Part Three EU Referendum - The Result


Part Three

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clear result on the part of the British people, and that must always

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have been foreseen by the Government were named Mark drafted that

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manifesto, so I don't think that another referendum is necessary at

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all -- another Prime Minister. 37,000 on the bottom right of the

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screen there, that is what is needed for victory for the Leave campaign.

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And I think we have just reached that point. There we are, that is

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now statistically, mathematically there that the leave campaign have

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won, and we are expecting at the end of the count 52% of the Leave, 48%

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for Remain. Quite an extraordinary moment. Not in terms of the way

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people voted, because all the way through people have said it was a

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close run thing, but in terms of a turnaround from British foreign

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policy, British policy towards the EU, British internal policy, British

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policy on immigration, everything now is up for change, because of

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this decision, and however you look at it, it is an earthquake that has

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happened, and what happens after earthquakes? We wait to see. From

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your point of view, you are quite confident? Fantastic news!

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Absolutely brilliant for the United Kingdom. It is superb. Amelie? In

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Northern Ireland they voted 56% to remain, and now they are going to

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have a border between Northern Ireland and the South. The security

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indications are that have yet to be worked through. The indications for

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that for the peace process have yet to be worked through. And what is

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odd as well in Northern Ireland is of course the politicians were all

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arguing that they should go, the people of Northern Ireland of

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whatever background they came from have voted to remain, I think it is

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game to be a very difficult situation there, and that is going

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to be our border with the European Union, that is where if anybody

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wants to coming to Britain, and one of the things you are talking about

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was taking control of our borders, how can we take control of that

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border? That is another question that we will need to be asking

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today. Let's see the figures on the sunlit

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House of Commons. The Leave campaign on...

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We're joined by Liam Fox, one of those who was campaigning all along

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for a Tainio vote. Former Defence Secretary. Dr Fox, what would you

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like to see happening now? First, to have a period of Sam Cam so that

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people can understand that it is not, as the papers say this morning,

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that we are out. It's going to be some time before we leave the

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European Union, and we will a period where we can disentangle ourselves.

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We want to leave on good terms, we want to cooperate where it is in our

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mutual interest to do so. And we need to have a period of stability.

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To that end, I would like to see the Prime Minister today announced that

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he will be staying on, so that we do not add political instability into

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the mix. So what you're saying, we've not left, it's just that we

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have announced that we want to leave? That's technically correct.

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But the Prime Minister has said that he would implement article 50, the

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withdrawal procedure, immediately, if there was a vote to leave. You

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think perhaps he should not do that? A lot of things were said in advance

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of this referendum that we might want to think about again, and that

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is one of them. I think that it does not make any sense to trigger

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Article 50 without having a period of reflection first for the Cabinet

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to determine exactly what it is that we're going to be seeking, and in

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what timescale. And then you have to also consider what is happening with

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the French elections, and the German elections next year and the

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implications at that might have for them. So, a period of reflection to

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let it sink in and work out the technicalities. But Nigel Farage and

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his supporters and many of those who voted to leave will surely be

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expecting something more than a period of calm reflection while you

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decide whether to invoke the procedure to leave. I mean, they are

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expecting action, this day?! Well, we will not getting action this day,

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I would not think, on pretty much any front. Because I think we have

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all understood that Article 50 purposely gives us a window of two

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years to try to sort out these problems. We will have a number of

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legislative questions to ask ourselves. What is clear is that we

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have now decided to change the course of our history. And I hope to

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also change the course of European history. The British people have

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taken a courageous view, which to say that managed decline in a

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failing entity of the EU is not to be our destiny. I am just

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overwhelmed by the moment here. It is of enormous historical impact.

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How long can you go on paying ?350 million a week, which was on the

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side of your battle bus, to the EU, once the British people have decided

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they don't wish to pay ?350 million a week? We will still be required to

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fulfil these obligations that we have under our current negotiations

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until such a time as we leave. Shouldn't you crack on and speed it

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up and get it done and dusted as soon as possible? Of course, if we

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can get it done under the article 50 agreement more quickly, then that

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would be great, if we could come to mutual agreements on things like

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trade and security arrangements, that would be wonderful. And I think

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there is a very strong incentive to do so. It is in the interests of

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both the other countries in the European Union and now Britain, as

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we will be, outside the European Union, to maximise our co-operation.

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I have always wanted that co-operation, I just did not want to

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be governed by them. I do not quite understand how you see the Prime

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Minister, who fought so hard on the other side, suddenly changing and

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saying, oh, I see, that is what you want - right, this is how I will

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negotiate that. He went to Brussels, he had a negotiation which you said

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was a failure, and which you will say was part of the reason why he

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did not win the referendum - how can he then act as though this was what

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he wanted all along - I will now take charge and this is how we will

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do it? I would perfectly understand if the Prime Minister felt very

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bruised after this result. He urged for one course of action and the

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public chose another. But that's democracy, and especially true in a

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referendum, which is very binary. I think there is a very strong

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instinct in David Cameron which understands the duty of public life.

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While it might be uncomfortable for him, I think it is for the stability

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of the government and the good governance of the UK that we get

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political continuity at least until we are well into that negotiation.

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I'm sure that will not be an easy decision for him, but I would urge

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him to do what his instincts tell him, and to maintain that stability

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so that we can get into this process with the least turbulence possible.

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Dr Fox, thank you very much. Jeremy, shall we have a look at the story

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which has now unfolded, for people who have just joined us, to see what

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it is that happened this evening and last night as the results were

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counted? It started eight hours ago. It seems like a lifetime ago.

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Doubtless the mind behind that door of No 10 has some serious questions

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to answer about what he does next, as Dr Fox was saying. Let's go back

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to the start of the night, and very, very early result which rang lots of

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warning bells for the Remain campaign, and that was Newcastle. It

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did vote to remain, but only just. It was supposed to go quite

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substantially for Sokolik. So immediately we were seeing the

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Tainio vote much stronger than we thought, and that was around

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midnight. That was followed by Swansea, which was interesting,

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because we had that down as likely to remain, but Swansea voted to

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leave. So the results really started to worry the Remain side from the

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early stage. It look for a while that London might come to the rescue

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of Remain. Lambeth reporting an extraordinary majority, something

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like driven percent, to remain. Other parts of London going strongly

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enough for the yellow side, but not strong enough to overtake the

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Leaves. Sheffield, Durham, Birmingham, we had next. 3.25 in the

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morning, Sheffield comes in. Here we are. And this was a sign of things

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to come - that cities outside London which we thought might have edged to

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remain, actually went Leave. Durham was a classic 50-50. We thought it

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might be close but in fact, it went Leave, which was a sign that the

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country was going Leave. And then Birmingham, in the end, they

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cancelled each other out and we got a blue Leave from there as well.

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Finally, Northumberland took us over the line. Leave coming first. No way

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back for Remain. In the end, their powerful areas, London and in

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particular, did not bring forward enough votes to conquer Leave, who

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had extraordinary turnout and resilience in places all around the

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country, particularly England - and Wales as well. It leaves some real

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questions for the man who called the referendum and took that huge

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gamble. Thank you very much. If you have just joined us, the referendum

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result is that 52% of the country voted to leave, 48% voted to stay.

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So the decision was absolutely clearly that the people of this

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country, by a majority of 4%, in effect, want to leave the EU. That

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has all sorts of ramifications, which we will go into later on. At

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this point let's have a catch up on the news and weather. Thank you.

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Good morning. Britain has voted to leave the European Union. The Leave

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campaign has so far taken 52% of the vote. It is now impossible for

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Remain to overtake it. There have been strong wins for Leave in the

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north of England and in the Midlands. This report by Eleanor

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Garnier kins with the moment the BBC announced its prediction.

