursday's referendum result.

Lammy, the MP for Tottenham, tweeted a statement calling on MPs to "wake up".

"We do not have to do this," he wrote. "We can stop this madness and bring this nightmare to an end through a vote in parliament. Our sovereign parliament needs to now vote on whether we should exit the EU."

Describing the referendum, where 17.4 million people voted to leave the EU, as "advisory, non-binding", Lammy said Leave's campaign promises had "unravelled".

"Parliament now needs to decide whether we should go forward with Brexit, and there should be a vote in parliament next week. Let us not destroy our economy on the basis of lies and the hubris of Boris Johnson."

Lammy is the first MP to speak out in this way. His comments come as a petition calling for a second referendum on EU membership approached 2 million signatures.

Former prime minister Tony Blair said Saturday that the same forces that drove British voters to decide to leave the European Union are being felt the world over.

The former Labour leader, who supported the Remain campaign, told CNN the world is grappling with the effects of globalization and that some politicians are exploiting this by offering "simple and popular solutions."

"I think there are elements of this debate that are happening the world over," Blair said.

"Where people feel this power of globalisation changing the world around them, those people that come forward with very tough and often simplistic and popular solutions, yes, they gain traction on the political process, and this is what's happened to us and we're now going to face the consequences of that decision," he said.

"The answer is not to target immigrants, the answer is not to isolate yourself or shut down our borders," he said. "The answer is through education, through infrastructure, through creating the economy of the future, through trying to bring countries together united in a common purpose through which all people can have the chance to benefit rather than divide so that people become against each other in a way that I think will ultimately corrode our society and probably not help our economy."

– David Mack

Jeremy Corbyn was heckled by Labour activists after turning up at the annual Pride march in central London on Saturday afternoon.

The Labour leader turned up to the LGBT rights celebration after delivering a speech in central London in which he said austerity was partly to blame for Britain voting to leave the EU, and insisted he had no intention of stepping down as party leader.

"Corbyn got heckled when he turned at LGBT Labour's pride contingent for not campaigning enough in the referendum," Labour activist Tom Rutland told BuzzFeed News. "Labour members were surprised when he walked off and several shouted 'coward' at him. I've spoken to a lot of young friends who voted for Corbyn and feel betrayed."

Labour member Tom Mauchlind shouted "you need to resign" at the Labour leader for not doing enough to keep the UK in the EU.

In a video of the exchange, Corbyn is heard to respond: "I did all I could." Political editor Jim Waterson reports.

More than 1.4 million people have now signed a petition calling for a second referendum on the basis that both the Remain or Leave campaigns received less than 60% of the vote, with total turnout below 75%.

When the petition surpassed 823,000 signatures on Saturday morning, it became the most popular British government petition ever.

But how likely is a second referendum? In short, not very.

"There is no requirement for the UK to have a second referendum before it leaves: Both the Remain and Leave camps said they would abide by the result of the referendum and 'leave means leave'," BuzzFeed News special correspondent James Ball wrote when the petition launched on Friday.

BuzzFeed News Europe editor Alberto Nardelli agreed that the likelihood of a second referendum was extremely low "because EU countries would then be open to blackmail from pretty much everyone. In other words there will be no new membership terms offered".

Asked about the possibility of further concessions from the EU, one senior official recently told BuzzFeed News "What would concessions mean? 'Please do stay, we'll let you blackmail us any time you see fit?'"

While a future prime minister could in theory call a second referendum, particularly if the economy begins to struggle in the years it will take Britain to fully depart the EU, the chances of it happening are very slim.

Read more here. Reporter Laura Silver reports.

Britain's commissioner to the EU has resigned.

Britain's most senior EU official, Lord Jonathan Hill, has resigned his position.

"I came to Brussels as someone who had campaigned against Britain joining the euro and who was sceptical about Europe," Lord Hill said in a statement.

"I will leave it certain that, despite its frustrations, our membership was good for our place in the world and good for our economy. But what is done cannot be undone and now we have to get on with making our new relationship with Europe work as well as possible."

Jeremy Corbyn has confirmed he will stand again if his leadership of the Labour party is challenged.

Asked whether he would run for leader, Corbyn replied, "Yes, I'm here, thank you."

Corbyn is facing a motion of no-confidence after Britain voted to leave the EU. Several Labour MPs have gone on record criticising his leadership during the campaign.

Delivering a speech in central London this morning in the aftermath of the Brexit vote, Corbyn acknowledged the role immigration had played in the campaign, saying Labour could not "duck the issue".

"Instead, we need to start an honest and rational debate," he said. "We cannot talk about immigration as something separate from its social and economic context, both for communities that are here and those that arrive."

"Politicians are often accused of being afraid about talking about immigration – I am certainly not.

"I believe migration has enriched our country, our culture, and our communities. But I also understand that rapid changes to communities can bring tensions, and strains on services."

Scottish leader Nicola Sturgeon has said Scotland will begin immediate talks with the EU to find a way to remain in the bloc.

A large majority of Scottish voters wanted to remain in the bloc, despite majorities of English and Welsh voters choosing to leave.

"We will seek to enter into immediate discussions with the EU institutions and the other EU member states to explore all possible options to protect Scotland's place in the EU," Sturgeon said Saturday.

"In doing so, we are determined to draw on as much support and advice from across Scotland as possible, and I can confirm today that, over the next few days, I will establish an advisory panel comprising a range of experts who can advise me and the Scottish government on a number of important matters legal, financial, and diplomatic.

"It will also seek to encompass voices from across the political spectrum in Scotland and indeed different views on Scotland's constitutional future."

EU foreign ministers want Britain to leave "as soon as possible".

Germany and France's foreign ministers have said Britain must begin talks to leave the EU right away.

Speaking after a meeting in Berlin, German's foreign minister Frank-Walter Steinmeier told reporters negotiations on the UK's exit from the EU should begin "as soon as possible".

There is a need to "show the people of Europe that Europe is important, and not only important but able to carry out its work," he said.

French foreign minister Jean-Marc Ayrault echoed his German counterpart: "There is a certain urgency ... so that we don't have a period of uncertainty, with financial consequences, political consequences."

Ayrault urged the remaining 27 EU countries to return to "the spirit of the founders."

"It is up to us to recreate this spirit," he said.

