EU Referendum BBC News Special

A moment of history as the UK votes to leave the European Union.

After more than four decades in the EU, a decisive vote as more

than 17 million people vote to leave.

David Cameron says he will now stand down as Prime Minister.

I will do everything I can as Prime Minister to steady the ship

But I do not think it would be right for me to try to be the captain

that steers our country to its next destination.

There was jubilation in the Leave camp.

Ukip's Nigel Farage called it a victory for ordinary people,

against the big banks, big business and big politics.

Nothing will change over the short term except that work will have

to begin on how to give effect to the will of the people,

and to extracate this country from the supranational system.

Dramatic falls for both the pound and the markets following the news,

but the Bank of England says it's taking all necessary steps

And the future of the UK is again on the table as Scotland's First

Minister says a second independence referendum is highly likely

after Scots voted overwhelmingly to Remain.

It is a significant and material change in circumstances,

and it is therefore a statement of the obvious that the option

of a second referendum must be on the table.

Yesterday's vote has claimed the scalp of the Prime Minister and

dropped the political establishment at Westminster. I will be talking to

leading politicians and commentators as British politics are absorbed

this shock result. I'm Matthew Amroliwala, life in

Brussels. The shock waves of reverberating around this place.

This simple question, what happens now?

I'm Robert Hall, life in the Fenland town of Wisbech, a region which

polled one of the highest pro Brexit results.

After more than 40 years, Britain has voted to end its membership

The vote was decisive - 52% chose to leave the EU,

Within hours, David Cameron announced he was standing

He said he'd stay in Number Ten for the next few months

but that the country required fresh leadership.

Boris Johnson, who campaigned for a Leave vote, said the UK now

had a glorious opportunity to pass its own laws,

set its own taxes and find its voice in the world again.

Let's take a closer look at the final result which,

shows that Leave secured its victory by a margin of more

In total, 17.4 million people voted for the UK to leave the EU.

That compares with the 16.1 million voters who backed Remain.

More than 72% of eligible voters took part.

In England, more than 15 million people voted for the UK

to leave the European Union, 13.2 million people backed Remain.

In Scotland every voting area came out in favour of Remain.

62% of Scottish voters backed Remain, with 38%

In Wales, Leave won over 52% of the vote and secured the most

votes in all but five of the 22 counting areas.

In Northern Ireland, which shares a land border

with the European Union, voters backed Remain -

with 55% of voters choosing to remain in the EU with 45% voting

Those are the big numbers, those are the numbers which tell you what has

happened in this seismic electoral event.

We'll have all the reaction from Westminster the City

and from Europe, but first our political correspondent

Carole Walker reports on the dramatic events so far.

The people have voted for a new destiny for Britain.

This means that the UK has voted to leave the European Union.

It is a decision few predicted at the start of this campaign.

A decision which has forced the Prime Minister out of office.

There was no hiding the emotion as David Cameron with his wife,

The British people have voted to leave the European Union

He had fought and lost the battle to persuade the country to stay

I fought this campaign in the only way I know how which is to say

directly and passionately what I think and feel,

But the British people have made a very clear decision to take

a different path and as such, I think the country requires

fresh leadership to take it in this direction.

I will do everything I can as Prime Minister to steady the ship

over the coming weeks and months, but I do not think it would be right

for me to try to be the captain that steers our country

From the moment the results starting coming in, just after midnight,

The total number of votes cast in favour of Leave was 82,000.

By the end of the night, Leave had won a clean sweep

across the north of England, the Midlands, the east

London was the only region of England to support

The result in Flintshire reflected the outcome across Wales.

But Northern Ireland voted to remain in the EU,

Sinn Fein said it intensifies the case for a vote

on whether Northern Ireland should leave the United Kingdom.

And Scotland, as expected, voted by a clear majority

Scotland's First Minister said it was democratically unacceptable

for it to be taken out of the EU against its will.

Scotland does now face that prospect.

It is a significant and material change in circumstances

and it is therefore, a statement of the obvious

that the option of a second referendum must be on the table

But at Westminster, jubilant Leave campaigners have been celebrating.

Nigel Farage said he was thrilled that the country had

decided to break free from what he called a failing,

17 million people have said we must leave the European Union.

A Government that gets on with the job.

A Government that begins the renegotiation of our

Boris Johnson struggled through the throng at his home.

Then paid tribute to the Prime Minister

for his bravery in giving the British people their say.

I believe we now have a glorious opportunity.

We can pass our laws and set our taxes entirely according

We can control our own borders in a way that is not discriminatory

but fair and balanced and take the wind out of the sails

of the extremists and those who would play

But in the City, shares plunged and the pound fell dramatically

despite all the attempts at reassurance from political

leaders and the Bank of England which promised to take whatever

measures where necessary to support the economy.

And there are now questions over the future of the Labour leader,

who has been blamed for a lacklustre campaign to remain in the EU

which failed to convince many Labour supporters.

Clearly, there are some very difficult days ahead.

The value of the pound has already fallen and there will therefore be

job consequences as a result of this decision.

REPORTER: The Prime Minister has resigned.

No reaction, but two senior Labour MPs have tabled a motion

of no confidence in Mr Corbyn's leadership.

I think Jeremy Corbyn should resign as leader of the Labour Party.

This was a test of leadership, the European referendum campaign.

He was very half-hearted in the leadership he gave

For Britain, for Europe as the country embarks

on a new and uncertain future outside the EU

That scene played at several hours ago when the Prime Minister and his

wife appeared in Downing Street. With me is our chief political

correspondent Vicki Young. Lots to discuss. Let's start with

that statement, the cold, -- Bertone, of course the content. It

is an incredible moment. Somebody said to me that when things change

in Westminster they change very fast. David Cameron just over a year

ago had won and unexpected election victory, basking in the glory of

that, here he is on the verge of tears saying he will stand down. I

don't pick anybody thought he would hang on for long if he lost the

referendum, there were some viewers get to Tory MPs who said, you have

this day, you have to lead the negotiations -- there were some

Eurosceptic Tory MPs. He has been rejected, you must not going to

spend the next year or two going through that process -- he was not

going to spend. And his legacy, what all prime ministers worry about,

potentially the possible break-up of the UK, leaving the European Union,

changes to how we trade, travel, talk to people, it was a big gamble

which simply did not pay. You mention some of the Eurosceptics who

said that the Prime Minister hang on. I could go Van Boris Johnson

among them. They had their own statements this morning, very solemn

intone -- Baikal Gove and Boris Johnson among them. -- Michael Gove.

Listening to them, it was like they had lost. Contrasting it with Nigel

Fry Zhu told me he had kippers and champagne for breakfast, he was

ecstatic. -- with Nigel Farage, who told me. They seemed surprised and

shocked. Michael Gove is a very close friend of David Cameron. Boris

Johnson, I think there is fear among the Conservatives about the

divisiveness not just within the party, the tone of the campaign, I

have seen a Conservative minister berating her Eurosceptic colleagues,

saying, you have made immigration a dirty word. Boris Johnson is trying

to appeal to young people, liberals, those people who voted Remain, he is

trying to say that he has a different vision for Britain than

that of Nigel Farage, he is trying to seize that mantle. He says he

wants to have a compassionate conservatism, the question is

whether he will try to be the next Prime Minister. Big questions, we

will talk in a while, not least about the future of the UK.

