Brexit reaction as it happened: Fallout from Britain's historic vote to leave the EU continues

That's a wrap for today's live blog. Make sure to follow @IBTimesUK and www.ibtimes.co.uk for all of your political and business news as the fallout unfolds in the wake of the UK voting to split from the EU.

Meanwhile, Leave.EU co-founder and Ukip donor Arron Banks has told the Electoral Commission to "bite me".

Michael Gove and Boris Johnson, the Tory duo behind Vote Leave's EU referendum victory, are nowhere to be seen. Liberal Democrat leader Tim Farron demanded Cameron tell him where the top Conservatives are. "It's not up to me to ensure attendance in the chamber," the outgoing prime minister replies.

Outspoken Labour MP Dennis Skinner shows his support for Jeremy Corbyn. We're pressuming he didn't mean 'V' for victory...

UPDATE: There's a Vine!

SNP's Angus Robertson has told Cameron Scotland has "no intention" of leaving the EU given they voted to stay in by such a huge margin.

He said:

We have no intention whatsoever of seeing Scotland taken out of Europe - that would be totally, totally democratically unacceptable. We are a European country and we will stay a European country and if that means we have to have an independence referendum to protect our place, so be it.

Corbyn also managed to thank Cameron for some of his services to the UK during his time as prime minister.

He told MPs:

On a personal note, I have many fundamental disagreements with the policies of the Prime Minister and his government, nevertheless, he led a government that delivered equal marriage against the majority of his own MPs and was right to do, I want to thank him too for his response to the Bloody Sunday inquiry and his reaction to the tragic murder of Jo Cox."

Full quote from Cameron regarding not triggering Article 50 just yet.

In the last few days I've spoken to Chancellor Angela Merkel Francois Hollande and a number of other European leaders. We have discussed the need to be further negotiations and in particular the fact that the British government will not trigger Article 50 at this stage.​"

Cameron repeats line that leaving EU was "not the path I wanted to be taken".

Now Corbyn takes the stand, calls the vote a "reflection on the significance of the issue" but accepts the people's vote. Corbyn invokes some laughter when he mentions how people have felt felt "disenfranchised and powerless".

Cameron confirms Scotland, Wales and Northern Ireland and Gibraltar will be involved in future discussions with EU ahead of their exit. Cameron said he will not be triggering Article 50 until Britain knows what kind of relationship they want with Europe - something their new incoming PM must decide.

Cameron makes joke while welcoming new Tooting MP Rosena Allin-Khan, telling her to keep her phone on as she "might be in shadow cabinet by end of the day".

"And I thought I was having a bad day" he adds.

Also repeats line about the vote being the "biggest democratic exercise in our history".

Cameron uses opportunity to condemn recent examples of racism across the UK in the wake of the Brexit vote. He told MPs: "We will not stand for hate crime or these kinds of attacks - they must be stamped out."

Keir Starmer, junior shadow minister and former Director of public prosecutions, is the latest name to resign over the Corbyn saga.

David Cameron is set to make a statement in the House of Commons on the EU referendum outcome at around 3.30pm.

According to pro-Labour group Momentum, there will be as many as 4000 people gathering outside parliament at 6pm tonight to show solidarity for the troubled Labour leader.

Emma Rees, a national organiser for Momentum, said:

"The huge numbers of people signed up for tonight's rally in such a short space of time just goes to show the popularity of Jeremy Corbyn and his ideas.

"Momentum supporters are disappointed with the orchestrated Shadow Cabinet resignations. These actions are grossly irresponsible at a time of national crisis following the Brexit vote.

"We are ready to throw everything at building the Labour Party and the movement for a New Politics that Jeremy Corbyn leads."

Matt Wrack, General Secretary of the FBU, said:

"If there was any right time to back the labour party leader, it is now. But it's not just the right time – it is critical.

"Jeremy Corbyn has a long history of solid support for firefighters and the FBU, and he has pledged that if he came to power he would ensure investment in the service instead of cutting it to the bone. He is a committed trade unionist who holds very dear the value of workers' rights and fairness in the workplace. To desert him now would be very short sighted. What happened to 'Jez We Can', and to the enormous feeling of optimism in this country when he became leader of the labour party?