BuzzFeed News had been told by government sources at the Berlin meeting that the main lines going into the meeting were:

— a commitment to continue efforts for a cohesive EU of 27 states (i.e. without the UK) based on common values and rights.

— the need to recognise different levels of ambition between different member states towards greater integration. The aim is not to go backwards, but to find better solutions to better manage the differences, and match EU citizens' aspirations, especially on immigration and economic issues.

— Technically it is for the UK to trigger Article 50, which sets out the procedure to withdraw from the EU, and notify the EU that Britain is leaving. However, Britain should do this as soon as is reasonably possible because the current limbo is counterproductive. Europe Editor Alberto Nardelli reports.

European Commission president Jean-Claude Juncker has said there is no reason to wait until David Cameron is replaced in October to begin negotiating Britain's exit from the EU.

Speaking to Germany's ARD television station, Juncker said he wants to start negotiating "immediately".

"Britons decided (on Thursday) that they want to leave the European Union, so it doesn't make any sense to wait until October to try to negotiate the terms of their departure," he said.

"I would like to get started immediately."

Juncker added the separation was "not an amicable divorce" but that "it was not exactly a tight love affair anyway".

Top diplomats from the EU's founding six nations will meet in Berlin to discuss the Brexit aftermath.

Officials from France, Italy, Belgium, Germany, the Netherlands, and Luxembourg have gathered at the government's Villa Borsig mansion on the outskirts of the city.

As he arrived, German Foreign Minister Frank-Walter Steinmeier told reporters it was critical to see the vote as a wakeup call.

"The shock of the vote is still sitting deep, but these are also days where not all the answers are ready," he said.

"It's totally clear that in times like these one should neither be hysterical nor fall into paralysis."

More than 750,000 people have now signed a petition calling for second EU referendum.

The petition will be debated in parliament after hitting the 100,000 threshold to be considered, but there is no realistic chance of causing such a vote to take place, as Special Correspondent James Ball explains.

It's not impossible that the UK would hold a second referendum, though. The process of leaving will take several years, and there may be a change of government over the time. There's also no consensus among different pro-Leave politicians about what Brexit should look like.

If the government changes, the economy is struggling, and Brexit has become very unpopular, it's possible a future prime minister may try to call a second referendum to prevent exit. However, if article 50 has been triggered, this may not be possible.

Credit rating agency cuts UK's outlook from stable to negative.

Credit rating agency Moody's cut the UK's outlook from stable to negative Friday night and said the Brexit vote could result in weaker economic growth.

In a statement the agency said: "Moody's expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth.

"Over the longer term, should the UK not be able to secure a favourable alternative trade arrangement with the EU and other countries, the UK's growth prospects would be materially weaker than currently expected."

BuzzFeed UK Culture Editor Bim Adewunmi writes about how Britain's vote to leave the EU is affecting her:

I am utterly devastated in a way that I am still struggling to quantify and articulate. The sunniest, most optimistic part of me feels broken. I am far from home.

I mean that in the physical sense: East London, specifically my little corner of Hackney (65% turnout; 83,398 to remain/22,868 to leave), is more than a full ocean away. But I also mean it in less corporeal terms: I am away from my closest family members and friends, with all the comforts they afford.

We are not physically detaching ourselves from the continent of Europe, and our futures are too entwined for total annihilation. But we have added distance, and I am scared and worried.

BuzzFeed News asked people at the Glastonbury Festival for reaction to the Brexit election result. Many were...not pleased.

Kimberley Dadds and Matthew Tucker report

WASHINGTON — What can Brexit tell us about how our own election is going?

Republican pollsters say not much: Unlike the Republican primaries when Donald Trump led polls to disbelief from elites — not unlike elite reaction to Leave voters in the United Kingdom — Trump trails in general election polling currently.

The whole world has been in a state of shock since the United Kingdom voted to leave the European Union early Friday. Near the end of the EU referendum campaign in Great Britain, several polls showed that the Remain side was pulling ahead. But the result, of course, was a stunning victory for Leave, and indeed there had also been recent polling showing Leave ahead.

But Republican polling experts contacted by BuzzFeed News said there's little evidence of a shy-Trump-voter phenomenon here in the U.S.

Rosie Gray reports

As global markets panicked and the value of the British pound plummeted, some currency exchange businesses did the only reasonable thing in such a situation: they gave up.

British travel company Thomas Cook said it had "temporarily suspended our travel money website following unprecedented customer demand for foreign currency." Natwest, a division of British banking giant RBS, said it was redirecting customers who wanted to buy foreign currency to Travelex, another foreign exchange company, "due to a fluctuation in currency markets."

Business reporter Matt Zeitlin reports

As the globe begins to adjust to a post-Brexit world order, let it be clear that, aside from the British politicians who staked their careers on a Leave vote, there is one winner to emerge from the chaos about to engulf Europe: Vladimir Putin.

That's not a new idea — David Cameron and the Remain campaign trotted it out to encourage people to casts their votes to stay within the European Union. That failed.

By Friday morning, Putin was pontificating loudly on just how untrue it was. No one "had the right" to speculate about Russia's position, he said. "In my view, we behaved very correctly, carefully followed what was happening, but in no way influenced this process, and didn't even try to."

Miriam Elder reports

"The immediate effect is that it's a good time for American travelers to go to Britain and Europe," George Hobica, travel expert and president of the site Airfarewatchdog, told BuzzFeed Travel.

There are essentially two big reasons for this. First, the pound is down, and the euro is falling — so you'll be able to get more out of your American dollar.

Secondly, the actual hotel rates and airfare rates may also go down.

Annie Daly reports

Security officials and experts said in the wake of the Brexit vote that they did not expect intelligence cooperation between the U.S. and its transAtlantic partners to shift fundamentally, but expressed fears that tussles over Britain's exit from the European Union could distract key resources needed to keep member states safe in the midst of a fierce security threat from ISIS and its supporters.

"It's a disaster for the bureaucrats. Resolving many of the issues will be a waste of time on the higher levels that could be put to better use," one official in the French defense ministry, who works in intelligence and research, told BuzzFeed News. "Ministers and other top officials will be forced to deal with issues related to the UK instead of talking about things that matter, like terrorism, intelligence sharing and even economic security issues that are less sexy but probably more important," the official said.