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Well, at 20 minutes to five, we can now say the decision taken in 1975

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by this country to join the Common market has been reversed by this

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referendum, to Leave the EU. We are absolutely clear now that there is

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no way that the soccer league side can win...

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Watch and listen carefully - this is history in the making. The answer

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is, we are out. And these were the celebrations just moments before the

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BBC called the result. This will be a victory for real people, a victory

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for ordinary people, a victory for decent people! With the pound

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plunging, Remain campaigners warned of turmoil ahead. This is a

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crushing, crushing decision. It is a terrible day for Britain and a

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terrible day for Europe, with immense consequences. This moment,

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this is a seismic moment for our country, which goes far beyond all

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of the personalities. We are talking about what happens to David Cameron

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- this is a big thing for our country. What this has exposed is a

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lot of division. This is not an overwhelming win. There's 40 -- 48%

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of people on the current prediction who did not vote for this. Across

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the north-east, results soon showed Leave doing consistently better than

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predicted. A big win in Hartlepool, and whooshing Remain into a narrow

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victory in Newcastle. A much smaller win than expected. Away from the

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north of England, in Basildon in Essex, another big win for Leave.

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And another account with a big turnout, at 74%. And in Flintshire,

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just as across the rest of Wales, voters backed Brexit. But Scotland

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voted emphatically to stay in the EU, though the overall result will

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lead to renewed calls for a second referendum on Scottish independence.

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And London, as predicted, was a stronghold for Remain. But Britain

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has voted to leave the European Union, to tear up the settlement the

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country has had for decades, unleashing perhaps huge opportunity,

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or perhaps huge risk. Perhaps both. The results have upset the world's

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financial markets, with the pound falling to its lowest point since

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1985. When the polls closed, it soared to $1.5, but as it showed

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stronger than expect you to support for leaving the EU, it began to

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plummet. Markets in Asia are down nearly 3%. Scotland's First

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Minister, Nicola Sturgeon, has suggested the vote will reignite

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demands for an independence referendum there. All 32 authorities

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returned decisions to Remain. She said it showed that it was clear

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that the people of Scotland saw their future as part of the European

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Union. Sinn Fein says a British vote to leave the EU intensifies the case

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for a vote on whether Northern Ireland should leave the United

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Kingdom. The comments from the largest Irish nationalist party

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followed a result which saw 11 of the 18 constituencies voting to stay

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in the European Union. That is the latest for you. More coming up in a

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few moments. Let's have a look at the weather.

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A beautiful picture sent in this morning. Some of us had torrential

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rain across the south-east yesterday. Today, a lot of sunshine,

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but showers already in the north and west will develop further and

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intensify as we go through the course of the day. By the afternoon,

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some of the showers across Scotland will be heavy and thundery, but in

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between, sunshine. It is the same across Northern Ireland and

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north-west England, showers with hail and thunder. In Wales, we could

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see the same as in the south-west. In between these showers, sunshine.

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Dry conditions as we push into the south-east. Many of the showers will

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fade, we will hang on to some in the North and West, and we will have

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some clear skies, but it will not be cold. As we head into tomorrow, they

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will cease showers, a different this division. In the West, something a

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bit brighter. Thank you. The art into a new world,

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if you have just joined us, a new day has dawned in Britain. We will

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be talking to Diane and Daniel in a moment, but first, in case you have

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missed the story, the referendum led to those who wish to leave winning

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by 4%. There have been various from applications, not least in the value

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of the pound and in the markets, not just the currency markets but the

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markets generally. What news do you have, what plans do they have at the

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Bank of England? Have they been up all night? Good morning. They are up

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and ready, I have seen a few people heading into the Bank of England

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behind me. In the run-up to this referendum the governor Mark Carney

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said that the biggest immediate risk to global markets was the UK leaving

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the EU. And they would do whatever action is necessary to reassure

:17:58.:18:01.

people and keep things like inflation under control. We know

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that Mark Carney is now preparing to speak, he says he will not speak

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until after David Cameron has spoken, but it will not be long

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before he will be telling us what the plans are for the Bank of

:18:15.:18:19.

England. There are two big issues, one is around the volatility in the

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markets, which we have seen overnight, the pound dropping so

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much could mean that inflation starts to head up as import prices

:18:31.:18:34.

become more expensive, it could put up the price of goods here. The Bank

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of England has a target of 2% on inflation, if it goes over, it could

:18:44.:18:47.

increase interest rates. There are other concerns, we are in a lot of

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debt, so interest rates could hit hard on the economy. We are also

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hearing Nigel Farage say that this is good news for exporters. For a

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long time they have had it tough while the pound has been so high, so

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it will be good news for them. The banking stability is another issue.

:19:08.:19:13.

Remember 2008, the Bank of England had to intervene with quantitative

:19:14.:19:18.

easing, pumping more money into the system to make sure banks could

:19:19.:19:23.

borrow and lend and keep the economy going. We are waiting to hear, but

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it will not be long before we hear from Mark Carney, we will head into

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his office to hear what he has to say. How do they detect whether this

:19:34.:19:40.

is just a panic reaction? We know markets are volatile, they get a bit

:19:41.:19:45.

of bad news, they tumble, then good news, and goes up again, it is

:19:46.:19:50.

people trading fast to make a profit. Are these substantial falls

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that will be sustained? As you saw last night, when we thought we would

:19:59.:20:04.

be staying in the EU, the pound headed up, it hit 1.5 against the

:20:05.:20:13.

dollar. It has pound since then. On a day-to-day basis we see the

:20:14.:20:17.

markets go up and down quite a lot, it is hard to get a picture in terms

:20:18.:20:22.

of when this might become stable. It is unlikely the Bank of England will

:20:23.:20:25.

take action straightaway on trying to stabilise the currency markets,

:20:26.:20:29.

they will wait to see if it settles over the next few days, but it is

:20:30.:20:34.

more issues around reassurance, that they have a plan and they want to

:20:35.:20:39.

reassure people that the financial sector will not go to ruin because

:20:40.:20:45.

of what is happening now. We will keep up with you. If you get to the

:20:46.:20:51.

governor's office, will you have cameras in their? He will make a

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public statement? Excellent, we will keep it going. This is a comment

:20:58.:21:02.

from the German Foreign Minister, the news from the UK is sobering, it

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looks like a sad day for Europe. Let's get reaction in the early

:21:05.:21:17.

morning sunlight to what has happened overnight here. It is a

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very sunny day here, but the outlook is far from it. This is a country

:21:26.:21:31.

waking up in shock. The main priority is what happens to be

:21:32.:21:34.

nearly 1 million Polish nationals living in the UK. They make up the

:21:35.:21:39.

largest non-British national group in the UK. What happens to their

:21:40.:21:46.

status? What happens to their jobs, their freedom of movement, the

:21:47.:21:49.

ability of their children to go to school? There are so many questions

:21:50.:21:57.

at the moment, it has been very strange, watching the events unfold,

:21:58.:22:00.

because there is a palpable state of unease. Yesterday the news bulletins

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and newspapers covered this story, what was happening in the UK, and

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the main point was, keep your fingers crossed. Government

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ministers, opposition politicians, saying, keep your fingers crossed

:22:18.:22:22.

for the UK, they wanted the UK to remain, because they have so many of

:22:23.:22:25.

their nationals in the UK. What happens to them is of their ultimate

:22:26.:22:31.

concern. A sense of shock. We are waiting for official reaction.