As the result became clear overnight, the pound

suffered its biggest drop on record - at one point falling to levels

The Governor of the Bank of England, Mark Carney, has sought to reassure

financial markets and said the Bank was well prepared.

Our economics correspondent Andy Verity reports.

Panic on the markets on a scale not seen since

The fear that this could turn into another one drove the pound

down 12% this morning, the biggest drop in half a century,

and when it opened at 8am, the stock market crashed.

The same man who warned Brexit could trigger a recession was now

seeking to prevent one through reassurance,

announcing he'd lend up to a quarter of a trillion pounds more to banks

Her Majesty's Treasury and the Bank of England have engaged in extensive

contingency planning and the Chancellor and I have

remained in close contact, including through the night

To be clear, the Bank of England will not hesitate to take additional

measures as required as markets adjust and as the UK

Mark Carney's intervention helped to stem the panic and both the pound

and the share market recovered nearly half their losses.

He deviated from his doomsday message from just a couple of weeks

ago to try and reassure the markets and also really to say

that he will do whatever it takes to prop up the UK economy

The markets love it when the central bank says we will do

But in Europe, shares were hit even harder.

Business people who count on the single market are worried.

The business community is really disturbed and disappointed by this.

We're going to have a period of volatility and instability

and uncertainty, and we see already in the markets things

that we were most concerned about, a drop in the value of sterling,

in the stock market and not just in the UK, around the world.

The immediate effect is on this, the value of the pound.

If you're a tourist coming to this bureau de change in London,

you'll get more pounds for your euros or your dollars.

On the other hand, if you are going on holiday will get more euros

Exporters may be more competitive because people abroad can buy more

of their goods for the same money, but imported prices,

goods coming into the country, they'll get more expensive.

Most economists warned Brexit would mean a weaker pound,

higher prices and slower growth, but no one's saying "I told you so".

They are praying their forecasts were wrong.

I want to tell you that Sadiq Khan has tweeted, "To every European

resident living in London, you are very welcome here." That's the

latest message from Sadiq Khan. That's after the tweet earlier on

where he said London will continue to be the successful city that it is

today. The message being don't panic, London will continue it's

success, but a more pointed message the second one to every European

resident living in London says the mayor, you are very welcome here.

What are the markets doing? It is a frantic and uncertain time. Our

business correspondent Ben Thompson is monitoring things for us in the

City. Ben, I couldn't help but notice you were tweeting about some

potential plans by some banks to move employees away from London. You

can address that for us, but first of all, what are the markets doing?

Yeah, Huw, thank you very much. I will take you to the market boards

because it has been a really volatile day so far on the markets

of the that's the current state of play across Europe. You see the one

there, that's the FTSE 100, down 3.5%, but you will notice the losses

elsewhere on the Continent are much worse. You can see in France, in

Paris, and in Frankfurt, markets falling more significantly. Read

into that what you will about what they make of the view of the UK to

leave the European Union. But within the next 14 minutes we will get the

view of America. New York and the stock market there will open. This

is the prediction of what we expect to happen. The futures, we're

expecting the Dow Jones to open down 2.9%. A similar picture on the S and

P 500, down 3.5%, they are digesting everything they've heard today and

looking for some sort of reassurance. I have been talking to

people here about whether investors are sitting on the sidelines trying

to get some sense of what happens next? Maybe it is on Monday that we

will start to discover what it is that the City really thinks, perhaps

it is a knee-jerk reaction and it was a surprise as far as the markets

were concerned. You touched on it there, Huw, the news from Morgan

Stanley, it telling us it is putting into place plans to move 2,000

London based staff out of the UK. It will move them, we're told, either

to Dublin or Frankfurt. It says the taskforce is already in place. Of

course, the big financial institutions have had contingency

plans in place. Contingency plans if the UK decided to leave the European

Union. And it is already enacting them. It says it will not wait for

the Article 50, beginning the procedure, the divorce of the UK

from the European Union. Well, it will not wait for that. It is

already doing it. 2,000 staff will move from its investment banking

division and it will make sure that happens over the course of the

coming weeks. If you put in into context, we heard from the President

of Morgan Stanley, he said that Brexit would be the most con qengsal

thing we have seen since the war. That's his view. Those 2,000 staff

are off. Markets in New York are expected to open down by about 3%.

Ben, thank you very much. Ben, mentioning contingency

planning. I must remind you what the European

Parliament President said today. He said there will be con qens for

Britain so other EU countries are not encouraged to follow the

dangerous path. That was the blunt message

For more on the impact that Britain's decision was the blunt

message will have on the remaining EU member states, let's turn

to Matthew Amroliwala who is in Brussels.

. The shock that's felt here in Brussels. There is anger directed at

David Cameron. There is real concern at the impact on the wider EU and

then there is the vast unknown in terms of what lies ahead. You were

talking about the language there. Blunt, but the leaders have tried to

moderate their language. They started with Donald tusk saying it

was not the time for hysterical reaction, but negotiating Britain's

exit, the terms, the time, that is going to be hugely complicated. In

the buildings behind me, they're trying to make sense of it all. The

leaders from Germany, France, Italy, they will be here next week to try

to make some sort of sense of what lies ahead in the coming weeks as

our correspondent Ben Brown now reports.

A new day breaks over the British coast and with it an entirely

Across the Channel, wall-to-all coverage of last night's dramatic

result and calls in some countries for a referendums of their own.

The German Chancellor has expressed what she called "great regret"

TRANSLATION: The consequences of this in the days,

weeks, months and years ahead will depend on the

We shouldn't draw any hasty conclusions which will

In Paris, President Hollande said the result is a grave

TRANSLATION: Europe cannot be like it was before.

The people are waiting for the European Union

And on the streets of Europe, ordinary citizens reacted

"It's a catastrophe" says a German farmer.

A Frenchman says he respects the decision but thinks

There has been turmoil on the world's financial markets

with huge falls across Europe and Asia and around the world,

leaders are still trying to absorb the enormity of what has happened.

We have seen already large falls on stock markets

and there will be a degree of uncertainty for sometime.

But one world figure celebrating today is Donald Trump

visiting his golf resort in Scotland, he praised the verdict

Well, you know, I said this was going to happen and I think

that it is a great thing and we will see, but I think it will be

REPORTER: Any words for David Cameron?

Basically, they took back their country.

There is much uncertainty ahead, not only for Britain, but for the

European Union itself. It is worth telling you more about

what has been said. Britain is committed to leaving the EU, which

means leaving the single market. The leaders here, the EU leaders, they

now want to get on with negotiating Britain's exit. They don't want

three or four month delay in terms of taking on board a new

Conservative leader and that, counters, directly with what we

heard from the timeline laid out by David Cameron when he was speaking

in Downing Street. So straightaway, you get the first of what are likely

to be many, many battles that lie ahead.

Huw, back to you. This result will have huge

implications right across the UK. Gavin Esle ression is in Scotland.

The statement from the First Minister, the potential timetable,

if there is one shaping up for a second referendum on independence?