"It is time to pull together, get behind the party's elected leader and give him the support he needs to do the job he was appointed to do. I will be speaking tonight at the Momentum event and hope that this rally will galvanize party members into supporting the man they elected."

We have a video of former shadow armed forces minister Toby Perkins explainng why he left Corbyn's cabinet.

uhe Public and Commercial Services (PCS) Union have also come out in support of Corbyn while condemning those who have left over the past two days.

The union added in a statement:

Elsewhere, Unision general secretary Dave Prentis has come out in support of Corbyn.

He added:

Labour Party veteran Alan Johnson has launched a scathing attack on Corbyn, with the leader of the Labour In claiming his office office was "working against the rest of the Party" with regards to the EU Referendum at times.

In an email, Johnson added:

As Chair of 'Labour In For Britain' I take my share of responsibility for the way the Labour campaign was run. I couldn't have wished for a better Head of the campaign than Brian Duggan; and our Labour Party staff and activists, from Iain McNicol to our Regional staff and CLPs, were magnificent. They cannot be blamed for the outcome and should be very proud of the work they did.

Everyone else needs to make their own assessment as to whether more could have been done to prevent this disastrous result. I will certainly do this, as I hope will the Leader's Office. At times it felt as if they were working against the rest of the Party and had conflicting objectives.

I was proud to work with some great people who tried their very best to get the result we all wanted. Nobody in the Leadership had the right to undermine their efforts.

After just thinking it's been a while since someone left the shadow cabinet, along comes MP for Liverpool Wavertree Luciana Berger to announce she's stepping down from her role as minister for mental health.

If you've lost count on the number of resignations in the Labour camp so far – and no one would blame you if you had – then here's a quick video of most of them so far in tweet form.

Moving away from the Labour leadership crisis for (possibly) just one moment, there's some breaking news that the Tory party's 1922 committee has recommended a new Conservative leader should be in place by 2 September at the latest, with nominations closing on Thursday (30 June).

It's not just his own MPs who are calling for Corbyn to stand down as now London Young Labour (LYL) have attacked the party leader for failing to deliver a "clear or passionate Labour message for why to vote Remain".

They added in a statement:

To those young people damaged by this result, there must be action. Jeremy Corbyn failed to articulate what so many young people believed was right- to remain in the EU – and failed to turn large numbers of young people out to vote.

His leadership left large proportions of our membership confused as to where Labour stood on the EU, and damaged us in Labour heartlands. In many Labour areas, the electorate voted to Leave the EU by a large margin, despite the party's position backing a Remain vote.

We believe that the Labour Party London Young Labour (LYL) exists to promote Labour candidates and socialist values. Leaving the European Union is a huge blow to those values – it is much worse than losing a general election.

This will mean huge losses for young people. Lost jobs, opportunities, studying, friendships, relationships as well as a loss to London as a global city.

And another one

Here's another resignation.

John McDonnell, who still has his job in the cabinet as Labour shadow chancellor, has given his opinion of Osborne's speech from earlier.

Soon after her sister, Marie Eagle has now just resigned as Shadow Culture, Media and Sport minister, with Nia Griffin also stepping down as Shadow Secretary of State for Wales.

Lord Mervyn King, a former governor of the Bank of England, reportedly says economic difference for UK inside or outside the EU is "not that big".

Scottish Labour leader Kezia Dugdale wants "clarification" on how Jeremy Corbyn voted in the EU referendum. The Labour voted to leave the European Economic Community in the UK's 1975 referendum.

Angela Eagle has quit as shadow business secretary, a big loss for Corbyn. Here's a crucial section of her resignation letter to the Labour leader.

"While I respect the decision of the electorate, is it the communities we were both elected to serve that have been severely let down. They will be the first to suffer the economic consequences of this decision. They now face the prospect of a much more right-wing Tory Prime Minister and an advancing threat from Ukip in our heartlands which must be vigorously countered."

The 1922 Committee, the influential group of Conservative backbench MPs, are meeting in the Commons now to discuss the timetable of the party's leadership contest after David Cameron announced his intention to resign as prime minister in the wake of the Brexit result of the EU referendum on 23 June. The group is chaired by Leave campaigner Graham Brady, the MP for Altrincham and Sale West.