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During this campaign and the freshers argument that has gone on,

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I cannot think that any Brexiter said that the Polish people

:22:47.:22:49.

currently in the UK would be expelled. It is controlling new

:22:50.:22:57.

immigration. On that basis, there should be no fears for the million

:22:58.:23:01.

or so Polish people who are living and working here now. The point is

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they feel unwelcome. It was such a ferocious debate, they feel now

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unwelcome, apprehensive. There are many polls who will stay in the UK,

:23:19.:23:23.

and it will take time for any negotiations are made as to what

:23:24.:23:27.

happens to their status, but the feeling is, why did this happen?

:23:28.:23:32.

Were they because of this? What is also a question that I was hearing

:23:33.:23:39.

here is, this was a decision that was going to affect so many Polish

:23:40.:23:44.

people, in the UK, in this country, Poland is one of the biggest

:23:45.:23:48.

beneficiaries of the EU budget, but this decision was taken completely

:23:49.:23:53.

out of their hands. There was a sense of uselessness. A sense of the

:23:54.:24:02.

inability of making a decision, because it was out of their hands,

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and it affects so many people. I am joined at this table by Diane

:24:10.:24:15.

Abbott, the Labour MP for Hackney and, shadow international develop

:24:16.:24:21.

meant secretary, and Daniel Hannon, Conservative MEP for south-east

:24:22.:24:25.

England, since 1999. Not for much longer. You don't know that. That is

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true. About this campaign and what we have been hearing about the

:24:35.:24:41.

outcome, how much do you think it was a narrow issue of the EU which

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radio's which you were campaigning on and how much was it about wages

:24:49.:24:52.

being flat, too much immigration, other issues, that you got on your

:24:53.:24:58.

side and direct towards leaving the EU, without it being that specific

:24:59.:25:04.

issue? What was specific was what was on the ballot paper. That is the

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one clear mandate that we have. Although we now have a clear verdict

:25:10.:25:15.

from the British people, which I am delighted about, I feel proud to be

:25:16.:25:22.

British today, we stood up to the threats, we should also take account

:25:23.:25:26.

of the fact that 48% of our fellow countrymen voted to remain. In

:25:27.:25:31.

implementing the verdict, we need wherever possible to try to build a

:25:32.:25:34.

consensus to try to carry people with us. We need to recognise that

:25:35.:25:39.

two of the four constituent nations of the UK voted to remain, and need

:25:40.:25:45.

to give due weight to their voices. We do not want to act considered a

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sleek, we want to act with consent and agreement of our European

:25:51.:25:55.

allies. Reclaiming our laws does not mean walking away from our friends

:25:56.:25:59.

in Europe, we will be constructively engaged, but on the basis of

:26:00.:26:05.

repatriating. You did not think the markets would be spooked, but it

:26:06.:26:09.

looks as if they are. They were spooked by some of the aggressive

:26:10.:26:12.

talk we had during the campaign about bombs under the economy. Once

:26:13.:26:17.

people realised that what we are talking about is a phased

:26:18.:26:23.

repatriation, a cumulative recovery of power, within the context of

:26:24.:26:26.

continuing free trade with Europe, nobody is talking about barriers and

:26:27.:26:32.

tariffs, you will not find anybody doing so on the other side either,

:26:33.:26:38.

85% of our economic relations with the EU will remain in place, and

:26:39.:26:43.

when Brexit takes effect, that will be the beginning of when we start

:26:44.:26:45.

applying some of the more burdensome regulations. When the markets

:26:46.:26:52.

understand that, this present over reaction will quickly be reversed.

:26:53.:26:56.

Many people voting to leave will have been persuaded by you'll

:26:57.:27:03.

advertisement on the side of your bus, that we send ?350 million a

:27:04.:27:09.

week to the EU, and that could be spent on the NHS and other things.

:27:10.:27:12.

How long will it take before the money is repatriated? It won't be

:27:13.:27:19.

next week or next year. Getting out of the EU is some think we need to

:27:20.:27:25.

get right, we have been in for 43 years, I am happy to wait if that

:27:26.:27:29.

means getting the terms of exit favourable to us and fair to our

:27:30.:27:33.

allies on the continent. We should not rush into it for the sake of it,

:27:34.:27:38.

we need a settlement that is durable, fair to our allies, shows

:27:39.:27:42.

that we are still engaged, we are military allies, but allows us to

:27:43.:27:48.

begin to take back power. The vast majority of people who just voted to

:27:49.:27:51.

leave and who I have spent the last four months with, they understand

:27:52.:27:57.

that. What they wanted was to bring back control. People are grown-up,

:27:58.:28:02.

they understand this is not something that can be done tomorrow.

:28:03.:28:05.

How long before a British Government can say they do have the method or

:28:06.:28:11.

the weaponry for controlling immigration and will reduce it, like

:28:12.:28:18.

they did Cameron promised to the tens of thousands? Were that happen

:28:19.:28:25.

or is that postponed? Nobody has suggested there will be no

:28:26.:28:27.

immigration, and thank you for making the point about the status of

:28:28.:28:32.

EU nationals, there will be EU nationals watching now, I want to

:28:33.:28:37.

underline, nobody has suggested any change in their status, the only

:28:38.:28:41.

change is they no longer vote at European or local elections. Tonnes

:28:42.:28:46.

of migration from the EU, the one thing we can change is we will no

:28:47.:28:51.

longer be citizens of the EU. Citizenship of the EU gives you a

:28:52.:28:56.

legal entitlement to reside and vote in another country and the right to

:28:57.:29:00.

be treated the same way as a national of that country for the

:29:01.:29:03.

purposes of things like university tuition fees welfare claims, and so

:29:04.:29:10.

on that will change, but if people watching think that they have voted

:29:11.:29:13.

and there will be zero immigration from the EU, they will be

:29:14.:29:18.

disappointed, of course there will still be immigration, people coming

:29:19.:29:22.

here to work, and you will look in vain for anything that the Leave

:29:23.:29:26.

campaign said that the suggested there would be any kind of border

:29:27.:29:32.

closure. All we are asking for is some control over roughly who comes

:29:33.:29:41.

in and roughly in what numbers. As a staunch Remainer, what do you make

:29:42.:29:45.

of what he says? It seems to be a gentle move to a different thing,

:29:46.:29:52.

the British Government able to decide for itself. That is the

:29:53.:29:56.

reasonable version. The most important thing to say is, this vote

:29:57.:30:04.

tonight is a war of defiance against the Westminster elite, we have to

:30:05.:30:09.

listen very carefully to what they were trying to say to us. I think in

:30:10.:30:15.

many places immigration is a proxy for the discontent. Labour market in

:30:16.:30:22.

security, their children's future, what is happening to the health

:30:23.:30:26.

service. I don't deny this is the most momentous vote of my political

:30:27.:30:29.

lifetime. We have to listen carefully to what the electorate is

:30:30.:30:30.

saying. It is a bit late now, because you

:30:31.:30:44.

are out of the EU, which you wanted to stay in? I think actually Jeremy

:30:45.:30:51.

Corbyn was closer to the national mood than any other major leader,

:30:52.:30:56.

and I think that puts him in a strong position to be a voice for

:30:57.:30:59.

working people. I never understood what he meant when he said he was

:31:00.:31:03.