Yes, Huw. Nicola Sturgeon has managed to be both very bold and

very cautious at the same time. Very bold in saying effectively this is a

game changer. This is Scotland being taken out of the EU against the will

of the Scottish people. And there will therefore be, it is highly

likely, she says, a second independence referendum. That's the

bold bit. The more cautious bit is how she is reacting. For instance,

she has been talking with Sadiq Khan, the Mayor of London. London

said we want to remain within the EU. It is not quite clear how that

might develop, but I'm told by people close to the First Minister

that she respects Sadiq Khan very much and thinks she can work with

him. Again, I don't know how it will pan out in the long-term. And also,

if the people of Scotland do vote in another independence referendum, the

First Minister says many former No voters will now switch to yes this

time and I've had that reaction on my Twitter feed and elsewhere, but

that kind of EU would they be voting to stay? That's why she has been

cautious and not laid out a timetable. Some of her councillors

are saying let's go ahead and have an independence referendum next May

when we have local council elections. I don't think that's her

timetable. We will have to see, because there will be a Cabinet

meeting tomorrow and she will talk to the Scottish Parliament on

Tuesday, but cautious as I say and trying to calm fears including the

fears of some of the people here in Scotland who have EU passports and

they might be wondering about their future. She says they're safe here.

Just a thought about other opinion in Scotland. We know, the SNP, of

course, is dominant in the Scottish Parliament, but what are the other

party leaders doing? All of the other party campaigners were

campaigning for Remain, weren't they? They were, indeed. That's an

interesting point. Ruth Davidson who put up a brave fight during the

campaign here in Scotland and also on the British national stage. She

is very strongly in favour of Remain. The leadership of her party

is about to change. And perhaps it will be a leadership that she finds

less congealial than the one of David Cameron. Kezia Dugdale has the

problem. Jeremy Corbyn is not the kind of leader that's firing up the

party base. She is saying, "Look, the people of Scotland are joiners.

We like to be within the United Kingdom and we like to be within the

European Union. So let's go carefully." All the parties here do

have their problems. Gavin, thank you very much. We'll

talk later on. We're going to go to Belfast and talk to Chris Buckler.

Chris, first of all, the broad response to what happened and then

maybe we can talk about the statement made earlier by Martin

McGuinness and his colleagues, but the broad response first Well, first

of all, there is that question now about all of those issues that were

brought up in the referendum specifically as regards Northern

Ireland. We are talk about it generally the Democratic Unionist

Party and the First Minister of Northern Ireland, Arlene Foster has

made it clear she welcomes the result. She had campaigned for a

Leave vote and she says there is no need to panic, but there are people

now asking questions about what it will mean along the border? Will it

means Customs check points being put in place? The Irish Government is

considering this. There is the big relationship in terms of trade

between Britain and Ireland. The UK and Ireland are big trading partners

and as a result they are having to consider this carefully. All of

these issues are now having to be addressed. Up until this point it

has been referendum thoughts, what will be. Now they are practical

realities. Chris, thank you very much. Chris

Buckler there for us in Belfast. We're going to Cardiff and talk to

Thomas Morgan. We saw the First Minister Carwyn Jones making that

statement a few hours ago. What's been the broad response in Wales?

Well, I think it has been a bit of a shock for the Remain campaign, but

some of those have been critical of the Remain campaign in Wales. They

said they should have started campaigning here sooner. There was a

breather between then and campaigning for the EU referendum.

As I say, some people have been critical of the time it took the

Remain campaign to push on and to make sure they could keep being a

part of the European Union. Now, of course, Wales gets a great deal of

money from the European Union because so many areas here are

lacking in funding. There are so many poor areas here so many of

those areas that get the money from Europe, they are Labour strongholds,

Wrexham and Caerphilly, it is interesting the way it has been

voting, but the opinion polls over the last few months were showing

this trend. It has been a knife edge for a while here. So that turnout in

Wales, the 52.5% that voted to leave shouldn't maybe come as a shock to

the people that were on the Remain side and Carwyn Jones because it was

forecast in those opinion polls. I think what will happen is Carwyn

Jones will meet with the Welsh Government here on Monday and try

and see where they can maybe gain more money from London because if

they're not going to gain that extra funding from Europe, will it be

able, will they be able to renegotiate or get extra funding

from the Barnett Formula further down the line?

Thank you very much. Thomas Morgan there with the response in Wales to

the overall result. Wales voted to leave overall. A quick reminder of

the reaction coming up. I have seen President Obama has responded. He

has been briefed on the results and he says, "We respect their

decision." That's to say the voters of the UK. He says, "The UK and the

European Union will remain indispensable partners of the US."

President Obama responding to the vote a few minutes ago. "We respect

the decision. The UK and the EU will remain indispensable partners of the

US." What does it feel like here in the UK if you're a non-EU resident

to be waking up in a country that's voted to leave the EU? One area that

has seen a huge number of EU migrants in recent years is Wisbech

in Cambridge sheurl. Robert Hall is there with more details.

Discern is shining in Wisbech, smiles on the faces of pro Brexit

voters, 71.4% of people in the Fenland region voted in favour of

leaving the EU, in part down to this issue of immigration. About a third

of the population in the town of Wisbech, once a busy river port, are

from Eastern Europe. They came here to work on the farms and in local

food processing plants, lots of them have their own businesses now, but

it has led to division and dissatisfaction within the town,

which has contributed to the Leave vote. I would like to speak to one

family from Wisbech who are very much part of the town. You and your

family, over this issue of immigration generally, you are a

part of this decision-making Rosas, you voted to Leave. How big was it

in your mind? About right big. There are social issues which need

discussing around the country. Reaches need to be part of it. I

have referred to division, how important it been? The migrant

population did not arrive until a few years ago. Problems have arisen

from integration with locals and migrant workers, hopefully things

will get better. This was a divided family, you are a Leaver, your wife

wavered and in the end she voted Remain, you two voted Remain. How

did you feel when you saw the results? I was really discouraged by

the fact that we had left the EU. The only things I saw from social

media and my friends was that everyone was voting In, I did not

expect to be out. What are your concerns? The economy has started to

fall, and it will continue. The pound is already the same, I am not

sure, as what it was in 1985? It is discouraging to note that the

economy will only go down. You have just finished a degree, do you have

concerns, can you see a way through this? In the grand scheme of things

there were lots of economic reasons to stay, I am quite disappointed

this morning. As my sister said, lots of people our age voted to

remain, it is quite sad. What principles do you think people have

voted on, do you think the campaign was conducted as it should have

been? I don't think it was conducted well. There was lots of

concentration on immigration, the imaginary ?350 million we sent to

the EU each week but immigration was a big factor. People were quite

narrow minded about it. Thank you all very much. We have already heard

worrying silence from the City and other businesses, are you concerned

about crossing the box that you left? I think a lot of people will

be, I may be one, but we have to see what the future holds. We need to

reunite and make it a better world, work together, work harder and make

it the place that it should be. Thank you all very much. We will

have more from Wisbech later but, for now, back to you.

Thank you very much, Robert Hall in Wisbech with his guests.