Ali Watkins and Mitch Prothero report

In the UK's Brexit referendum Thursday, "Leave" voters outnumbered "Remain" voters 52% to 48%, a coalition built on older, white English voters.

Donald Trump seized on the Brexit Friday on a Scottish golf course, and compared his movement to the "Leave" campaign, and they do have a lot in common: immigration as a central theme, and opposition from the establishment of all major parties are similar. The countries also have deeply different political cultures and systems, and turnout in the U.S. in November is very unlikely to hit 80%.

Data editor Jeremy Singer-Vine reports

The United Kingdom's unexpected decision to leave the European Union has left Syrian refugees horrified and supporters of the Syrian government absolutely delighted.

British Prime Minister David Cameron — who campaigned on holding the referendum and advocated hard for remaining in the European Union — has been an outspoken critic of Syrian president Bashar al-Assad and been pushing back on the narrative that Britain is drowning in refugees from Syria and other conflict zones.

Many of the refugees that spoke with BuzzFeed News in the aftermath of the vote blamed the results largely on the reaction to the number of people entering Europe over the last two years.

Manzer al-Awad and Hayes Brown report

"I do think yesterday's vote speaks to the ongoing changes and challenges that are raised by globalization," Obama said during the Global Entrepreneurship Summit Friday. "While the UK's relationship with the EU will change, one thing that will not change is the special relationship that exists between our two nations."

Obama said the NATO alliance will remain a "cornerstone of global security."

"Our shared values, commitment to democracy...that will continue to unite all of us," he said.

Senior aides to Hillary Clinton's presidential campaign on Friday rejected that any parallels exist between United States and British politics following United Kingdom's vote to leave the European Union.

"It is really important to recognize that a vote on whether the UK stays in or leaves the European Union is profoundly different for a vote on who should be president and commander-in-chief of the United States," Jake Sullivan, a senior policy adviser to Clinton, said in a conference call with reporters.

Kyle Blaine reports

"Financials are set to be the biggest victims of a Brexit due to their exposure to expected financial and economic shocks, notably to the UK, but also markets more generally," analysts at Bank of America wrote.

"All banks should be under pressure," wrote Morgan Stanley analysts, pointing to slow economies in the UK and Europe.

In the U.K., the pain appeared immediately. Barclays, Royal Bank of Scotland, and Lloyd's, three of the country's four biggest banks, were all down at least 16% in the first day of trading following the vote. Barclays was down more than 30% at one point, although that fall was arrested by Bank of England chairman Mark Carney's promise to freely lend money to British banks.

In the U.S., Wall Street banks with major U.K. presences sought to calm down their angsty staff. "We recognize the potential for market volatility over the next few weeks and we are ready to help our clients work through it," JPMorgan Chase CEO Jamie Dimon said in a memo to employees.

Business reporter Matt Zeitlin reports

The Brexit movement renewed hope for some people who want Texas to secede from the U.S. And thus, #Texit was born.

While Silicon Valley's leaders have chosen to remain silent on Brexit so far, the initial market turbulence will lead to a prolonged period of confusion and unpredictability, experts say, with the repercussions felt on the continent and across the Atlantic.

In recent years, the European Union has emerged as an antagonist to Silicon Valley, challenging the ambitions of U.S. tech giants on an array of issues: taxation, data privacy, surveillance, and antitrust. Within the EU, Britain has largely taken a pro-market stance, in opposition to other national governments like Germany and France who have staked a more aggressive regulatory approach against dominant U.S. tech firms, like Google and Apple.

But now that Britain is slated to exit the EU, it's going to lose one of its important counterbalances, Daniel Hamilton, the founding director of the Center for Transatlantic Relations at Johns Hopkins University, told BuzzFeed News.

"The U.K. has always been a voice for open markets," he said, "and has been for light regulations in the EU context on all things — and that includes tech issues." The vote may also lead to an exodus of capital and businesses out of London, Hamilton added.

Hamza Shaban reports

Hospitals and care teams from around the country have been tweeting in support of European NHS staff on Friday, after Britain voted for Brexit.

The hashtag #LoveOurEUStaff was shared as a sign of appreciation for migrant workers in the UK's health service following the vote to leave the European Union.

EU migrant staff are understood to make up around 5% of the NHS workforce overall and around 10% of doctors, prompting concerns about the impact of the vote on the service.

Sara Spary reports

The UK has voted to leave the EU, and prime minister David Cameron has announced his resignation. Now people across the UK and beyond are asking questions about what the results mean and what happens next.

Check back here as we'll be updating.

From President Obama to House Speaker Paul Ryan, elected officials blasted statements, following the United Kingdom voting to leave the European Union, that said little other than repeatedly stressing the "special relationship" between the two countries. Tarini Parti reports.

Political and military officials in Iran applauded the results of the UK referendum, with one official calling it a "historic opportunity" for the Islamic Republic.

"Stars in the flag of unity are falling in Europe; Britain's exit from the EU is an historic opportunity for Iran," Hamid Abutalebi, deputy chief of staff of the presidential office for political affairs, was quoted as saying by the semi-official Tasnim news agency. "We should take advantage of this new opportunity."

Abutalebi said the EU had lost the trust of Europeans and that economic troubles in southern Europe, terror attacks, and refugee arrivals "are signs of the collapse of the EU."

Middle East Correspondent Borzou Daragahi reports

John McDonnell, speaking to reporters outside of parliament, said the Labour party would welcome a general election.

Speaking in the wake of the dramatic decision by the UK electorate to leave the EU, Labour's former spin doctor said the "government was in meltdown" and that we could expect "chaos" in the coming years.

Drawing short of directly criticising Labour leader Jeremy Corbyn, he went on to ask: "Does the Labour party look like it can win a general election? ... I think the answer is pretty obvious."

While conceding that some of the disaffection stemmed from his period in government advising Tony Blair, he made a connection between the prospects of the current Labour leadership and the decimation of Scottish Labour in the last election. "Scotland was a place where we thought that we could win forever," he said.

He went on to say that "part of the act of leadership is to be honest about whether you can lead".

Responding to the Brexit vote, presumptive Democratic presidential nominee Hillary Clinton said she respected the choice British voters had made, and that the first task was to "make sure that the economic uncertainty created by these events does not hurt working families here in America".