7.5 out of ten in favour of staying in. Which way do you think you

:31:04.:31:09.

voted?! Go on, you could see it in his face as he came out! What he

:31:10.:31:16.

meant by 70% was that he wanted to Remain and reform. Do you think he

:31:17.:31:24.

will be pleased? I am delighted, I have been working for today for 26

:31:25.:31:32.

years! Oozed going to be and extremely challenging situation. And

:31:33.:31:35.

one of the biggest challenges is to bring people together. I do not

:31:36.:31:40.

believe Jeremy is pleased. But as the leader of the Labour Party, and

:31:41.:31:43.

those of us in the shadow cabinet, we have to rise to the challenge of

:31:44.:31:46.

both listening to the electorate and bringing people together. The way

:31:47.:31:52.

they said no to all of the banks and... Isn't there a piece of you

:31:53.:31:56.

which feels very proud to be British today? And the hectoring and the

:31:57.:32:02.

scare stories which we had from all of these big financial... People

:32:03.:32:07.

stood up to it and their common sense went against it. The Institute

:32:08.:32:10.

for Fiscal Studies says there is going to be a gap of ?30 billion,

:32:11.:32:15.

the Chancellor has said there is going to have to be an emergency

:32:16.:32:18.

budget if we leave. Do you think all of that is going to happen? Some of

:32:19.:32:24.

these were speculative figures. What is a speculative figure?! Based on

:32:25.:32:30.

certain models of what is going to happen. Did you believe them

:32:31.:32:34.

yourself? I believe it's going to be a very challenging situation. Do you

:32:35.:32:39.

believe it was fear tactics, which played so well for the levers, being

:32:40.:32:43.

used by the Chancellor of the Exchequer and the Prime Minister? I

:32:44.:32:50.

believe the leader of the Labour Party believes that, that this

:32:51.:32:53.

Project Fear staff did not help us in the end. You have heard the

:32:54.:32:57.

various potions around this table, and it seems that almost anything

:32:58.:33:01.

can happen. Table can decide to invoke article 50 and leave

:33:02.:33:05.

immediately. Or you can start discussions and take it gently, as

:33:06.:33:09.

Daniel says. It is all true, isn't it? There is no absolute way, it is

:33:10.:33:14.

only an advisory referendum, you don't HAVE to do anything? No, I

:33:15.:33:20.

don't think that is white. I think Diane Abbott is right to say that it

:33:21.:33:25.

is the most momentous event certainly for many years, and more

:33:26.:33:27.

momentous than the general election. It is momentous because the people,

:33:28.:33:32.

as a result of a grassroots insurgency, have given the

:33:33.:33:36.

government and instruction. And to some extent that is now out of the

:33:37.:33:40.

hands of politicians. Listening to Daniel and Liam Fox, I sometimes

:33:41.:33:43.

think they are so surprised that they have won, they almost wish they

:33:44.:33:47.

haven't, and they are not following up the logic of the Brexit position,

:33:48.:33:53.

which is that Britain is to leave the European Union. The dynamic

:33:54.:33:58.

behind it is that there should be control of EU immigration, that we

:33:59.:34:02.

should leave as soon as possible, and that preferably, this process

:34:03.:34:04.

should be in the hands of people who believe it. Who said as soon as

:34:05.:34:09.

possible? I think this is the public view. You said earlier, when are we

:34:10.:34:14.

to cease a end the ?350 million? When his immigration going to be

:34:15.:34:18.

controlled? This I suspect is the view of the British public. -- to

:34:19.:34:24.

cease paying. Parliament is clearly on representative, because the only

:34:25.:34:27.

party which recommended a Brexit vote has only one MP, and that is

:34:28.:34:32.

Ukip. I did not think there would be a general election cause the

:34:33.:34:35.

political class do not want it. Three quarters of the House of

:34:36.:34:39.

Commons wanted to stay in. But we will come back to that. For the

:34:40.:34:42.

benefit of those who have just joined us, let's have the news,

:34:43.:34:50.

insofar as we can present all aspects of it, and we will come back

:34:51.:34:53.

here after that. Here is Louise Minchin. Good morning. Britain has

:34:54.:35:01.

voted to leave the European Union. The Leave campaign has so far taken

:35:02.:35:05.

52% of the vote. It is now impossible for Remain to overtake

:35:06.:35:10.

it. There have been strong wins for Leave in the north-east of England

:35:11.:35:13.

and in the Midlands. Scotland and Northern Ireland voted to remain in

:35:14.:35:18.

the EU. The Conservative MP Liam Fox, who supported the Leave

:35:19.:35:23.

campaign, said a period of calm was now required. It's going to be some

:35:24.:35:28.

time before we leave the European Union. We will have a period where

:35:29.:35:31.

we can disentangle ourselves. We want to leave on good terms, we want

:35:32.:35:37.

to corporate rarities in our mutual interest to do so. And we need to

:35:38.:35:43.

have a period of stability. And I would like to see the Prime Minister

:35:44.:35:46.

today announced that he will be staying on, so we do not add

:35:47.:35:49.

political instability into the mix. Labour MP Chuka Umunna, who

:35:50.:35:55.

campaigned for Remain, said the result has exposed divisions within

:35:56.:36:01.

Britain. This is a big thing for our country, and what this has exposed

:36:02.:36:05.

is a lot of division. There is a lot of talk as if this is an

:36:06.:36:10.

overwhelming win. It isn't. 48% of people on the current projection did

:36:11.:36:13.

not vote for this. The challenge for people in this context is how to

:36:14.:36:16.

lead and bring our country together. The results have upset the world's

:36:17.:36:21.

financial markets, with the pound falling again this morning to $1.34,

:36:22.:36:27.

its lowest since 1985. When the polls closed, it sort to $1.5, but

:36:28.:36:33.

as they showed stronger than expected support for leaving the EU,

:36:34.:36:38.

it began to plummet. Markets in Asia are down nearly 3%. Nicola Sturgeon

:36:39.:36:44.

has suggested that the Leave vote will reignite demands for an

:36:45.:36:48.

independence referendum there. All 32 Scottish local authorities were

:36:49.:36:54.

turned a majority for Remain. Nicola Sturgeon said the vote made it clear

:36:55.:36:57.

that the people of Scotland saw their future as part of the European

:36:58.:36:58.

Union. Back to David shortly. I'm not sure I quite dared do this,

:36:59.:41:23.

but Gus O'Donnell, former cabinet secretary to Tony Blair, Gordon

:41:24.:41:25.

Brown and David Cameron, is in Westminster. Do you mind very much

:41:26.:41:30.

if we just do something first? Because we want to hear about

:41:31.:41:35.

procedure from new, which is very important. First, Sarah Wollaston

:41:36.:41:39.

has been waiting a long time. She was an important switcher. She is

:41:40.:41:43.

with Emily. A Tory MP and a GP. For people waking up this morning, they

:41:44.:41:49.

are saying, it has happened. There is real shock. I wonder what it

:41:50.:41:52.

feels like for somebody who has gone from Brexit to Remain. Whether a bit

:41:53.:42:00.

of you is left in Brexit or...? No, one thing I realised was that if I

:42:01.:42:03.

woke this morning and Britain had voted to leave, it would not be a

:42:04.:42:08.

sense of freedom, or some kind of Independence Day, but actually that

:42:09.:42:11.

we have lost something and a sadness and concern for the future. But my

:42:12.:42:17.

job now as a politician is not to quibble about the result, but

:42:18.:42:21.

actually to increment it. Because parliament has been given a clear

:42:22.:42:24.

instruction here. This has been a divisive campaign and now it is the

:42:25.:42:28.

time for us to try and bring people together and put it into action in a

:42:29.:42:32.

way which, as far as possible, delivers a positive way forward. Do

:42:33.:42:38.

you believe it will actually happen? Some people are actually saying,

:42:39.:42:42.

there will be two years of negotiation and then we will be

:42:43.:42:45.

granted some kind of associate status which puts us in the common

:42:46.:42:49.

market, in the single market, without really taking us out of the

:42:50.:42:53.