It is to 30 3pm. We are reporting at Westminster on the outcome of the EU

referendum. You're watching a special BBC news programme with me,

Huw Edwards. Now over to the BBC Newsroom

for a summary of all the latest news After more than 40 years,

the UK is to end its membership The decision has been decisive -

with the Leave campaign securing its victory by a margin

of more than one million votes. The Prime Minister David Cameron has

said he will step down, and a new Prime Minister would be

in place within months. In total, 17.4 million people voted

for the UK to leave the EU. That compares with the 16.1 million

voters who backed remain. Turnout was 72% - the highest level

in a nationwide ballot As the UK woke up to the news

it is to exit the European Union, Ukip's leader Nigel Farage led

those in Westminster, saying June the 23rd should now be

regarded as Britain's Those from the Remain camp described

the result as a catastrophe. Supporters of Remain consoled each

other as the campaign received lower-than-expected support

across swathes of England - Speaking outside Downing Street,

David Cameron said that he will resign as Prime Minister -

with a new leader And as such I think the country

requires fresh leadership to take I will do everything I can to steady

the ship over the coming weeks and months, but I do not think it would

be right for me to try to be the captain that steers the country to

its next destination. This is not a decision I have taken lightly, but I

believe it is in the national interest to have a period of

stability, then the new leadership required. There is no need for a

precise timetable today but, in my view, we should aim to have a new

Prime Minister in place by the start of the Conservative Party conference

in October. One of the politicians who led

the campaign to Leave - the former Mayor of London,

Boris Johnson - paid tribute to David Cameron as one of the most

extraordinary politicians Mr Johnson also said that

in the future Britain would benefit I believe we now have a glorious

opportunity. We can pass our laws and set our taxes and highly

according to the needs of the UK economy. -- entirely according. We

can control our borders in a way that is not discriminatory but fair

and balanced, and take the wind out of the sails of the extremist and

those who would play politics with immigration.

More than 62% of people in Scotland voted to stay in the EU.

The First Minister of Scotland, Nicola Sturgeon, says that meant

the option of a second referendum was on the table.

-- a second independence referendum. When the Article 50 process is

triggered in three months, the UK will be on a two year passed to the

EU exit door. If Parliament judges that a second referendum is the best

only way to protect our place in Europe, it have the option to hold

one within that time scale. -- it must have. We must act now to

protect our position. I can therefore confirmed today that in

order to protect that position, we will begin to prepare the

legislation that would be required to enable a new independence

referendum to take days if and when Parliament so decides.

The political ramifications have extended to the

Two of its MPs have submitted a motion of no

Jeremy Corbyn is criticised for his handling of his handling

of the referendum campaign by Margaret Hodge and Ann Coffey.

They've written to the chairman of the Parliamentary Labour Party.

Their motion has no formal force but it calls

for a discussion at next meeting of the PLP on Monday.

If accepted, it would be followed by a secret ballot

It comes as Jeremy Corbyn pulled out of a planned appearance at

Glastonbury this weekend. Let's go back to Huw Edwards with

more reaction at Westminster. Welcome back to jamming street. --

Downing Street. We are reporting today in Downing Street on the

position of the UK electorate to leave the European Union. We have a

Prime Minister who is resigning and will leave office within five or six

months, a position where the Labour leader is likely to be challenged,

possibly next week. In Scotland, the First Minister is talking terms of a

potential second referendum on independence. There are other

layers, including the legal consequences of this decision.

So how will the result change the UK's legal

Our legal correspondent Clive Coleman is with me.

There are lots of points we could raise, I want to start with what

people referred to as Article 50 of the Lisbon Treaty, one of the main

gateways for countries to leave the EU. Is that the root for Britain?

That is the route for Britain, we are signed up to an international

treaty, that is the way we get out of it. But the problem with Article

50 is that it is pretty brief, it does not lay down any route map, any

timescale particularly safe from this, once the Prime Minister has

notified the president of the European Council of the UK's

intention to leave, a clock starts ticking for two years, that is the

window in which we have to agreed an arrangement whereby we leave.

Interestingly, many people think that will be the two year period

where we conclude everything, the trade agreement, the movement of

people. That will simply be the divorce settlement. It is not

impossible that we could include a trade agreement within that, but

they are notoriously difficult and long in terms of their negotiations,

they can take a decade or more. That two-year window is time we have to

negotiate a basic divorce settlement. If we don't do it within

two Mike Read years, that's it, we are out in who would have to

negotiate with the EU just like a normal third-party state that is not

a member -- if we do not do it within two years. Within that, there

is huge and certainty as to how this is all done. That Article 50 has not

been triggered yet, there was clear relief that the Prime Minister had

not done so. Does he have to do that by a certain time, is the under

pressure from other EU partners? The dog Article 50 does not give you a

timeline as to when you had to do it. Their arguments not to do it

soon, Russell is pretty much shuts down over the summer, the more

breathing space you have, potentially the better thinking that

can be done -- Pressel is pretty much shuts down over the summer. He

says he will trigger a tally rapidly, there is a moral promise he

has made to do that. If it goes on too long, people will get twitchy.

Crucial point, all of the EU legislation which is applying to the

UK today, what happens to all of that? That is the $64,000 question.

No one knows. In order to expunge EU law from UK law, you would need an

exercise in Parliamentary scrutiny the like of which we have never,

ever seen. It would probably take one parliament, if not two all

three. Our legal system has been growing for the last 40 years in

conjunction with EU law, taking on-board EU law, which now runs

through the veins of large areas of law. By Mintlaw, for instance,

environmental law. -- employment law, for instance. So to go through

everything, say we will repeal or amend, we take for ever, really. One

of the ironies of this referendum could the better the only effective

way to do that would be to give much more power to the executive, to give

ministers power to do that, which would be something of an irony in a

referendum that had at its heart a greater democracy resulting in a

more executive power being given in shaping our law to Cabinet

ministers. I don't love I subscribe to that, but I have heard that

expressed. -- I don't know if I is described about. Thank you. Clive

Coleman, talking is through some of the complexities and timescales that

could be involved. Not just one or two Mike Read years, but it could be

several. Heathrow Airport claims it will now

play an even more vital role in keeping the UK connected

to the rest of the world. The airport's chief executive,

John Holland-Kaye, is there. He joins us. Thank you for joining

us. Your response, first of all, given your crucial position in terms

of the UK economy, to the vote we had overnight? I think it is a time

when we all think about what kind of country do we want to have, what

kind of economy? We are concerned about the state of the financial

markets and what that means for us all. This is a point of clarity when

we realise what really matters for the future. If we want to have a

stronger economy for the next generation we need to invest now to

make sure that it can be stronger. What Heathrow expansion will do is

make sure we can trade with all of the growing world markets. We want

to be a confident, as forward-looking nation, a greater

economic superpower, only Heathrow expansion will allow us to do that.

We need to look to the world, not just Europe, for future growth. That

is why it is critical we get on with it. We are concerned about the

stability of the UK economy, what better way to bring it than ?18

billion privately funded investment in British infrastructure. That is a

huge opportunity to create jobs and growth which any politician would

want to grab with both hands. What do you think your chances of that

happening if, let's say, Boris Johnson becomes Prime Minister? We

are in a new reality where any political leader will want to

provide economic stability today, investment and jobs and growth at

Heathrow will do that, and set up the next generation for future

success. We had to be outward looking, we are confident of future

as a great trading nation of the world, so we need the direct flights

to all the growing market of the world in Asia, North and South

America. Only Heathrow can do that. Every time we look at that we come

to the same conclusion, only Heathrow expansion will do that.

Whether it is Boris Johnson or another Prime Minister, they will

come to the same conclusion, get on as quickly as possible to expand

Heathrow. We were talking to Clive Coleman about the legal complexity

of unpicking lots of legislation and different aspect of the relationship

with the EU, what in practical terms could this mean for big airports?

