View more on these topics

European policymakers urge swift UK exit from EU

Brexit 2

Senior European officials have said the UK must begin its exit from the EU “as soon as possible”, warning any delay could cause further uncertainty to markets.

A joint statement from 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, and Jean-Claude Juncker, president of the European Commission, says it regrets the UK’s decision to leave, but respects it.

“This is an unprecedented situation but we are united in our response. We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would unnecessarily prolong uncertainty,” the statement says.

German chancellor Angela Merkel adds that the decision is a “blow” to the EU.

In a statement to German press, she said: “We take note of the British people’s decision with regret. There is no doubt that this is a blow to Europe and to the European unification process.”

She added that the consequences of the decision “depend on whether we – the other 27 member states of the EU – prove to be willing and able to not draw quick and simple conclusions from the referendum in Great Britain, which would only further divide Europe”.

Merkel will meet with French president Francois Hollande, Italian prime minister Matteo Renzi and Tusk on Monday.

The joint statement from Schulz, Tusk, Rutte and Juncker, adds that the EU is already prepared to quickly begin talks on the relationship between Europe and the UK post-Brexit.

“We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union. Until this process of negotiations is over, the United Kingdom remains a member of the European Union, with all the rights and obligations that derive from this.”

The statement adds there is no room for renegotiation on the previous settlement agreed between the UK and the EU and it will “now not take effect and ceases to exist”.

“As regards the United Kingdom, we hope to have it as a close partner of the European Union in the future. We expect the United Kingdom to formulate its proposals in this respect. Any agreement, which will be concluded with the United Kingdom as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations.”

The European Central Bank adds that it is prepared to provide liquidity to markets if needed, saying it is “closely monitoring financial markets and is in close contact with other central banks”.

“The ECB has prepared for this contingency in close contact with the banks that it supervises and considers that the euro area banking system is resilient in terms of capital and liquidity. The ECB will continue to fulfil its responsibilities to ensure price stability and financial stability in the euro area,” a statement from the central bank adds.

The Bank of England has already pledged to provide £250bn in additional market liquidity, if needed, as well as helping to support foreign currency liquidity.



David Cameron steps down as Prime Minister

David Cameron has stepped down as Prime Minister following the UK’s definitive vote to leave the European Union. In a statement given this morning on the steps of 10 Downing Street, Cameron says: “I have always believed that we have to confront big decisions, not duck them. “It’s why I made the pledge to bring […]


Investors blocked from trading as markets seize up

Investors are unable to trade electronically across the industry as markets have seized following a surge in trading after the UK voted to leave the EU. A number of platforms are unable to process investor requests to trade, as they are not receiving prices from market makers, Money Marketing sister publication Fund Strategy understands. The surge in […]


FCA: EU negotiations will shape future of regulation

The FCA says regulation will be shaped by the negotiations to come on the future relationship between the UK and the EU. In a statement this morning, the regulator says the vote to leave the EU will have “significant implications” for the UK and for financial regulation. It says it is in very close contact […]

Pensions-savings-retirement-piggy bank

Defined benefit schemes: Part 2

Justin Corliss, business development manager In defined benefit (DB) schemes part 1, we looked at recent guidance aimed at DB scheme trustees and sponsors. In part 2 we will look at guidance available to pension transfer specialists (PTS). In the first instance, PTS should familiarise themselves with COBS 19. All guidance below is designed to […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. They will want us out fast and they will make the renegotiation of any trade deals as difficult as possible. They have to give us a kicking in order to discourage any other state trying to do the same thing.

    The unfortunate thing is that those regions of the UK that are likely to be hurt most by Brexit are precisely those areas that voted decisively for leave.

Leave a comment