EU at all, what do you think? We are in a period of great uncertainty,

:42:54.:42:58.

and there are 27 other partner nations now who will be having a key

:42:59.:43:02.

say in our status as well. We need to be very careful in the language

:43:03.:43:07.

we use. We need to make it clear that we are not walking away from

:43:08.:43:09.

Europe we are coming out of the European Union, but we do want to

:43:10.:43:13.

maintain close partnership and ties without European neighbours. But

:43:14.:43:16.

what do you think that we are missing? Daniel has just spoken of

:43:17.:43:22.

the sense of liberty and gain a deep you only see it as loss? I'm afraid

:43:23.:43:28.

I see this as being a loss, but clearly the majority of the country

:43:29.:43:31.

see it as a game. We need to be careful about how we are speaking to

:43:32.:43:35.

those around the country who did not vote to leave. I was very glad to

:43:36.:43:39.

hear him referring to the position of those, for example, within the

:43:40.:43:43.

EU, who are currently living in this country. I think of NHS staff and

:43:44.:43:48.

social care staff, there are 130,000 people working in the NHS and social

:43:49.:43:52.

care, who qualified in Europe, and we need to send a clear message to

:43:53.:43:58.

them that we really do value what they do and we would like them to

:43:59.:44:01.

stay. And this is not done a mean that we want them to leave. This

:44:02.:44:06.

needs to be a reassuring message sent out. And also about the

:44:07.:44:10.

language we use. We must not be triumphalist, we must try and bring

:44:11.:44:14.

people together. Do you think that two-year period might lead to many

:44:15.:44:19.

more workers from overseas coming in, thinking, this is our last

:44:20.:44:22.

chance before the drawbridge gets pulled up? We don't know. This is

:44:23.:44:26.

one of the problems with voted to leave, that there will be a period

:44:27.:44:31.

of uncertainty. We also know for example that some of those

:44:32.:44:35.

concessions were negotiated by David Cameron, such as being able to

:44:36.:44:39.

reduce the amount of benefit which is paid to those who come and live

:44:40.:44:43.

here for the first four years, that now won't come into play. So yes, we

:44:44.:44:49.

are in a period of great uncertainty. The right thing to do

:44:50.:44:53.

now is to have some stability, for David Cameron to stay at the helm

:44:54.:44:57.

for the time being, and to have a pause before we rush into doing

:44:58.:45:02.

anything next. Clearly, and instruction has been given to

:45:03.:45:06.

Parliament, that we WILL be leaving the European Union. What about this

:45:07.:45:10.

Brexit budget, do you expect it to happen and would you support it?

:45:11.:45:16.

The Government will have to see what happens with the economy, it would

:45:17.:45:22.

be too soon to implement an emergency budget. You want them both

:45:23.:45:27.

to stay on? What we don't need is immediate resignations. I am sure

:45:28.:45:33.

that at some point there will be a change, probably leading us into the

:45:34.:45:36.

negotiations, but it should not happen immediately, I hope we will

:45:37.:45:42.

not see David Cameron, out and designed this morning, because it

:45:43.:45:47.

will add to the uncertainty. He will be a voice of calm and reason.

:45:48.:45:54.

You see on the bottom right of the screen, the Leave campaign is

:45:55.:46:02.

leading by 1 million 223,000 votes. It is well fed. We have to cancel

:46:03.:46:12.

areas to come. What people have been asking is, what happens? One man has

:46:13.:46:18.

been at the Cabinet, he is the Cabinet secretary from 2005 to 2011.

:46:19.:46:24.

He sits at the heart of Government. He was there under Tony Blair, under

:46:25.:46:30.

Gordon Brown, he has been there under David Cameron, so he has

:46:31.:46:34.

served all three Masters. What would be happening right now, coming up to

:46:35.:46:41.

7am, in number ten? There would have been worth on contingency plans for

:46:42.:46:49.

this sort of event. They will be worrying about the volatility in the

:46:50.:46:52.

markets and hoping that that will calm down. There is not much they

:46:53.:46:56.

can do about the pound falling, it will get to its level, but they

:46:57.:47:01.

would think about making sure there are not unstable markets. On the

:47:02.:47:06.

political front, we need to sort ourselves out to get a negotiating

:47:07.:47:12.

position so that we can sort out how we exit from the EE you. For

:47:13.:47:16.

example, when the witch figure Article 50? If I were a cabinet

:47:17.:47:22.

secretary, I would say there is no rush, and I am glad to hear some of

:47:23.:47:26.

your guests say the same, because this is a two-year process and this

:47:27.:47:31.

is not a simple process. It was designed to make leaving very

:47:32.:47:35.

difficult and not easy for the leaving country. I will be holding

:47:36.:47:41.

off on that and waiting until we have a settled Government that can

:47:42.:47:46.

give clear direction to implement the will of the people on how we

:47:47.:47:52.

leave. The Prime Minister said, maybe this was just a threat, but if

:47:53.:47:57.

the vote was to leave, he would leave, he would invoke article 50.

:47:58.:48:00.

You would say, actually, you don't need to? It is obvious he doesn't

:48:01.:48:06.

need to, accept for political reasons. The country have voted,

:48:07.:48:11.

they will be in patient with the Prime Minister, who they don't like

:48:12.:48:14.

very much, cos they did not go along with his view, --. Will he decide he

:48:15.:48:25.

wants to stay on and lead the negotiations? When you trigger

:48:26.:48:31.

article 50, which is a letter from the Prime Minister to the Council of

:48:32.:48:34.

the European Union, you start the two-year clock. I would not be in

:48:35.:48:40.

any rush to start it off. We know where we are going, the people have

:48:41.:48:46.

spoken, the question is, how do you exit and when do you stop the formal

:48:47.:48:53.

process? Article 50 is the only legal way to leave. We have signed

:48:54.:48:57.

up to a treaty that says that is how we leave. You could negotiate it all

:48:58.:49:02.

before you invoke the article and then leave a month later. You could

:49:03.:49:07.

do all of the negotiation before, giving yourself time to think it

:49:08.:49:10.

through and talk to all your former partners in Europe. It takes two to

:49:11.:49:17.

tango, the EU might say, actually, we have a process for leaving, we

:49:18.:49:22.

specified it, you signed up to it, so let's start doing this within the

:49:23.:49:28.

framework of the article. Two years is a very short time in European

:49:29.:49:32.

negotiations, most things seem to take ten or 15 years. I pointed out

:49:33.:49:38.

some time ago it took Greenland three years to sort out its exit,

:49:39.:49:43.

they only had one issue, fish, and rather fewer people than watch most

:49:44.:49:49.

European football matches. Take us back inside the Cabinet room. You

:49:50.:49:57.

have a Prime Minister who has fought throughout very hard and said,

:49:58.:50:01.

listen to the experts, to the Bank of England, you have a Chancellor

:50:02.:50:06.

who said, it will damage GDP, we will have a deficit, GDP will fall,

:50:07.:50:13.

we will have to put up taxes. Can those two people negotiate this, or

:50:14.:50:17.

would you say, it would be wiser to have different people do it who are

:50:18.:50:22.

not quite as committed, as you have been, to not taking this step? That

:50:23.:50:28.

as they call the Prime Minister will have to make. You would have to say

:50:29.:50:33.

something as Cabinet Secretary about what was advisable. You are not

:50:34.:50:38.

there now, so you can speak freely. What I would say is it is

:50:39.:50:43.

important... The civil service will need to be directed. Just as they

:50:44.:50:48.

were clear when the Prime Minister or the Government had a position

:50:49.:50:53.

that we would remain in, so they were working with the Government on

:50:54.:50:57.

that, we now need a clear position as to what is the form of Leave.

:50:58.:51:03.

Access to the single market, the question about free movement of

:51:04.:51:08.