Let's talk about Heathrow, given that it is the busy one. What in

practical terms could that mean for you? In the short-term, nothing

changes. If you are travelling as a passenger it is exactly the same

today as yesterday and will be the same in two Mike Read years as it is

today. People should not expect anything to change in duty three or

immigration. In the long term, we are concerned about the health of

the economy. -- in duty free or immigration. We expect changes

around immigration, perhaps around duty free or perhaps around

employment. One thing is clear, we need more than ever to have a

strong, healthy porter at the heart of the UK, that is what Heathrow

does. Whatever arrangement we have with the EU, we need to have... Be

planning now for the long-term creative links with the other

growing markets of the world. Thank you, John.

NEBREAK The Chief Executive of Heathrow

Airport making a clear appeal to whoever succeeds David Cameron at

ten Downing Street for the Heathrow expansion option which has been a

very, very, controversial debate. Boris Johnson has strong views on it

because he wanted an altogether different solution. Let's see if

that might change. The Prime Minister will be out of

office by October of this year, by the date of the kich conference,

that's what he said. -- Conservative Party Conference. Let's join Jayne

Hill for more reaction. We're going to pick up on the conversation you

were having about Heathrow actually because we'll talk more about the

impact on business, the economy, the world of work, alongside me here, on

a very busy Westminster, Frances O'Grady, the head of the TUC and

John Longworth formerly of the British Chambers of Commerce.

Welcome to both of you. A question put to our guest about Heathrow.

What changes from here on in Frances O'Grady? Well, the TUC wants to see

some urgent action and national action plan to shore up the pound.

Secure the economy, but crucially, to protect people's jobs and

livelihoods. We can't have working people paying the price again. We

want the Government to pull in politicians of all stripes, unions

and business to start working together on how we get a deal to

retain access to the EU market on which so many of our manufacturing

exports and good jobs depend. We'll talk more about that. John

Longworth, you wanted to leave? Of course, I was chairman of the Vote

Leave business council. The one thing we can't do is return to the

establishment business as usual. If we do, we'll end up negotiating our

way back into the European single market or losing the benefits of

leaving. The fact that Brexit business community needs to watch

the politicians like a hawk to make sure we get the real benefits of

leaving and those benefits are not to do with the single market, the

dividend of 1.2% potential growth from the contribution we make that

we no longer have to make from a reduction in regulatory cost from

the removal, of course, the big external barriers that the EU

actually apply that make food and clothing and footwear more expensive

for UK consumers. Those are the things that will give a boost to the

UK economy. They tell more to us than we do from them -- they sell

more to us than we do to them. I think today is a day where we need a

bit of unity. We have had a very, very divisive and sometimes nasty

campaign. I think today everybody needs to roll up their sleeves and

be very clear that this isn't about politicians jobs, this is about

working people's jobs and that has to be top of the agenda for

everybody. It is a long, slow process. Can we all agree on that?

Negotiating trade deals, negotiating agreements, none of this is going to

happen quickly and don't we always hear John Longworth that business

hates uncertainty. So that in itself, for the next couple of

years, is that not an unsettling period? The greatest uncertainty

would have been to remain in the European Union where we would have

had none of the decision making and what we need to do is make sure we

get the dividend, the boost to the economy that we can have from

leaving and we can do some of that very quickly and we determine the

pace at which we exit the European Union. We don't have to trigger

Article 50, we can have prenegotiations informerly and dot

Article 50 stuff quickly. If we find we aren't getting the deal, we ought

to simply leave and get on and make our own way. I think, you know,

everybody wants to get a good deal and that's what we should focus on,

but I do worry about others talking about taking a bit of a punt on how

quickly we would find other trade deals when it is people's

livelihoods that are at stake. A lot of working people have already been

through one hell of a crisis in terms of a financial crisis in 2008.

They feel angry and disaffected, but they often lost out, not just in

terms of jobs and pay packets, but through the cuts, their local

services too. We've got a generation of young people who didn't vote for

this Brexit and I think we owe them and we should be looking at a

national programme to get demand into the economy like building

affordable homes. Which young people in particular need to make sure that

we've got jobs and a decent life for people in those communities. As you

say, we don't want to re-run the campaign, but people watching will

know John Longworth in the run-up to this, a lot of big businesses wanted

the UK to remain. They did not want the vote that we have got this

morning. Those businesses that were so fer mant about it, what are they

doing now? What will they do? Will they adapt? Contrary to public

opinion, we had business leaders and Entrepreneurs signed up for the

Leave campaign. The multinationals fighting against us and the Crib, of

course, are saying as I predicted that things will be OK and they can

manage the change. Pity they didn't say that during the campaign. The

fact is, of course, it is working people in the UK who've suffered the

most from the European Union. While the multinationals have benefited

and actually the Labour Party should be ashamed of themselves for having

a abandoned working people as a consequence of which they're

abandoning the Labour Party. You sat on the boards of Asda and Tesco. You

know the big business prospective too. What we need to concentrate on

is building confidence, is shoring up the pound, and is making sure

that we've got decent jobs for people. This is serious stuff. I

think we need to move on from the campaign and focus on working

together to secure those decent jobs and protect them. All right, we will

be talking plenty about this in the coming weeks, thank you, Frances

O'Grady and John Longworth. Let's remind ourselves of how the vote

broke down because, of course, there were regional variations. Christian

Fraser has been looking through the numbers.

Let's take a look at those numbers in greater detail.

Over 28 million votes cast on Thursday, turnout 73%.

Parts of the country that don't normally get involved in the

political process coming out to vote. That made a huge difference as

you can see in the central belts of England and into the northern,

north-west area where Labour traditionally are so strong. These

isolated bits of yellow, the metropolitan areas, Liverpool,

Manchester, the wealthier parts of Yorkshire, Leeds, Yorkshire and

Harrogate and isolated Newcastle and the north-east, not by as big a

margin as perhaps Remain were hoping for up there. London, almost overall

in London, went for Remain as we expected, but not so across the

South East. You can see big slugs of Kent there also in blue. Well, let's

look at the picture in Scotland because it is very different, of

course, all 32 voting areas going for Remain. The turnout, 2.8 million

people in Scotland. Lower than the UK average. That maybe, of course,

because of the number of votes that they've had the last two years. Four

times that they have been to the polls in those two years. Edinburgh,

74% for Remain and of course, that opens up this whole discussion now

about a second independence vote in Scotland. Similar discussions now

going on in Northern Ireland where again, they voted for Remain. Again

a low turnout, 790,000 voters. Foyle, up here, this was one of the

top five Remain areas in the UK. North Antrim, not far away, was one

of the top Leave areas in the UK. Three out of four areas in Belfast

going for Remain. And let me show you another picture again in Wales.

Just five of the 22 voting areas in Wales going for Remain. Cardiff did.

Swansea didn't, but some other key Labour areas, Merthyr Tydfil,

Newport and Caerphilly going towards Leave. Let me show you the top five

areas that went for Leave in the country. Top of the file is a very

interesting one. This is Boston in Lincolnshire. 75%. Boston, according

to the 2011 census had the biggest percentage of Eastern European

migrants in England and Wales. Top of the pile of the leavers. South

Holland, Castle Point, these areas, big support for Ukip. Great Yarmouth

has a Ukip mayor. The top five Remain, Gibraltar, almost universal

support for Remain. Lambeth, Hackney, all for Remain. The areas

in darker blue, those areas of the country that went most for Leave.