"We also have to make clear America's steadfast commitment to the special relationship with Britain and the transatlantic alliance with Europe," she said.

Clinton added: "This time of uncertainty only underscores the need for calm, steady, experienced leadership in the White House to protect Americans' pocketbooks and livelihoods, to support our friends and allies, to stand up to our adversaries, and to defend our interests. It also underscores the need for us to pull together to solve our challenges as a country, not tear each other down."

Markets all over the world have dropped are in full freakout mode, the euro is falling, and investors everywhere are pulling money out of markets and putting it somewhere safe, meaning the US dollar and US government debt have both strengthened.

As of Friday 3pm (GMT), the S&P 500 and the Dow Jones Industrial Average both fell around 2.5% within minutes of trading opening in New York, while the tech- and pharmaceutical-heavy Nasdaq Composite Index is down almost 3%.

Japanese stocks, often a canary in the coal mine of a burning global economy, have fallen sharply, with the Nikkei 225 index dropping 8%. The Japanese yen also fell in value against the dollar, hitting102 yen per dollar, the highest level since August, 2014.

However, European stocks were some of the hardest hit: the FTSE 100, the main British index, dropped almost 9% when it opened and is now down 3.6%, while the Stoxx 600, an index of European stocks, is down almost 7%.

Business reporter Matthew Zeitlin reports.

"He is focusing on the issues that have come from the momentous decision that the country has taken," a spokesperson for Jeremy Corbyn told Press Association.

The Labour leader – who may face a leadership challenge on Monday after two MPs submitted a motion of no confidence – had been scheduled to appear on the Far Left tent at the festival.

In a statement, Barack Obama described the US-UK relationship as "enduring". The statement continued that the "United Kingdom's membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy.

"So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond."

"The United Kingdom and the European Union will remain indispensable partners of the United States even as they begin negotiating their ongoing relationship to ensure continued stability, security, and prosperity for Europe, Great Britain and Northern Ireland, and the world," Obama's statement ended by saying.

Australians banking with the Commonwealth Bank found on Friday morning and were unable to transfer Australian dollars into British pounds. The social media team said the bank was "temporarily suspending all retail customer exchange" until Monday morning.

Australia's Political editor Mark Di Stefano reports.

Biden, speaking in the middle of a six-day official visit to Ireland, said: "I must say we had looked for a different outcome."

"The United States has a long-standing friendship with the United Kingdom and that very special bond will endure. We fully respect the decision they have made," Biden told the Daily Telegraph.

The vice president is the first prominent US figure to speak about the UK's decision to leave the European Union.

The claim was one of the key statements made by the official Vote Leave campaign, and it was used in adverts and emblazoned on the side of the campaign bus.

Farage answered: "No I can't, I would never have made that claim. That was one of the mistakes made by the Leave campaign."

He added: "It wasn't one of my adverts."

Senior news reporter Rossalyn Warren reports.

The leaders of the European Union issued a joint statement saying while they regretted the UK's decision to leave the EU, it could not be delayed.

"In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it," the statement read.

Martin Schulz, President of the European Parliament, Donald Tusk, President of the European Council, Mark Rutte, Holder of the Presidency of the Council of the EU, Jean-Claude Juncker, President of the European Commission issued a joint statement on Friday morning, after Britain's momentous decision to leave the EU.

Following a meeting in Brussels, at the invitation of European Commission President Juncker, President Schulz, President Tusk and Prime Minister Rutte attempt to address the "unprecedented situation" facing the EU.

"We will stand strong and uphold the EU's core values of promoting peace and the well-being of its peoples. The Union of 27 Member States will continue," the statement read.

The leaders of the EU noted that "however painful" the removal of Britain from the EU would continue as quickly as possible – and warned that negotiations extracted by David Cameron ahead of the referendum vote would no longer stand. However, until leave is fully negotiated, the UK would remain a member state of the EU, "with all the rights and obligations that derive from this".

The statement also noted the leaders' "hope" that the UK will be a "close partner of the European Union in the future".

Jeremy Corbyn is facing an imminent leadership challenge in the wake of Britain voting to leave the European Union.

Labour MPs Margaret Hodge and Ann Coffey have tabled a no confidence motion against the Labour leader to MP John Cryer, chair of the Parliamentary Labour Party (PLP).

Cryer must decide whether to accept the motion. Although not a formal process but if backed by MPs, it would be highly symbolic and would likely trigger a new leadership contest.

The motion calls for discussion at the next PLP meeting on Monday, and should it be accepted it will trigger a secret ballot of Labour MPs the following day.

Corbyn's response to galvanizing the Labour vote during referendum debate was criticised as "lukewarm" by former Labour leader and PM Tony Blair earlier today.

Senior political correspondent Emily Ashton reports.

Merkel expressed "great regret" over the UK voting to leave the EU but promised to cooperate in the process of ending its membership, which she said could take many years.

"What today means for the next few weeks and months and years will largely depend on whether we the remaining 27 members of the EU can show our willingness not to come to hasty decisions after Britain's decision which would further intensify divisions in Europe.

"We need to be remain calm and composed and have composed and calm decisions.

"Time and time again we are confronted with people who have doubts as regards the direction that the EU has taken, not only in Britain but in other countries as well.

"We have to make sure that EU citizens can feel how the EU can make a positive contribution to the improvement of their lives – that's a task for the EU institutions and member states.

"The EU is one of the largest economic areas in the world. It needs to understand itself as a partner that is accompanying globalisation and is able and willing to shape the globalisation process. It is a unique society of values and ethics.

"We have to draw our conclusions of the [British] exit decision with historic dimensions. It may be hard to image in but we should never forget, especially in these days and hours, that the idea of European unity is the idea of european peace. After centuries of terrible bloodshed the found fathers of the eu found a path which they enrshined these ideas in the Roma treaties nearly 60 years ago.

"This is and will remain in the future something which is not to be taken for granted. We all see that this ia a world in turmoil. In Europe we still feel the effects of riots, unrest and war, wars that have cost the lives of so many people and evicted people from so many counties.

Germany has a specific and a specific responsibility for European integration to succeed, hence I inter the French press FH and DT and Italisn PM Rensi to come to Berlin to come for talk on Weds next week.