Here's the joint statement from Smith and Nandy in full:

Lisa Nandy and Owen Smith are the latest MPs to resign from the shadow cabinet, but crucially Nandy reportedly said she will not stand in a leadership election against Corbyn but believes Watson should take over as caretaker leader.

Another one has gone. Now Darlington MP Jenny Chapman has posted her resignation letter from the education team to Corbyn on Facebook.

She writes:

Jess Phillips has tweeted her resignation letter to Corbyn, with the tone typically straight talking from the MP for Birmingham Yardley.

Elsewhere, David Cameron has held his first cabinet meeting since the Brexit vote, most notably key Leave campaigner Michael Gove was among those in attendance.

Yet another shadow minister has gone as Roberta Blackman-Woods quits fromm housing role.

Boris Johnson, who set out his plans for a post-Brexit Britain in the column for the Telegraph, said gave a quick comment to reporters in which he says he believes "project fear is over".

The BBC have now backtracked on their previous story about Watson and Corbyn, changing headline to "consider position" and to expect leadership challenge, but ultimately the decision will rest with Corbyn on whether he leaves or not.

A source close to Corbyn has told IBTimes UK it is "categorically untrue" that Watson told the Labour leader he should resign. So hopefully that's cleared all that up.

Former shadow minister Diana Johnson has just tweeted her resignation letter to Corbyn, which was triggered following the sacking of Hilary Benn.

Ok, the BBC are now reporting that Watson has indeed asked Corbyn to resign after scores of his shadow cabinet leave.

The deputy Labour leader has reportedly told him he has "no authority with the PLP".

Contrary to previous reports, it appears Tom Watson has met with Corbyn but has not asked him to stand down as leader.

It's been a few minutes, but looks like we have another resignation from the Labour shadow cabinet.

Also, we have a video of the new shadow foreign secretary Emily Thornberry, who is one of the only Labour MPs to have come out to express support for Corbyn in the past few days.

Here's IBTimes UK's stand alone article on Labour's new shadow cabinet followng the ongoing mass resignations as aprt of a bid to put pressure on Corbyn to leave.

Labour leader Jeremy Corbyn has announced 10 new appointments to his shadow cabinet amid a string of resignations from his top team in protest against the left-winger and his performance during the EU referendum campaign.

Read the full article here.

Here's a video of the speech made by Osborne earlier this morning admitting the EU fallout will be difficult but insists Britain will cope.

Yet more bad news for the UK economy in wake of Brexit.

Video of Corbyn leaving his home in north London heading towards what is expected to be his meeting with deputy leader Tom Watson.

This could be the most significant intervention of the day if true. Watson previously refused to publicly back Corbyn amid the first wave of resignations following his return from Glastonbury festival.

Three more to the list, with Yvonne Fovargue quitting as Shadow minister for consumer affairs and science, Jess Phillips quitting as PPS and Ruth Smeeth quitting as PPS to the Shadow Northern Ireland and Scotland teams.

And another one! Now it's Steve Reed's turn to quit, shadow minister for local government, who believes Labour face "electoral annihilation" if Corbyn in charge at a possible general election in August.

Here's his full resignation letter:

Regarding the Cabinet reshuffle, some of the names were only elected as MPs in 2015, with Thornberry and Abbott – known loyal supporters of Corbyn – given two of the biggest jobs.

The Labour resignations are coming in so fast now it's genuinely hard to keep up. The latest one to go MP for Caerphilly Wayne David quitting as shadow Europe minister.

A full cabinet reshuffle has already been announced from Labour after more than a dozen MPs and shadow ministers have quit since yesterday.

Biggest news is that Emily Thornberry promoted to shadow foreign secretary and Diane Abbott to become shadow health secretary.

Here is the new shadow cabinet

Another name to add to that list is MP for Chester Chris Matheson from his role as Labour Justice PPS.

So just to recap, already this morning Toby Perkins has resigned as shadow armed forces minister, Diana Johnson has resigned as a shadow foreign minister and Anna Turley as shadow minister for civil society.

Stephen Kinnock has also quit as Parliamentary Private Secretary to Angela Eagle and Neil Coyle quit as PPS live on Sky News.