You can see the east of the country, we've got East Riding in Yorkshire

here, we talked about Lincolnshire, Great Yarmouth down here, but other

parts of the country as well, North Antrim over here in dark blue. This

a similar map for Remain. In darker orange areas, the central belt of

Scotland and the Western Isles, the Orkney Islands in orange there and

down here, you've got Cambridgeshire, London, and then

that's Brighton down at the bottom. So that gives you a little bit of a

picture of how the country was divided and we're also starting to

see some of information that maybe there was a generational split as

well. We will hope to see some detail on that as the days go by,

but certainly the younger people voting more for Remain. If you want

to look at the details, they are on the website:

With us now is Alastair Campbell, the former Director

of Communications for Labour under Tony Blair.

What was the main driver of this result? Was it to do with economic

hardship or to do with levels of migration? I think they became

connected. I think for me the biggest thing is being a sense in

lots of different communities that people feel the global financial

crisis happened. The people who caused it got away with it pretty

much Scott free and they have continued to pay a price through

austerity policies and I think part of the problem when David Cameron

and George Osborne were hammering the message about economic risk, I

think they were right to do and we are seeing the consequences of this

vote to the economy already, but I think that for a lot of people, they

were thinking, "What is this great economy you're talking about because

I don't feel? We're going through an area around democratic politics

where the public are looking for reasons to kick politicians, that's

why I was always worried about the referendum. I know it sounds

anti-democratic to say I don't think we should have had this. It was

announced three years as a tactic to deal with the rise of Ukip and the

Tory right and three years later, we are having it in very, very

different circumstances and I was worried when people started saying,

"The turn keep out is really high. That's going to help Remain." People

I was coming across in northern towns and cities, they were voting

for the first time. They were coming out to vote against something. I

think that, you know, there is not No one reason. I think it is about

this sense of division and inequality and people feeling there

is lots of people in this country that do really, really, really well

and they keep on doing better and there is people just being left

behind. Do you think some Labour MPs are

being fair when they accuse Jeremy Corbyn and some of his team of not

having pulled their weight in the campaign? I think people knew the

whole way through that this was going to be a really, really tough

fight. That was obvious from the start. What that meant everybody, I

think, who had, the possibility of playing a role to help win it, had

to do that to the max. And I don't really think that you can say that

was done and I think latterly, the Labour Party as an organisation, did

an incredible job. The Labour Party in terms of, you know, getting out,

particularly to the really difficult areas and trying to find the

supporters that would come out and vote, but I think there was a

confusion about the message and I think there was a difficulty in the

fact that David Cameron was pushing one message and Jeremy Corbyn

pushing a different sort of message on the same issues and Nicola

Sturgeon something different. I just think that's, that weakened the

campaign. Whereas the Leave side, even though they had this very

divided camps, and they were actually complimentary in terms of

the messages therm put there. It is interesting watching Nigel Farage

today trying to disown the ?350 million which always was for the

birds, but he disowned that. He can say it was nothing to do with him,

but it was effective for his campaign and Michael Gove can say he

shuddered at Nigel Farage's poster, but it was effective for his

campaign because they were marching to the same drum and now we're all

going to have to live with the same consequences.

Just a thought about the state of the Labour Party, do you think

people like Margaret Hodge are right to be talking about a challenge to

Jeremy Corbyn? I'm obsessed with winning elections for the Labour

Party. We have lost the last two. We just had to be honest. We had to be

honest. Here we are, with the Government in meltdown, with the

Conservative Party as divided as I can remember it even during the last

days of John Major and the last days of Margaret Thatcher, failing on all

sorts of issues, and yet they are still ahead in the polls. Even

though we will have chaos for the next couple of years, they will get

a sense of renewal from a new leader. We have to be honest, in the

state we are in, with the team we have, does the Labour Party look

like it can win a general election? Like it can win over people that we

have lost? There are all sorts of issues, some of them from the time

when I was involved. Or does it look like, actually, we are heading to

nowhere? I think the answer is pretty obvious.

And that leads you to what conclusion in terms of the form of

the Labour leadership in the year to come? I don't know. You have to

understand that Jeremy Corbyn became leader, in a funny sort of way, as

part of this anti-politics thing, because he was not like the others,

like the Labour leaders we had had before. Then all these new members

came in, the new members came in and they are very fervent supporters of

Jeremy Corbyn. I don't know, if there was a challenge, if he would

get on the ballot paper and he might win again. I don't know. But part of

the act of leadership, I think, is to be honest about whether you can

lead, and whether you can do the job you had to do, which is to be the

alternative Prime Minister and lead a party to win an election, to get

into power. I am depressed enough about what has happened to the

country in terms of the vote, I could say I am any happier about the

state of the Labour Party. What happened in Scotland should be a

warning for us. We thought we could win Scotland for ever. The SNP came

along and pretty much wiped us out. You have a situation in parts of the

North of England where they are described as traditional Labour

heartlands, our call vote, those concepts have gone. Difficult,

difficult times. When you look at the parliamentary

Labour Party and Celia, prominent figures today, who is best placed,

in your view, to take Labour on in the way that you would think would

be contagious? -- senior, prominent figures. I don't know. As we have

seen today, we live in a democracy and the political parties have

democratic systems, that is why Corbyn is leader and might be leader

again even if there was a contest. But just as Americans and the world

is looking at Donald Trump and saying, is that the best you can do

in a country as fast as that, I think people are looking at our

politics at the moment and asking similar questions. Lots of it is

what politics has become, how people engage, the narrowing of the gene

pool, if you like, even prepared to go into politics because it is so

difficult, nasty and the rest of it. I will not pick out a name, I just

feel there is a hell of a lot of talent in the Labour Party, we still

had amazing people working for the Labour Party, they have shown that

in recent days. But as somebody who just thinks there is nothing wrong

in being obsessed with winning, because without that you cannot do

anything, I really worry about where we are, right now.

Good to talk to you, thank you for joining us on BBC News, Alistair

Campbell, former director of communications at Downing Street.

You are watching the BBC News special coverage of the results of

this referendum on the relationship with the E U. That relationship is

to be broken 43 years after the late -- decision to go into it in 1975.

It is a humongous decision that the British voters have taken, and there

are many decisions to be taken in the future. After more than four

decades in the EU, over 70 million people vote to leave.

David Cameron says he is now no longer the right person

I will do everything I can as Prime Minister to steady the ship

that steers our country to its next destination.

There was jubilation in the Leave camp -

but Boris Johnson warned that the vote wouldn't lead

Nothing will change over the short term except that work will have

to begin on how to give effect to the will of the people,

and to extricate this country from the supranational system.

Dramatic falls for both the pound and the markets following the news -

but the Bank of England says it's taking all necessary steps to keep

After Scots vote overwhelmingly to remain in the EU,

Nicola Sturgeon puts the prospect of a second vote on Scottish

It is a significant and material change in circumstances,

and it is therefore a statement of the obvious that the option

of a second referendum must be on the table.