"For a member to leave the EU we have a designed process. This envisions many years [of] negotiations to deal with various aspects of Britain leaving the EU. While this continues Britain will remain a member of the EU."

U.K. News Reporter Sara Spary and Business Editor Simon Neville reports

Scotland's first minister said it was "democratically unacceptable" for Scotland to be taken out of the European Union.

"Scotland has voted to say in the EU and I intend to discuss all options to do so," Sturgeon, flanked by an EU flag and a Scottish saltire, continued. "I'm proud of Scotland and how we voted yesterday," she said. "We said clearly we don't want to leave the European Union."

She said there had been "significant and material change in circumstances," since the Scottish referendum vote in 2014, when the country voted to remain part of the UK. As a result of the referendum's result, Sturgeon said the option for a second independence vote "must be on the table" and that her government "will begin to prepare the legislation required".

Finally, Sturgeon emphasised that England, Wales and Northern Ireland will "always be our best friends".

Scotland correspondent Jamie Ross reports.

President of the European Commission Jean-Claude Juncker has confirmed that David Cameron's renegotiation deal made in February is now void.

Speaking in Brussels, Juncker said: "The British people have expressed their wish to leave. We regret this decision, but respect it."

"EU law applies in the U.K. to the full, until the U.K. exits. There will be no renegotiation. There will be no renegotiation," he added.

"And with regards to the United Kingdom, we hope to have it as a close partner of the European Union also in the future. We expect the United Kingdom to formulate its proposal in this respect. Any agreement, which can be concluded with the United Kingdom as a third country, will have to reflect the interest of both sides and be balanced in terms if rights and obligations. with regard to the UK, we hope to have it as a a close partner of the EU in the future."

Juncker also refused to answer a question over whether Brexit is the "beginning of the end" for the European Union.

Homepage Editor/Breaking News Reporter Francis Whittaker reports.

Boris Johnson has tried to reassure young people in the UK about their future after Britain backed leaving the EU largely owing to older voters.

Looking unusually sombre, Johnson emphasised Britain's ties with Europe would continue and made a direct appeal to the younger generation.

"It is the essence of our case that young people in our country can look forward to a more secure and more prosperous future, if we take back our democratic control."

"I want to speak to the millions of people who did not vote for this outcome, especially young people, who may feel that this decision in some way involves pulling up a drawbridge or any kind of isolationism. Because I think the very opposite is true," the former London mayor said. "Britain will continue to be a great European power," he added.

Johnson, who was one of the most prominent campaigners for Leave, spoke at Leave HQ in London on Friday morning, alongside fellow Leave MP Michael Gove.

He paid tribute to Cameron calling him a "brave and principled man". Johnson, who has been repeatedly discussed as a possible successor to Cameron, said it was now-former PM's "bravery" that allowed the UK to vote for the first time.

Finally, Johnson also addressed that holding a referendum was misguided. "Some people are now saying that was wrong, and that the people should never have been asked in this way. I disagree. I believe it was entirely right and inevitable."

The cabinet minister said that the UK was "open to the world" and said that Britain now had "a chance to extend that openness even further," he said.

Gove, who has spoken of his personal friendship with Cameron, who he has known the since they attended university together, also paid tribute to Cameron, saying he deserves to be "remembered as a great prime minister".

Weekend editors Matthew Champion reports.

Speaking on Sky News, the former PM said there would "be very big consequences" following the decision to leave the EU. Blair said it would be a "huge task to bring people back together".

"The most important thing is that we minimise the bad consequences, and we see how we can try and find a way forward," he said. Appearing emotional, Blair finished by saying: "There's no point in hiding it, for me, this is a very very sad day."

However, he also took a swipe at Labour leader Jeremy Corbyn, criticising him for the "lukewarm" campaign to stay part of the European Union. "I don't think we really organised and mobilised our supporters to understand this was not a protest vote against the Government, or indeed against the establishment.

"It was a decision, and it's a decision that will have enormous consequences," he said.

In a later interview to the BBC, Blair urged the government not to make any "rash decisions" and praised David Cameron's decision not to invoke Article 50 of the Treaty of Lisbon. Doing so would start exit negotiations.

Once again, the former Labour leader called for "reflection" following an incredibly dramatic night in British politics.

The former London mayor, one of the highest-profile Leave campaigners, was mobbed by crowds as he left his London home.

Johnson is yet to give a public statement following the result, but it is expected he will address the UK at around 10am Friday morning.

Speaking as he opened his controversial golf course in Turnberry, Scotland, the Republican presidential candidate said the people of the UK had "taken back their country".

In a statement released shortly after he landed, Trump said the British people had exercised their "sacred right" to "reassert control".

"They have declared their independence from the European Union and have voted to reassert control over their own politics, borders and economy," he said.

Under a Trump administration, he promised to strengthen bonds between the UK and the US in terms of commerce, culture and mutual defense. Seemingly without irony, he spoke of how the world was "more peaceful and stable" when nations – America and Britain – were "united together".

His praised the British people, and called on a similar sea-change in the US. "They will have the chance to reject today's rule by the global elite, and to embrace real change that delivers a government of, by and for the people."

Trump ended his statement with: "I hope America is watching, it will soon be time to believe in America again."

Deputy news director Tom Namako and DC bureau chief John Stanton, in Scotland, reports.

Sadiq Khan says to Europeans in London: "You are welcome here."

"I want to send a particular message to the almost 1 million Europeans living in London, who make a huge contribution to our city – working hard, paying taxes and contributing to our civic and cultural life," the London mayor said in a statement shortly after the PM's resignation.

"You are welcome here. We value the enormous contribution you make to our city and that will not change as a result of this referendum."

Khan, who campaigned for a Remain vote, said he believed that the UK was "better off within the European Union" but added that the "democratic will" of the British people must be fulfilled.

Like Bank of England governor Mark Carney, he urged calm, saying: "There is no need to panic."

Mark Carney has attempted to reassure the markets following the UK's shock decision to leave the EU and the PM's dramatic resignation.

The governor of the Bank of England said the UK was "well-prepared" for Brexit, but warned there would be some "market volatility".

Carney, attemptng to steady plunging shares, said the Bank "will not hesitate" to make decisions and that it has £250 billion to invest to help markets recover. "The bank will assess economic conditions, and we will consider any additional policy decisions," he said.