Labour, those issues. We need that position to be sorted out. Who will

:51:09.:51:14.

do that? I suspect that if the Government that will be around for a

:51:15.:51:17.

long time. The Prime Minister will want to think about whether he is

:51:18.:51:25.

the right person to do that, or whether he will want to say, look, I

:51:26.:51:30.

did my renegotiation, the people have spoken, I am now going to

:51:31.:51:35.

manage a period where we move on to a new set of people who will do this

:51:36.:51:39.

negotiation. I will leave it to Boris? That is a matter for the

:51:40.:51:45.

Conservative Party. If he decides he wants to start a leadership process,

:51:46.:51:51.

the Conservative MPs get to do a short list, which goes to the party.

:51:52.:51:58.

What kind of a shock is this to the civil service, the people who were

:51:59.:52:02.

much derided during this campaign, the so-called experts, who thought

:52:03.:52:07.

of themselves as experts, what kind of shock is it to them to suddenly

:52:08.:52:15.

have to change tack? They quit on the uptake? Will they be thinking in

:52:16.:52:20.

a different mindset already? Or will there be a total confusion for a

:52:21.:52:25.

year or two? Not in a different mindset. The work they did was

:52:26.:52:32.

clear, they were in support of the Government that had a strong

:52:33.:52:35.

position, which was that we should remain in. If the Government

:52:36.:52:41.

position is that we are leaving, which it will be now, they will work

:52:42.:52:46.

hard to get the very best deal for Britain in terms of leaving. That

:52:47.:52:51.

will be fine. The things that were said by the Treasury and the rest of

:52:52.:52:57.

it, I think, are things we will have to grapple with. It is difficult,

:52:58.:53:02.

there are likely to be economic difficulties. The predictions of

:53:03.:53:08.

market volatility have turned out to be true. The question is, how can we

:53:09.:53:14.

manage all of those difficulties as best we can? That is what they have

:53:15.:53:21.

to do now. Thank you for joining us from Westminster. Shall we now have

:53:22.:53:27.

a look, as people will be joining us at this time, just coming up to 7am,

:53:28.:53:30.

the story of what happened? Yes, let's go to the maps, the map

:53:31.:53:44.

of the UK. At the colours came in. Blue for Leave, yellow for Remain.

:53:45.:53:50.

It was not enough. Scotland, Northern Ireland and London voting

:53:51.:53:53.

for Remain, but not enough to swing it. If I, the map in for Leave and I

:53:54.:54:02.

darken the blue where the Leave vote was strongest, you can see where it

:54:03.:54:07.

packed a punch. Light blue in Scotland, where Leave was weak, but

:54:08.:54:12.

the North of England was very strong for blue. The East of England,

:54:13.:54:18.

especially East Anglia, the Thames Gateway, and London, very light,

:54:19.:54:23.

does not much was going on for Leave. The question was, would the

:54:24.:54:28.

votes in London come through and turn it around? They never really

:54:29.:54:34.

did in sufficient numbers, because the Leave vote was too strong. In

:54:35.:54:41.

each counting area, we have placed a stalk in the colour of the side that

:54:42.:54:48.

one, blue for Leave, yellow for Remain. Where it is high, they won

:54:49.:54:53.

by a large amount. Edinburgh, a big majority to remain. In parts of the

:54:54.:55:00.

Midlands, East Midlands, West Midlands, lots of votes for Leave.

:55:01.:55:05.

The heavy numbers in London for Remain. Let's go to the north-east.

:55:06.:55:14.

We saw some remarkable results. The very first big result was this one.

:55:15.:55:21.

It is that small yellow rectangle, cube, which should have been, we

:55:22.:55:27.

thought, a much eager vote for Remain in Newcastle. It only just

:55:28.:55:34.

went to Remain, that was a sign that things were going badly for Remain.

:55:35.:55:39.

The Leave side packed away some extraordinary results, look at the

:55:40.:55:44.

height of Durham. It is the county council. A lot of votes piling up

:55:45.:55:50.

for Leave in the north-east of England. And elsewhere. The West

:55:51.:56:00.

Midlands. Warwick is the loan yellow rectangle, the stalk that is yellow.

:56:01.:56:05.

Not much else to write home about for Remain. Some really thumping

:56:06.:56:10.

victories in the West Midlands the Leave. In Dudley and Walsall. The

:56:11.:56:16.

height represents the amount of votes that Leave one by. The West

:56:17.:56:23.

Midlands was extraordinary. We can see Birmingham in the middle. It had

:56:24.:56:28.

the biggest number of voters in its counting area, bigger than anywhere

:56:29.:56:33.

else in the country, 700,000, but they cancelled each other out. There

:56:34.:56:37.

was not much of a majority for Leave. But that was to their

:56:38.:56:43.

advantage, because Birmingham was expected on paper to go Remain. The

:56:44.:56:50.

fact that Leave one in Birmingham was remarkable, and any sense of

:56:51.:56:56.

impact did not happen for the Remain side. The East Midlands, lots of

:56:57.:57:02.

Leave victories. You can see the yellow is Leicester and Rushcliffe,

:57:03.:57:08.

but Boston on the east Coast had the biggest majority, something like 80%

:57:09.:57:16.

voting Leave. It was the most Eurosceptic counting area, we knew

:57:17.:57:22.

it would be. You can see the blue bars piling up in so many parts of

:57:23.:57:29.

the country. That is how Leave one. London, let's look at these

:57:30.:57:34.

boroughs. 33 of them. Look how many went Remain. It was not enough. They

:57:35.:57:41.

managed to not clinch victory in places like barking and Haver and

:57:42.:57:47.

Bexley. They did not put on enough votes across all of these London

:57:48.:57:52.

counting areas, these boroughs. Lambeth had a huge majority to

:57:53.:57:57.

remain, that would have helped, but places like Hounslow were much

:57:58.:58:00.

closer, so London did not come to the rescue of Remain in the UK.

:58:01.:58:11.

60-40 in London for Remain, 60-40 in the rest of England for Remain. It

:58:12.:58:17.

was an unequal match in the end, and that shows why the UK has voted to

:58:18.:58:19.

leave the EU. You described yourself as sad and

:58:20.:58:31.

angry in the middle of that Remain camp, but all of those big

:58:32.:58:33.

metropolitan borough 's, the places like Newcastle, Birmingham,

:58:34.:58:38.

Sheffield, that were expected to be solid for Remain, were not. I am not

:58:39.:58:43.

that offered about doing an analysis of the individual results, the

:58:44.:58:51.

reality is we wake up to a Britain that complies with the vision that

:58:52.:58:54.

Nigel Farage has set out, and that is not the country I believe in. I

:58:55.:58:59.

accept the result, it is important to do that, but I don't believe that

:59:00.:59:03.

we should turn our back on the outward looking, decent, inclusive,

:59:04.:59:07.

internationalist Britain that we believe in. I am utterly gutted and

:59:08.:59:15.

heartbroken, it is beyond party politics, but I think I am in no

:59:16.:59:19.

mood for giving up, or thinking, this is the kind of country I will

:59:20.:59:24.

accept. The Britain that three out of every four younger people voted

:59:25.:59:29.

for is the one which does stand tall in the world, promotes prosperity,

:59:30.:59:34.

working with others, wants to build peace and be a good neighbour, not

:59:35.:59:38.

be isolated, fearful, angry and alone. I accept the result, but I

:59:39.:59:45.

don't agree with it. It does not sound like you accept it, when you

:59:46.:59:48.

talk about those who did not vote to remain, the suggestion is they are

:59:49.:59:55.

not decent. The Liberal Democrats have a habit of not coming first in

:59:56.:00:00.

elections, so I accept the outcome, but over the last 20 years people

:00:01.:00:04.

like David Cameron, Conservative ministers and MPs, who has cheaply

:00:05.:00:10.

divided the EU for a quick headline, has stocked up a swell of distrust

:00:11.:00:15.

against the EU, and although I have stood shoulder to shoulder with

:00:16.:00:19.