And Matthew Amroliwala in Brussels. Leaders here have a blunt message --

Leave is Leave, now get on with it. After more than 40 years, Britain

has voted to end its membership The vote was decisive -

52% chose to leave the EU, Within hours, David Cameron

announced he was standing He will leave office in October of

this year. He said he'd stay in Number Ten

for the next few months but that the country

required fresh leadership. Boris Johnson, who campaigned

for a Leave vote, said the UK now had a glorious opportunity

to pass its own laws, set its own taxes and find its voice

in the world again. Let's take a closer look

at the final result which, shows that Leave secured its victory

by a margin of more In total, 17.4 million people voted

for the UK to leave the EU. That compares with the 16.1 million

voters who backed Remain. More than 72% of eligible

voters took part. That is people who were registered

to vote. In England, more than 15 million

people voted for the UK to leave the European Union,

13.2 million people backed Remain. In Scotland every voting area came

out in favour of Remain. 62% of Scottish voters backed

Remain, with 38% In Wales, Leave won over 52%

of the vote and secured the most votes in all but five

of the 22 counting areas. In Northern Ireland,

which shares a land border with the European Union,

voters backed Remain - with 55% of voters choosing

to remain in the EU with 45% voting Plenty for us to talk about to say

the least. Will have all the reaction from Westminster, from the

City of London, where it has been turbulent, and other parts of the

EU. At first, our political correspondent Carole Walker reports

on the dramatically bent so far. -- but first.

The people have voted for a new destiny for Britain.

This means that the UK has voted to leave the European Union.

It is a decision few predicted at the start of this campaign.

A decision which has forced the Prime Minister out of office.

There was no hiding the emotion as David Cameron with his wife,

The British people have voted to leave the European Union

He had fought and lost the battle to persuade the country to stay

I fought this campaign in the only way I know how which is to say

directly and passionately what I think and feel,

But the British people have made a very clear decision to take

a different path and as such, I think the country requires

fresh leadership to take it in this direction.

I will do everything I can as Prime Minister to steady the ship

over the coming weeks and months, but I do not think it would be right

for me to try to be the captain that steers our country

From the moment the results starting coming in, just after midnight,

The total number of votes cast in favour of Leave was 82,000.

By the end of the night, Leave had won a clean sweep

across the north of England, the Midlands, the east

London was the only region of England to support

The result in Flintshire reflected the outcome across Wales.

But Northern Ireland voted to remain in the EU,

Sinn Fein said it intensifies the case for a vote

on whether Northern Ireland should leave the United Kingdom.

And Scotland, as expected, voted by a clear majority

Scotland's First Minister said it was democratically unacceptable

for it to be taken out of the EU against its will.

Scotland does now face that prospect.

It is a significant and material change in circumstances

and it is therefore, a statement of the obvious

that the option of a second referendum must be on the table

But at Westminster, jubilant Leave campaigners have been celebrating.

Nigel Farage said he was thrilled that the country had

decided to break free from what he called a failing,

17 million people have said we must leave the European Union.

A Government that gets on with the job.

A Government that begins the renegotiation of our

Boris Johnson struggled through the throng at his home.

Then paid tribute to the Prime Minister

for his bravery in giving the British people their say.

I believe we now have a glorious opportunity.

We can pass our laws and set our taxes entirely according

We can control our own borders in a way that is not discriminatory

but fair and balanced and take the wind out of the sails

of the extremists and those who would play

But in the City, shares plunged and the pound fell dramatically

despite all the attempts at reassurance from political

leaders and the Bank of England which promised to take whatever

measures were necessary to support the economy.

And there are now questions over the future of the Labour leader,

who has been blamed for a lacklustre campaign to remain in the EU

which failed to convince many Labour supporters.

Clearly, there are some very difficult days ahead.

The value of the pound has already fallen and there will therefore be

job consequences as a result of this decision.

REPORTER: The Prime Minister has resigned.

Now two senior Labour MPs have tabled a motion of no-confidence in

Mr 's leadership. I think Jeremy Corbyn should resign

as leader of the Labour Party. This was a test of leadership,

the European referendum campaign. He was very half-hearted

in the leadership he gave For Britain, for Europe

as the country embarks on a new and uncertain

future outside the EU We can talk about, clearly, the kind

of strategy that will be in place over the next few months, because it

will be very complex in terms of the legal requirements. But some very

raw politics happening, not just within the Conservative Party, but

as Alistair Campbell signalled, within Labour.

We can speak to the Labour MP Caroline Flint, who has

spent the last few weeks on the Remain campaign trail.

Caroline, we will come to the specific Labour question in a

moment, but you sense of how this campaign led to the result that we

got overnight? I think what became very clear is that, actually, there

were not enough flack that the Remain campaign could produce on the

economy, security, that was going to win over the feelings of many people

around our country, particularly outside of our big cities, that

their concerns about immigration trump that. It was a triumph of

feelings over fact. That is a worry I have had for some time, that many

of the people I represent, but also in other parts of the country, not

just in Labour heartlands but in Tory areas, a sense that small-town

Britain is being left behind, that the establishment and the elite are

not speaking their language and not listening to them. Unfortunately,

that is what won at the end of the day. It is with great regret.

Clearly, a decisive decision has been made, I believe we should

accept that and do as much as we can to make sure that we protect

people's living standards and jobs and opportunities in the future, but

there will be difficult decisions ahead as well as some of what we are

already seeing, some of the bumps and rocky road is affecting the

economy already. What was your assessment of the way that Labour

went about campaigning in those areas where, traditionally, it has

been strong? I think it is right there Labour

should have been expecting 70% to 80% of Labour voters voting Remain.

We've come out of this referendum with something under half of our

Labour voters voting Remain and the rest voting Leave and that's for a

number of reasons. I think Labour has failed to understand the

concerns of people in communities in Doncaster and elsewhere in the

country and in Wales. I think that actually, you know, we never really

talked about the immigration concerns and also Jeremy has to take

some responsibility because he provided a rather nuanced message

about the European Union that was not as positive as I would have

liked it to have been and if you add to that, I think his, you know, his

refusal really to engage in some of the questions about immigration,

that combination saw us fail so badly last night.

Where does that leave him as leader because, of course, some of your

colleagues are already making some outspaen remarks about wanting to

change the leadership? Well, I understanding why colleagues are

supporting the motion and I understand why colleagues are

worried because you know Huw, who knows what's going to happen next?

As well as having to deal with our decision to leave and all the

ramifications of that. Within six months we may have a general

election and the question that Labour and Jeremy has to ask is are

we ready? Can we bridge the gap between those who voted Remain and

those members who think Jeremy is great and for others who are

drifting away from us. My worry is if there is an election, there maybe

another party that wants to fill that gap in our Labour heartland

areas and I don't want to see that happen. So look, leadership is about

responsibility. It is about recognising failure and if you've

contributed to it and it is about stepping up and explaining do you

acknowledge that and what are you going to do about it? That's what I

want to hear from Jeremy and I'm sure we will have that discussion on

Monday night at the PLP. Based on the leadership of Mr Corbyn so far,

Caroline, what are your thoughts on the prospects of getting the kind of

change that you think is needed? I have to say I'm being tweeted by

some of Mr Corbyn's supporters who are angry that I am talking to you

about this at all which maybe isn't surprising given the fact that you

are critical, what are the prospects of the kind of change that you want.

The Labour Party exists to win elections, to do great things for

communities around the country and we have to find a way to bridge, if

you like, sometimes the gap between our metropolitan Labour Party

members and supporters and those in the communities around Britain that

are more working class, white, but also people who have, you know,

maybe more of a Labour attitude rather than a socialist attitude to

things which is about how are they being looked after in their

community? What is the future for them? When we bridge that gap, we

win elections. Now, look, I know people don't like us talking about

how we sort out ut party, but if we can't talk about what went wrong for

Labour in this big test across the country, then when do we have that

conversation? You know, I don't want us to find that we go into another

election, whether it is in 2020 or in six months time, not realising

what the problem is and how we bridge the gap. I think that's about

straightforward, honest politics, it is about talking honestly about

where we need to go. I hope the many Labour voters who didn't vote Remain

last night will feel if Labour politicians are actually getting out

there and being open about understanding their concerns,

understanding our failure to connect with them, that's part of the way

we, if you like, refresh and get our relationship on to better ground.