Business editor Simon Neville reports.

David Cameron has announced that he will resign as prime minister following the UK's shock decision to leave the European Union.

"There can be no doubt about the result," he said.

Cameron said Britain needed "fresh leadership" and said that it was "not right for me to be the captain who steers the country to its next destination".

He did not give a date for his departure, but said that it would be before the Conservative party conference this autumn.

Calling the referendum "a giant democratic exercise, perhaps the biggest in my lifetime," Cameron congratulated both the Remain campaign and the victorious Leave campaign.

Cameron, who had strongly campaigned for a Remain vote, gave a press conference outside Number 10 Downing street on Friday morning. In the hours leading up to his resignation many pundits had predicted his departure, but close allies – such as Phillip Hammond – had backed the now-former PM.

Cameron went on to add: "I would reassure those markets and investors that Britain's economy is fundamentally strong"

Political editor Jim Waterson reports.

The UK will be excluded from talks on its departure from the EU, Donald Tusk confirms.

The president of the European Council confirmed that he has spoken to all 27 leaders, and they will meet on Tuesday – without the UK – at the margins of the scheduled Council to agree next steps.

He began by saying that there is no way of predicting the consequences of Brexit, especially for the UK.

He said the EU is prepared for this scenario, and is determined to keep the union of 27 intact. He added that that there will be no legal vacuum in the interim – all rights and obligations will be respected.

He said the procedures for withdrawal are set out by the treaty. Tusk also invited Europe's leaders to reflect on the future of the EU and the tough past few years.

Europe editor Alberto Nardelli reports.

"We have to look at the situation, see where the markets settle, see what the immediate impact on the economy is and see how best to proceed," the foreign secretary told the BBC's Today programme.

"I believe that outcome, economically, will not be as good as it would've been if we'd remained in the European Union."

News reporter Laura Silver reports.

Far-right European politicians and populist leaders are celebrating as they wake up to the news that Britain has voted to leave the European Union.

Marine Le Pen, leader of the France's National Front party, said it was a "Victory for freedom. Just as I've been calling for years, we must have the same referendum in France and across EU member states."

Meanwhile, Geert Wilders, the Dutch leader of the anti-immigration Party for Freedom, called for a referendum in the Netherlands.

Political reporter Siraj Datoo reports.

Nigel Farage has called for a "Brexit government" in a short speech given on College Green in Westminster. Surrounding by cheering supporters, the UKIP leader said: "The Eu is failing, the EU is dying, I hope we have knocked the first brick out of the wall. I hope this is the first step towards a Europe of sovereign states."

Farage said immigration "was the issue that ultimately won this election", and attributed the success of the UKIP to the high turnout in the Midlands and the North of England.

He said it would be "very difficult" for David Cameron to remain PM following the dramatic vote. "The first thing we have to do is have a government that is committed to Brexit. That is absolutely key."

Finally, Farage called for 23 June to become a national holiday.

The world is slowly waking up and reacting to Brexit.

Front National leader Marine Le Pen and Dutch Party for Freedom leader Geert Wilders have called for France and the Netherlands to hold their own referendums on leaving the EU.

Meanwhile, the markets reacted badly. Overnight, sterling fell to its lowest level since 1985 – the biggest one-day plunge ever. In Japan the Nikkei slumped by the greatest extent since the Fukushima earthquake. The markets will open in the UK at 8am.

Weekend editor Matthew Champion reports.

Senior staff writers Hannah Jewell and Tom Phillips talk to our reporters about what's happened, what could happen, and what it might mean.

The Bank of England says it will take "all necessary steps" to ensure financial stability.

Reacting to news of a Leave vote, and in a move to calm market fears, the Bank of England released a statement on Friday morning, saying it was "monitoring developments closely".

The statement said the Bank was "undertaking extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks".

It added that the BoE "will take all necessary steps to meet its responsibilities for monetary and financial stability".

Special correspondent James Ball, senior reporter Patrick Smith, and senior political reporter Emily Ashton report.

News reporter Laura Silver reports.

European Union leaders will deliver a stark message to Britain on Friday morning, saying that while they are sorry the UK has voted to leave, the separation must now happen quickly.

Senior EU government officials have told BuzzFeed News the response to the vote is designed to make clear that the rest of the Europe is unwilling to let the Brexit process fester or to agree any new concessions for Britain.

Asked about the possibility of further concessions from the EU, one senior official said: "What would concessions mean? 'Please do stay, we'll let you blackmail us any time you see fit?'"

Donald Tusk, the president of the European Council, is expected to speak on Friday morning after UK prime minister David Cameron has addressed the nation. Sources say that his message could be summarised as: "Life goes on".

Read more about the reaction from EU leaders here.

Europe editor Alberto Nardelli reports.

Britain has voted to leave the European Union in a historic referendum result that is likely to end the career of prime minister David Cameron and exposes deep divisions in the country.

The victory for the Leave campaign, which flew in the face of opinion polls which had suggested a narrow win for Remain, overturns 40 years of British membership of the European project and sent the currency markets into immediate panic, with the pound plummeting to its lowest level since 1985.

While Scotland and London voted for Remain, anti-EU voters turned out in larger numbers across large swaths of England and Wales to reject the pleas of Cameron and the other main party leaders to stick with the EU. The only party leader to back Brexit was UKIP's Nigel Farage.

The result is an enormous personal defeat for Cameron, who called the referendum to head off Eurosceptics in his own party and counter the rise of UKIP. After claiming to have won a series of reforms from the EU, he gambled his premiership on winning the vote for Remain.

But by 4am on Friday it had become clear that the gamble had backfired, as first ITV News and then the BBC and Sky News declared that Leave had won by a projected 52% of the vote to Remain's 48%. Politics editor Jim Waterson reports.

Leave.EU co-founder and co-chair Richard Tice has said Downing Street is to blame for the "sterling drop and market turmoil".

"When looking for reasons the Pound has dropped after we voted to leave the European Union we need look no further than Number 10 and 11 Downing Street and their complicit international institutions," he said.

"Their scare stories weren't enough to panic the British public into voting remain but they most certainly have been enough to concern investors unnecessarily in the short term.