Harriet Harman, Horden Brown, Andy Burnham, who have pulled a shift, I

:00:20.:00:24.

accused Jeremy Corbyn and the lady -- Labour leadership in other

:00:25.:00:28.

spinelessness for not getting involved in the campaign for

:00:29.:00:34.

Britain's soul and future. This is where British politics changes.

:00:35.:00:37.

Progressives need to start working together and stop being spoken down

:00:38.:00:38.

to by the extremists. Do you think Jeremy Corbyn should

:00:39.:00:49.

go? I think he has let the country down massively. Those areas which

:00:50.:00:54.

has let the country down for Remain, they were the areas which Labour was

:00:55.:00:59.

supposed to deliver. And that goes along with the spinelessness of a

:01:00.:01:02.

Conservative garment which limped into this situation and could not

:01:03.:01:06.

present a positive argument. We tried very hard throughout this

:01:07.:01:09.

campaign to be uplifting and positive about Britain's role in the

:01:10.:01:13.

world. It is one of the reasons why three quarters of young voters voted

:01:14.:01:17.

to remain. What a tragedy that other voters have voted otherwise. The

:01:18.:01:24.

truth is, maybe David Cameron expected the Lib Dems to be stopping

:01:25.:01:28.

him? Maybe he did. But in the case of David Cameron and Boris Johnson

:01:29.:01:32.

as well. You have got two Conservative politicians who have

:01:33.:01:35.

both taken positions in this referendum, purely for their own

:01:36.:01:40.

personal, career benefit, not for the country's good. It is about time

:01:41.:01:44.

we have politicians who stood up for what was in the interests of the

:01:45.:01:47.

whole country, and our role in the world, rather than just politicking

:01:48.:01:51.

for the next election. Would you be surprised if Scotland went for

:01:52.:01:54.

another referendum now? There should not be another referendum in

:01:55.:01:59.

Scotland, with the pound tanking, the last thing Scotland or the rest

:02:00.:02:01.

of the United Kingdom needs is to add to that self-inflicted recession

:02:02.:02:07.

with further internal disarray. This is a divided country, let's not make

:02:08.:02:12.

it more divided. The last result came in, and it was Cornwall voting

:02:13.:02:27.

to leave. 56%. So, here is the final result for the United Kingdom. Here

:02:28.:02:30.

are the actual numbers of how people voted yesterday's. One million and a

:02:31.:02:43.

bit majority for those who want to leave. We will go on looking at the

:02:44.:02:48.

results of all of this. We will be talking to Jeremy Corbyn. I hope you

:02:49.:02:53.

heard Tim Farron saying that he had failed to deliver for the Labour

:02:54.:02:56.

Party, and we will be talking about that. Let's now have a catch of the

:02:57.:03:00.

news and the weather, with Louise Minchin. Thank you. Good morning.

:03:01.:03:07.

Britain has voted to leave the European Union. There have been

:03:08.:03:10.

strong wins for Leave in the north-east of England and in the

:03:11.:03:14.

Midlands. Scotland and Northern Ireland voted to remain in the EU.

:03:15.:03:16.

Eleanor Garnier reports. Well, at 20 minutes to five,

:03:17.:03:21.

we can now say the decision taken in 1975 by this country to join

:03:22.:03:24.

the Common market has been reversed We are absolutely clear

:03:25.:03:27.

now that there is no way Watch and listen carefully -

:03:28.:03:35.

this is history in the making... The British people have spoken,

:03:36.:03:52.

and the answer is, we are out. And these were the celebrations just

:03:53.:03:55.

moments before the BBC This will be a victory for real

:03:56.:03:58.

people, a victory for ordinary With the pound plunging,

:03:59.:04:02.

Remain campaigners This is a crushing, crushing

:04:03.:04:06.

decision. It is a terrible day for Britain

:04:07.:04:10.

and a terrible day for Europe, This moment, this is a seismic

:04:11.:04:14.

moment for our country, which goes We are talking about

:04:15.:04:18.

what happens to David Cameron - What this has exposed

:04:19.:04:24.

is a lot of division. There's 48% of people

:04:25.:04:29.

on the current prediction But this prominent Leave campaigner

:04:30.:04:43.

called for cross-party co-operation. We have a responsibility to act in

:04:44.:04:47.

the best long-term interests of this country. It was not long after the

:04:48.:04:53.

polls closed before Leave started marking up huge wins. Across the

:04:54.:04:57.

north-east, results soon showed Leave doing consistently better than

:04:58.:05:02.

predicted. A big win in Hartlepool, and pushing Remain into a narrow

:05:03.:05:10.

victory in Newcastle. 65,404... A much smaller win than expected. Away

:05:11.:05:16.

from the north of England, in Basildon, in Essex, another big win

:05:17.:05:18.

for Leave. And another count with

:05:19.:05:24.

a big turnout, at 74%. And in Flintshire, just

:05:25.:05:26.

as across the rest of Wales, But Scotland voted emphatically

:05:27.:05:29.

to stay in the EU, though the overall result will lead

:05:30.:05:36.

to renewed calls for a second After counting was completed,

:05:37.:05:49.

Northern Ireland voted to remain. And it looks like London will be the

:05:50.:05:53.

only region of England to back staying in the EU. Parliaments

:05:54.:06:00.

across the European Union will now be busy for years. Britain has voted

:06:01.:06:05.

to leave the EU, to tear up the settlement the country has had for

:06:06.:06:08.

decades, unleashing perhaps huge opportunity, perhaps huge risk. Or

:06:09.:06:11.

perhaps both. The results have upset the world's

:06:12.:06:21.

financial markets, with the pound falling again this morning to $1.34,

:06:22.:06:24.

its lowest since 1985. When the polls closed,

:06:25.:06:27.

it soared to $1.50, but as they showed stronger

:06:28.:06:28.

than expected support for leaving The Bank of England says it is

:06:29.:06:40.

monitoring developments closely. Scotland's First Minister has

:06:41.:06:43.

suggested that the Leave vote will reignite demands for an independence

:06:44.:06:47.

referendum there. All 32 Scottish local authorities returned

:06:48.:06:50.

majorities for Remain. Nicola Sturgeon said it made clear that the

:06:51.:06:54.

people of Scotland see their future as part of the European Union. We

:06:55.:06:57.

will have more from the results programme shortly. First, let's have

:06:58.:06:59.

a look at the weather, with Carol. Pollen levels are high or very high

:07:00.:07:15.

except for the north of Scotland. For many western and central parts

:07:16.:07:20.

of the UK today, we are looking at showers. Some of them will be heavy

:07:21.:07:25.

and thundery, with some hail. In between, there will be some

:07:26.:07:31.

sunshine. Sunshine and showers, some of them thundery, across Northern

:07:32.:07:34.

Ireland, north-west England, Wales and the south-west of England. Once

:07:35.:07:37.

again, in between the showers, there will be some sunshine. Sunshine and

:07:38.:07:42.

showers across the Midlands, but compared to the deluge of rain in

:07:43.:07:48.

the south-east and East End year yesterday's, it will be relatively

:07:49.:07:52.

dry. Consider yourself lucky if you do catch a shower. The showers will

:07:53.:07:58.

persist in the north and the west. It's not going to be a cold night.

:07:59.:08:02.