And you know, I'm doing this because, you know, I'm here for the

Labour Party, not for any individuals and you know, what I

think, Jeremy is as well and I campaigned with Jeremy during the

campaign, and he was great when he came to my constituency. I had him

on our leaflets, but the truth is at the moment, Jeremy's leadership

doesn't seem to be reaching out to those parts of Britain, those parts

of our Labour vote that we depend on to win a general election.

Just to spell it out, Caroline, just in case viewers haven't got the

message, you're saying in effect, that you want another leader? I'm

saying that I want leaders, Jeremy and to be honest, we had the similar

problems under Ed Miliband, I want Labour leaders to step up and

discuss properly and honestly why we're not reaching people, why are

we not connecting and if Jeremy has got something to say about how he's

going to put that right, I'm ready to listen.

Caroline, thank you very much for joining us on College Green outside

Parliament. Caroline Flint the Labour MP there with her pretty

forthright message. Wet get a reaction from Vicki Young in a

moment. I want to get an update on the financial markets. Let's join

Ben Thompson who is monitoring events in the City of London.

Huw, thank you very much. Yeah, let's take you straight to the

forward, it is the first hour of trade in New York. We were waiting

to see how they would respond to everything we have seen in Asia and

Europe. It is a mixed picture. You can see the Dow Jones down over 2%.

The S and P, a similar picture. The Nasdaq falling. It initially opened

in positive territory, but down, as you can see there. Nearly 3%. We are

getting indication too about what businesses and banks, what

organisations here in the City of London are thinking about what could

happen next. And what their future plans maybe and it is interesting we

talked earlier about Morgan Stanley and about their plans to relocate

staff in the event of a Brexit vote. Of course, the big organisations

have contingency plans in place. They've denied the process Sunday

way, but at the same time, they've said they're not going to wait for

the Article 50. The proceedings to begin of that divorce of the UK from

the European Union Council. They won't wait for that to begin before

they start making decisions about where they have their staff around

Europe. All this related to their investment banking division. Let's

talk with Keith Wade chief economist here at Schroders. We are looking at

the volatility on the markets. Just tell us what it means for the UK's

place in the world when we've decided to leave, clearly, a lot

still to be ironed out, but there is implications, aren't there, for the

wider economy? Oh, absolutely. This is where the negotiations in the

next trade agreement becomes so critical. So for example if you take

an industry like fund management, we have an arrangement where we can

passport our products into Europe and take advantage of the single

market. In two years time, the arrangement will come to an end and

we will need to replace it with something else or companies like

Schroders will have to think about relocating elsewhere in Europe and

that has an impact on jobs here and that has a negative effect on the

economy. And there are a lot of businesses in that situation. There

is a tendency to think these are bankers sat in offices talking about

numbers and trying to make predictions about what happens. When

you paint it in those terms, it will affect the money in our pocket?

Remember, the investments that we're looking at here, these are all part

of people's pensions and savings. So, if we see a big fall in the he

canitiy markets, that's reducing the amount of assets people have for

paying future pensions. They have got to pay more or accept a lower

pension. That volatility will matter. Maybe it is a few years down

the road. Maybe the markets will have recovered by then, but that's

why the trade deal will be so important. Keith, thank you very

much. The Dow in New York down just over 2%. The FTSE 100 here in London

down 266%. Winning back some of the losses we saw earlier. Significant

falls when the markets opened, but the feeling here is they are trying

to wait and see. See what happens and see what deals can be done and

see how it plays out and the implications will be felt here for a

long time. We will keep an eye on that. More from us later.

With me is Young our chief political correspondent. There is turmoil in

the Conservative Party, of course, there is the Prime Minister

announced his resignation. Nobody is questioning that and that's key to

the day's events, but there is a lot of tension in Labour too and I'm

just thinking after Alastair Campbell and Caroline Flint came on

to say they were expressing grave doubts about the prospects under

Jeremy Corbyn, how significant is that, do you think? I think it is

incredibly significant and the reason is the departure of David

Cameron and the election of a new Tory leader means that the

possibility of a general election has to be there within possibly the

next year. So Labour MPs, particularly in the north of

England, in Wales, they are looking at sair their seats at the general

election last year, they had Ukip breathing down their neck in many of

these areas, this is not new for the Labour MPs. They know that there is

an issue with immigration amongst their supporters and they know Ukip

has done very well in their areas, it is focussing their minds. There

was a Shadow Cabinet meeting. It went on for hours, it was focussed

what are the pressure for the Labour Party going forward? They fear what

happened to them in Scotland a collapse of their support could be

happening in the north of England and possibly in parts of Wales as

well. So we now have next week the motion of no confidence which may

well be voted on, that would mean a secret ballot on Tuesday and there

are people willing to come forward and challenge Mr Corbyn. He has been

under immense pressure because of the referendum. They felt this was

his chance to show his leadership qualities and they feel he failed.

Finally, just at this stage, your thoughts on the way that the

Conservative leadership campaign will start to shape up. Let's face

it from today on wards? David Cameron made it clear that he wants

to be gone really by the conference, the party conference at the end of

September. So things will have to get going and I can tell you that

Tory MPs are already discussing it. They are discussing who they will

put forward on the ballot. It is incredible to think after this huge

democratic exercise where the British people have voted in their

millions to leave the European Union, a huge decision which will

have far, far-reaching implications now, our next Prime Minister will be

chosen by Tory MPs and Tory Party members. They are talking about

that. Two will go forward on a ballot. So a lot of negotiating

going on. A lot of people sounding things out about who might be on the

ballot, Boris Johnson, of course, today a very interesting speech by

him, trying to calm people down, but also trying to appeal to those who

voted Remain, trying to appeal to young people too. He really wants to

have a broad church there as he obviously wants to go forward. For

now, Vic kirks i, thank you. Coverage of the referendum result

continues on the BBC News Channel. We're staying in Downing Street. We

are heading around the globe for the reaction and analysis. At 7pm

tonight, there is a special programme on BBC One, The Big

Decision with Nick Robinson taking stock of today's momentous events.

For now, we will leave you with a reminder of what happened. Trying to

take stock and really trying to take it all in, what has happened over

the past 12 hours. At 4.40am, we can say the decision taken in 1975 by

this country to join the Common Market has been reversed by this

referendum to leave the EU. It is a victory for ordinary people. Decent

people. It is a victory against the big merchant banks, against the big

businesses and against big politics and I'm proud of everybody that had

the courage in the face of all the threats, everything they were told,

they had the guts to stand up and do the right thing. Inevitably, there

will be a period of uncertainty and adjustment following this result. We

will not hesitate to take any additional measures required to meet

our responsibilities as the United Kingdom moves forward. I will do

everything I can as Prime Minister to steady the ship over the coming

weeks and months. But I do not think it would be right for me to try to

be the captain that steers our country to its next destination. I

am proud of Scotland and how we voted yesterday. We proved that we

are a modern, outward looking, open and inclusive country and we said

clearly, that we do not want to leave the European Union. I believe

the British people have spoken up for democracy in Britain and across

Europe. I think we can be very proud of the result.