"The UK is a strong economy with fantastic hard working people and we can continue to go from strength to strength. This will flow through into the markets in due course, sooner than the scare stories would have you believe."

Political reporter Siraj Datoo reports.

These are the winners and losers of the EU referendum:

Winners include Nigel Farage, Boris Johnson, and older voters. Losers include David Cameron, Jeremy Corbyn, and pollsters.

Farage has the victory he's dedicated his entire political career to: securing the UK's exit from the EU. Meanwhile the prime minister will come under substantial pressure to resign in the next few days (or even hours); even if he clings on for a time, he will be remembered as the prime minister who led his country out of Europe against his will. Read the full list of winners and losers here.

Special correspondent James Ball reports.

Scotland's first minister, Nicola Sturgeon, has released a statement following the latest news.

"Scotland has delivered a strong, unequivocal vote to remain in the EU, and I welcome that endorsement of our European status," she said.

"And while the overall result remains to be declared, the vote here makes clear that the people of Scotland see their future as part of the European Union.

"Scotland has contributed significantly to the Remain vote across the UK. That reflects the positive campaign the SNP fought, which highlighted the gains and benefits of our EU membership, and people across Scotland have responded to that positive message.

"We await the final UK-wide result, but Scotland has spoken – and spoken decisively."

UKIP leader Nigel Farage was accused of poor taste after he said the campaign for a British exit from the European Union has been won "without a single bullet being fired".

Farage's comments come just eight days after Labour MP Jo Cox was shot and stabbed on the way to her constituency surgery in West Yorkshire.

Wales rejects the EU despite receiving millions in funding.

One of the trends to emerge from the referendum so far is that many places that have received millions in EU funding have nevertheless rejected Remain. In Wales, which receives EU investment of around €653–747 million per year and only sends out net estimated contributions of about €630 million, 16 results have been declared for Leave and just three for Remain.

The results have shocked some commentators, but the Financial Times called the result back in February, quoting experts who said Welsh people didn't feel the money was making a difference, along with other issues such as Labour's poor running of the national assembly and the loss of steel jobs at Port Talbot, which it said some blamed on the EU failure to prevent Chinese steel imports. Discussing the issue of Wales, Liam Fox told ITV News: "Those of us who were campaigning outside of London could feel it."

Similar results are expected in Cornwall, which has received €650 million since 2007 from the EU. Many locals are understood to be furious at EU fishing policies, which they claim favour Spanish and French fishermen. Carlisle, likewise, is set to receive millions of pounds in flood damage relief funding from the EU, and has also voted Leave.

Senior reporter Alan White reports.

Vote Leave chief executive Matthew Elliott insisted the markets would settle down once people realised it would take up to two years for Britain to leave the EU.

He told journalists in Manchester: "There's less panic than people were suggesting. We'll see what happens tomorrow. But assuming it is a Leave vote, and it's still too early to call that, I think people will quickly realise actually Britain is still in the European Union and we'll be in the European Union for several months, if not a couple of years still to come, because nothing changes on day one."

He said Britain would soon start setting up trade deals with individual countries, including the US, and "very very quickly it will settle down".

Elliott said it was "looking good" for Leave but "we're not calling it yet, there's still a long way to go". Senior political reporter Emily Ashton reports.

A row has broken out between Labour and the SNP after a lower-than-expected turnout in Scotland led to accusations that Nicola Sturgeon's party failed to do enough to encourage people to vote.

When polls were still open, sources from both parties had expected a turnout of between 70% and 80% in Scotland, which was thought to be a boost to the Remain side as Scottish voters are much more likely to back staying in the EU.

However, after a series of relatively low turnout announcements, including just 56.2% in the SNP heartland of Glasgow, Labour accused the SNP of failing to convince people to mobilise its voters.

"I didn't see a single SNP activist the entire day today," a senior Labour source told BuzzFeed News. "Turnout in Glasgow shows they just didn't have a ground operation happening to turn out their voters."

Read more here.

Scotland correspondent Jamie Ross reports.

The American actor has been tweeting A LOT about the EU referendum result.

Here she is, for example, expressing her displeasure that the pound has dropped in value after Leave recorded an impressive result in Sunderland.

It has rapidly become clear from her social media accounts that Lohan is keeping a keen eye on the referendum.

Read more about it here.

Senior reporter Alan White reports.

Tory MP Steve Baker says he is confident of Brexit victory.

Tory MP Steve Baker, a prominent pro-Leave campaigner, said he was confident of victory for Brexit but believed David Cameron should stay on as prime minister.

He told reporters in Manchester: "Bearing in mind this has been a David and Goliath fight against all the odds, I think it's an astonishing thing that we're standing here now and Leave are tens of thousands of votes ahead at this early stage. So I'm very pleased.

"Honestly, I'm fairly confident we're going to win. I think, I'm standing here with hope in my heart that we will secure a Leave vote and take back control."

Asked whether Cameron should stay on, Baker said: "I think it's very important the prime minister stays on to calm the country and the markets and the Conservative party. We don't need to move straight from the furious battle we've had into a leadership contest."

But he was less effusive about chancellor George Osborne. "It is up to the prime minister who he appoints. George Osborne had a rough ride from everybody over his punishment budget, I spoke to many Remain Conservative MPs who thought it was a ludicrous idea so I think George Osborne will have to rescue quite a lot with MPs on both sides of the question."

He added: "I think it would very very surprising if Boris [Johnson] didn't get a senior position and Michael Gove to continue in a senior position."

Senior political reporter Emily Ashton reports.

Voter turnout heading for above 70%.

Ahead of today's referendum, most experts said that voter turnout could ultimately prove decisive. Many pollsters predicted that it would be in line with last year's general election (66%).

Early indications are that it will be higher and is currently heading for above 70%. However, there are important differences across the country. One signal that might worry Remain is that turnout in Scotland (where Remain is expected to do well) could be lower than expected, while turnout in areas that have voted Leave is comparatively higher.

It is still way too early though to make any firm conclusions. We just don't know if the trends we have seen in the first results in the North East, where Leave has performed even better than expected, will be replicated elsewhere. Nor do we have results from London and other large, more Remain-friendly cities. A high turnout in these, for example, could prove decisive. Initial turnout indications from the capital are mixed.

Europe editor Alberto Nardelli reports.