These are added to the 12 MPs who either quit or resigned on Sunday (26 June). The full list from Sunday are:

Hilary Benn (Sacked)
Heidi Alexander
Gloria De Piero
Ian Murray
Lucy Powell
Kerry McCarthy
Lilian Greenwood
Seema Malhotra
Vernon Coaker
Lord Falconer
Karl Turner
Chris Bryant

Breaking - FTSE 100 falls 0.82% at opening of trading, as fallout from Brexit vote continues to hit stock markets.

Yet another Labour MP has gone, this time Stephen Kinnock announces he is quitting as Parliamentary Private Secretary to Angela Eagle.

In his resignation letter, Kinncok said he believes Corbyn doesn't have the "skills or experience to ensure there is a strong Labour voice" at the Brexit negotiations in the coming years.

And here is the IBTimes UK's take on Osborne's speech - Brexit: George Osborne says Britain can cope with EU vote fallout but it will be difficult.

The full article can be read here

Here's the full speech made by Osborne in the wake of the UK's Brexit from the EU.

Today (26 June 2016) 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.

That is because in the last six years the government and the British people have worked hard to rebuild the British economy.

We have worked systematically through a plan that today means Britain has the strongest major advanced economy in the world.

Growth has been robust.

The employment rate is at a record high.

The capital requirements for banks are ten times what they were.

And the budget deficit has been brought down from 11% of national income, and was forecast to be below 3% this year.

I said we had to fix the roof so that we were prepared for whatever the future held.

Thank goodness we did.

As a result, our economy is about as strong as it could be to confront the challenge our country now faces.

That challenge is clear.

On Thursday, the people of the United Kingdom voted to leave the European Union.

That is not the outcome that I wanted or that I threw everything into campaigning for.

But Parliament agreed that there are issues of such constitutional significance that they cannot solely be left to politicians, and must be determined by the people in a referendum.

Now the people have spoken and we, in this democracy, must all accept that result and deliver on their instructions.

I don't resile from any of the concerns I expressed during the campaign, but I fully accept the result of the referendum and will do everything I can to make it work for Britain.

It is inevitable, after Thursday's vote, that Britain's economy is going to have to adjust to the new situation we find ourselves in.

In the analysis that the Treasury and other independent organisations produced, three particular challenges were identified – and I want to say how we meet all three.

First, there is the volatility we have seen and are likely to continue to see in financial markets.

Those markets may not have been expecting the referendum result – but the Treasury, the Bank of England, and the Financial Conduct Authority have spent the last few months putting in place robust contingency plans for the immediate financial aftermath in the event of this result.

We and the PRA have worked systematically with each major financial institution in recent weeks to make sure they were ready to deal with the consequences of a vote to leave.

Swap lines were arranged in advance so the Bank of England is now able to lend in foreign currency if needed. As part of those plans, the Bank and we agreed that there would be an immediate statement on Friday morning from the Governor, Mark Carney.

As Mark made clear, the Bank of England stands ready to provide £250 billion of funds, through its normal facilities, to continue to support banks and the smooth functioning of markets.

And we discussed our co-ordinated response with other major economies in calls on Friday with the Finance Ministers and Central Bank Governors of the G7.

The Governor and I have been in regular touch with each other over the weekend – and I can say this this morning: we have further well-thought-through contingency plans if they are needed.

In the last 72 hours I have been in contact with fellow European finance ministers, central bank governors, the managing director of the IMF, the US Treasury Secretary and the Speaker of Congress, and the CEOs of some of our major financial institutions so that collectively we keep a close eye on developments.

It will not be plain sailing in the days ahead.

But let me be clear. You should not underestimate our resolve.

We were prepared for the unexpected.

We are equipped for whatever happens.

And we are determined that unlike eight years ago, Britain's financial system will help our country deal with any shocks and dampen them – not contribute to those shocks or make them worse.

The second challenge our analysis identified in advance was the uncertainty that a vote to leave would bring in the coming months and beyond as Britain worked with its European allies to create a new relationship.

The Prime Minister has given us time as a country to decide what that relationship should be by delaying the decision to trigger the Article 50 procedure until there is a new Prime Minister in place for the autumn.

