Value of the Pound tumbled after first results in referendum
 Tbilisi 12:47 - 24.06.16 «GHN»
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The UK has voted to leave the EU - a process that has come to be known as Brexit. Here is what is likely to happen next.

At exactly 06:00 BST it was confirmed that the UK had voted to leave the European Union. The first thing to stress is that the UK will not leave immediately. The UK will still be a member of the European Union at this stage. The process of leaving will begin, however.
David Cameron will almost certainly make a statement - more likely than not in Downing Street.

This will be followed by a statement to Parliament on Monday or earlier if MPs demand a special sitting on Friday or Saturday. During the campaign, Mr Cameron insisted that he would not quit as prime minister in the event of a leave vote. However, it remains widely expected that as the British people have rejected his advice to stay in the EU, this would be the time to announce his departure.

The markets react to this process. All eyes will be on the City of London when trading starts at 08:00 BST. The value of the pound tumbled after the announcement of the first results in the referendum - falling to its lowest levels against the dollar since 1985.
Some in the Leave camp acknowledged there would be a short-term "blip" in the markets but insist things will quickly return to normal. Bank governor Mark Carney is likely to emerge as a key figure in the following hours and days and the European Central Bank is also likely to react swiftly given the scale of the changes to the EU that will follow a UK vote to leave.



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