Shadow home secretary Andy Burnham said he understood the frustrations of Labour supporters in Sunderland and elsewhere who had voted Leave.

He told journalists in Manchester: "There are clearly a lot of Leave supporters in Sunderland – my direct message to them tonight and indeed to other Labour supporters across the country who have voted to leave is: We have heard you, we understand what you are saying.

"This referendum can't mark the end of the process, it's got to mark the beginning of some real work to address those concerns and a review of how freedom of movement works in practice.

"[Labour deputy leader] Tom Watson has said that in the campaign, [Labour leader] Jeremy Corbyn has proposed changes on wages and funding to support communities, and those things have to be taken forward now." Senior political reporter Emily Ashton reports.

Pound falls dramatically following Sunderland result.

Well, that pound rally didn't last long – folloing the Newcastle and Sunderland results, which were unexpectedly weak for Remain, sterling has plunged.

In what is reportedly the biggest fall in cents since Black Wednesday (the currency crash in the 1990s when Britain left the ERM), sterling crashed down to $1.44, wiping out all of the gains it made over the course of the week. It will likely remain volatile through the evening.

Betting markets are similarly correcting themselves after earlier swinging heavily in favour of Remain. Earlier this evening, Betfair showed just a 6% possibility of Brexit. It has since rallied to around a 40% probability. Special correspondent James Ball reports.

UKIP's only MP has criticised the party's controversial "Breaking Point" poster.

UKIP's only MP has criticised the party's "Breaking Point" poster, launched last week by Nigel Farage, as "morally" wrong,

"I think it was a fundamentally wrong thing to do," Douglas Carswell told the BBC. "It was morally the wrong thing to do, using a picture of people who had fled a war in Syria, going to Slovakia, that had nothing to do with he United Kingdom."

Carswell has sought to distance himself from UKIP leader Farage during the referendum campaign. He backed the official Vote Leave campaign rather than the Farage-backed Leave.EU.

He said the poster was "wrong because it gave ammunition to the other side", adding that he believed "nativism doesn't win elections in our country". It's important to note that Carswell was speaking before results from Newcastle and Sunderland put Leave in front.

Carswell added that the party needed to change. "We need to change, but the way to appeal to decent-minded people who want change is not by whipping up some sense of the other."

Political reporter Siraj Datoo reports.

Sunderland votes Leave at 61%.

Sunderland has gone to Leave with 82,394 votes. Remain received 51,930 votes.

Voter turnout was at 65%.

UKIP deputy leader says 48-hour voter registration extension may have swung it for Remain.

UKIP deputy leader Paul Nuttall has refused to comment on Nigel Farage's apparent concession, saying he hadn't heard his comments.

But Nuttall suggested that the 48-hour extension to voter registration may have swung it for Remain. "It did seem odd, didn't it, that it went down for a couple of hours and then the government gave two extra days," he said. "But this could go any way so let's leave the debate until later on."

Asked by reporters in Manchester whether he was confident of victory for Leave, he said: "Flip a coin. We really don't know, it's far too early to call. I'm not Nostradamus – we just don't know." Senior political reporter Emily Ashton reports.

Newcastle votes are in.

Remain has taken a very narrow lead of 51% over Leave in Newcastle.

The total number votes for Remain was 65,404, while 63,598 votes were cast for Leave.

Turnout was 68%.

Later the ambassador retweeted an article about "the pragmatic case for voting for Brexit".

There has been significant frustration in Europe's capitals during the past few months towards the UK government. Many feel that Britain's attitude has not always been the most productive and engaging – and that ultimately David Cameron's referendum was an unnecessary risk called only to placate his backbenchers and the rise of UKIP.

Days before the referendum, French president François Hollande said that a UK move to leave the EU would be "irreversible".

Europe editor Alberto Nardelli reports.

84 pro-Brexit Tory MPs have signed a letter urging David Cameron to stay on regardless of the vote.

Dozens of anti-EU Tory MPs have signed a letter uniting behind the prime minister as the polls closed on Thursday night.

The letter, organised by backbench MP Robert Syms, has been circulating among Conservative politicians for a few weeks and 84 Tory MP gave their support to the letter. That means some 45 Tories who backed the Vote Leave campaign did not sign it.

The move comes after a referendum campaign that has been rife with infighting among Tory MPs.

There also appears to be a party operation to ask MPs to publicly talk about how the party has "delivered on the referendum" and that "now is the time for us all to come together". Many are even tweeting exactly the same thing.

Political reporter Siraj Datoo reports.

Pound rises to its highest value all year.

There's some evidence that the City is now quite confident Remain have won the EU referendum. The uncertainty over whether the UK would exit the EU has hurt the value of the pound for several months.

As evidence has started to point to a likely Remain victory – primarily YouGov's on-the-day poll of voters showing a 52% to 48% lead for Remain – the pound has suddenly surged against the dollar.

At the time of writing, the pound has suddenly jumped in value to $1.50 against the US dollar, which is its highest value all year. There have been widespread rumours that hedge funds have commissioned private exit polling, so this confidence may be boosted by this private evidence.

Special correspondent James Ball reports.

Speaking to Sky News, Nigel Farage said "it looks like 'Remain' will edge it".

Remember it is very early and we still don't know anything clear yet.

The final result of the EU referendum will be announced at Manchester's town hall around "breakfast time" on Friday, according to an Electoral Commission official, Emily Ashton reports.

Journalists were told it was very unlikely that a declaration would be made before 7am. Serious flooding in the southeast of England also means that counting in some areas may take longer than expected, as ballot boxes may be delayed in getting to the local count venues once polling closes at 10pm.

Electoral Commission chair Jenny Watson, who is the chief counting officer for the referendum, will announce the final result on Friday when every local count venue has declared. But the official warned that just one ballot box being delayed could push the timing back significantly.

Let's get this referendum party started...

Good evening everyone. Are you staying up for the results? Because if you are, there's a load of us here at BuzzFeed HQ in London and at some of the biggest counting centres ready to bring you all the latest.

If you aren't, sensible you, and we will have everything you need to know when you wake up Friday morning.

The polls don't close for another 30 minutes and there will be several hours of waiting around for results but as soon as they do (about 12.30am) we will have you updated.

In the meantime we have loads of fun stuff planned and will be keeping you entertained until there's some numbers to report.