Only the UK can trigger Article 50, and in my judgement we should only do that when there is a clear view about what new arrangement we are seeking with our European neighbours.

In the meantime, and during the negotiations that will follow, there will be no change to people's rights to travel and work, and to the way our goods and services are traded, or to the way our economy and financial system is regulated.

However, it is already evident that as a result of Thursday's decision, some firms are continuing to pause their decisions to invest, or to hire people.

As I said before the referendum, this will have an impact on the economy and the public finances – and there will need to be action to address that.

Given the delay in triggering Article 50 and the Prime Minister's decision to hand over to a successor, it is sensible that decisions on what that action should consist of should wait for the OBR to assess the economy in the autumn, and for the new Prime Minister to be in place.

But no one should doubt our resolve to maintain the fiscal stability we have delivered for this country. To all companies large and small I would say this: the British economy is fundamentally strong, we are highly competitive and we are open for business.

The third and final challenge I spoke of was that of ensuring that Britain was able to agree a long-term economic relationship with the rest of Europe that provided for the best possible terms of trade in goods and services.

Together, my colleagues in the government, the Conservative Party and in Parliament will have to determine what those terms should be – and we'll have to negotiate with our European friends to agree them.

I intend to play an active part in that debate – for I want this great trading nation of ours to put in place the strongest possible economic links with our European neighbours, with our close friends in North America and the Commonwealth, and our important partners like China and India.

I do not want Britain to turn its back on Europe or the rest of the world.

We must bring unity of spirit and purpose and condemn hatred and division wherever we see it.

Britain is an open and tolerant country and I will fight with everything I have to keep it so.

Today I am completely focussed on the task in hand as Chancellor of the Exchequer to bring stability and reassurance.

In conclusion, the British people have given us their instructions.

There is much to do to make it work.

We start from a position of hard-won strength.

And whatever the undoubted challenges, my colleagues and I are determined to do the best for Britain.

A source close to Corbyn has told the IB Times UK a cabinet reshuffle in Labour is expected following the resignations shadow ministers.

And just like that, three more Labour MPs have also quit, including yet another member of the Shadow cabinet Anna Turney.

Elsewhere, Toby Perkins and Diana Johnson have also quit their roles as shadow ministers.

Yet another Labour MP has resigned in response to Corbyn's apparent lack of leadership during the EU Referendum, with some accusing him of being "nonplussed" about the Brexit.

Neil Coyle, MP Bermondsey & Old Southwark, announced he is resigning live on Sky News.

Here's the latest line from Reuters regarding the Asian stock market's response to Britain's decision to leave to EU

The chancellor added in his first speech since Thursday's (23 June) historic vote that "I we had to fix the roof so we were prepared for whatever the future held and thank goodness we did".

Some more reaction from Osborne's quick speech.

Osborne has also insisted to rest of the world that "We are open for business" following the Brexit from the EU.

More from our business reporter Dan Cancian on Osborne's speech:

Britain is ready to confront what the future holds from "a position of strength", George Osborne said on Monday (27 June), in his first public appearance after the country voted to leave the European Union last week.

Alongside outgoing Prime Minister David Cameron, the Chancellor had been the most high-profile figure within the 'Remain' campaign ranks but said he has accepted the results of the referendum.

"Thank goodness we fixed the roof, while we could," Osborne said in a speech at the Treasury in London.

"Leaving the EU was not the outcome that I wanted or campaigned, but now that democracy has spoken we must act on that result. I will fully respect that result."

The Chancellor, however, warned that the UK economy will have to adjust to the volatility generated by Friday's events. He added Britain faced three major economic challenges in the wake of a pro-Brexit vote, with volatility arguably the biggest of them all.

Osborne has also dismissed suggestions he will stand down as chancellor as he intends to "stand by his country".

He added: "I've got a very important job to do... to do what I can to stabilise the British economy and that is what I am 100% focused on and will continue to be focused on in the weeks ahead."

George Osborne in his first speech since the Brexit ensured the UK economy is "about as strong as it could be" as he spoke as trading started but admitted it was "not the outcome I wanted".

Osborne added: "Britain is ready to confront whatever the future holds for us."