All of us staying in double figures. Tomorrow, once again, it's going to

:08:03.:08:09.

be a day of sunshine and showers. The distribution is slightly

:08:10.:08:12.

different, with the north and west seeing something a little bit drier.

:08:13.:08:20.

A quick look at what is happening on Sunday. We start

:08:21.:10:24.

With Britain voting Julie EU, all eyes this morning are on Downing

:10:25.:10:48.

Street. Laura Kuenssberg has gone down there. What is the news from

:10:49.:10:55.

behind you? Well, the street is absolutely packed. I think I can

:10:56.:10:58.

show you the pick shares of the British press, and many members of

:10:59.:11:03.

the international press, filling up Downing Street, the official

:11:04.:11:06.

residence of the Prime Minister. Huge anticipation here. We are not

:11:07.:11:09.

entirely sure when, but we expect before eight o'clock, when the

:11:10.:11:14.

financial markets opened, we will see David Cameron come out of that

:11:15.:11:18.

store to make a statement. We do not know in detail what he will say. But

:11:19.:11:23.

two themes he will address, I'm sure, firstly, he will urge the need

:11:24.:11:30.

for stability after this tumultuous result, which of course has come

:11:31.:11:33.

about by a political decision which he made to offer the referendum in

:11:34.:11:39.

the first place. He will urge calm and stability. And I'm sure he will

:11:40.:11:43.

be doing everything in his power to try to convey a sense of calm. The

:11:44.:11:48.

second call but I understand he will make is for the Tory party to come

:11:49.:11:52.

together, to urge his colleagues, who have been so bitterly divided in

:11:53.:11:55.

this bruising fight during the referendum, to come together,

:11:56.:11:59.

basically not to start knocking lumps out of each other. The big

:12:00.:12:03.

question mark is whether or not he will address the matter of his own

:12:04.:12:07.

departure. Now, senior Tories I have spoken to in the last hour also have

:12:08.:12:12.

actually, in the main, been clear that they do not think this is the

:12:13.:12:16.

moment for David Cameron to say he is up and off. In a moment like

:12:17.:12:22.

this, when so much is up in the air, most in the Tory party seem to

:12:23.:12:25.

believe that he should stay, at least for the moment. But do not

:12:26.:12:30.

think that that does not mean there are not conversations going on about

:12:31.:12:34.

this. As we have said, the experience of such a snub for him,

:12:35.:12:39.

the man who was front and centre of this campaign, who has been defeated

:12:40.:12:42.

in such a way, inevitably means in one way or another, his time in

:12:43.:12:47.

office is foreshortened. That does not mean he's about to come out of

:12:48.:12:52.

the door and resign at all. But whether he admits he admits it

:12:53.:12:56.

publicly or not, privately, most people in Westminster would now say

:12:57.:12:58.

his time in office is certainly contracted. The only person who has

:12:59.:13:05.

come out of the door so far this morning, not actually a person, but

:13:06.:13:09.

Larry the cat, never one to miss a big moment like this. While not

:13:10.:13:15.

coming out and saying, I will resign, do you think he might give

:13:16.:13:17.

an indication that perhaps overcome the autumn, he would act as a

:13:18.:13:22.

caretaker, but somebody else should take forward Britain's leading the

:13:23.:13:29.

EU? Because quite clearly, a lot of people might think it was almost

:13:30.:13:33.

fraudulent for him to negotiate the departure, when he has fought this

:13:34.:13:40.

bitter battle to stay in - is he the man to get the best deal taking us

:13:41.:13:45.

out, will when one of the reasons we lost it was because people said the

:13:46.:13:49.

deal he got was not good enough? Indeed. And also, having with such

:13:50.:13:53.

regularity and forcefulness, predicted doom and disaster if the

:13:54.:13:57.

public made this democratic decision. I think there are two

:13:58.:14:01.

different things. Firstly, I think it is likely that there will be

:14:02.:14:08.

maybe not explicitly but some hint about the possible timetable.

:14:09.:14:10.

Perhaps he might say that at the party conference in the autumn, he

:14:11.:14:14.

might set out his own future. Perhaps he might at least privately

:14:15.:14:19.

give his cabinet ministers and some hint later today. We expect the

:14:20.:14:23.

Cabinet will be brought together, on his own individual plans. I think it

:14:24.:14:28.

is probably more likely that he will focus on appointing a negotiating

:14:29.:14:32.

team. It may be that he comes out and names one or two of the people

:14:33.:14:36.

who would be negotiating on the other side. Huge speculation about

:14:37.:14:40.

Michael Gove being part of the negotiating team. Perhaps Boris

:14:41.:14:46.

Johnson, too. It might be that we get an assurance from David Cameron

:14:47.:14:49.

that people who won the argument will be part of those negotiations.

:14:50.:14:54.

But in terms of his own planned departure, whether that is one month

:14:55.:14:59.

or one year, I'm not sure how explicit he will be about that.

:15:00.:15:03.

Several senior Tories this morning who have been on the other side of

:15:04.:15:07.

the argument has said the first thing he must do, after calling for

:15:08.:15:11.

calm, is to get a group of senior people together to make a plan,

:15:12.:15:15.

before he can make any detailed proposals.

:15:16.:15:19.

Tim Farron said that Jeremy Corbyn failed to deliver. There has been a

:15:20.:15:31.

feeling that somehow the Labour Party did not bring out its own

:15:32.:15:36.

people in support of Remain as quite as strongly or with as much

:15:37.:15:41.

conviction as it should have done. What is going on in the Labour

:15:42.:15:44.

Party? Are there recriminations from Chuka Umunna, who was here earlier?

:15:45.:15:54.

Undeniably there will be very serious recriminations. I have heard

:15:55.:15:59.

from Labour Party people who are angry and feel that Jeremy Corbyn

:16:00.:16:05.

did not do enough to mobilise the party, the huge new membership that

:16:06.:16:11.

he managed to attract over the summer, to get out the vote, and

:16:12.:16:18.

what he described as an agenda of remain and reform was not the kind

:16:19.:16:24.

of thing that would motivate people. He said that the EU was seven and

:16:25.:16:30.

half out of ten. For many people it was an honest assessment, but as a

:16:31.:16:34.

rallying cry to get voters to turn out on an issue like this? Many

:16:35.:16:39.

Labour MPs feel he was not convincing enough, he had to be

:16:40.:16:42.

pushed and dragged into getting out there and making the case. What is

:16:43.:16:47.

also imitating some Labour MPs is that they have been sent round the

:16:48.:16:53.

lines to take, a copy of it has been leaked to me, and the party HQ

:16:54.:16:58.

suggest that they should tell the public that Jeremy Corbyn is now the

:16:59.:17:03.

only political leader who can unite the country. As a critical Remainer,

:17:04.:17:14.

he is more in touch with the public than any of the other party leaders

:17:15.:17:18.

are. Much of the vote was about people showing they are unhappy with

:17:19.:17:22.

European immigration, and Jeremy Corbyn is probably the most pro-EU

:17:23.:17:27.

immigration leader out there, some Labour MPs think that beggars

:17:28.:17:34.

belief. One MP predicted there could also be a Labour leadership contest

:17:35.:17:39.

under way in the next couple of months. Diane Abbott, have you

:17:40.:17:47.

received a message from Labour Party HQ, that this is the line you should

:17:48.:17:53.

take? I have not responded to them for 30 years, I am not going to

:17:54.:17:58.

start now! The people that are complaining about Jeremy would blame

:17:59.:18:04.

him when the sun sets at night. The truth is, all fingers have to point

:18:05.:18:08.

out David Cameron, he chose to have the referendum, the timing of it, he

:18:09.:18:12.

cooks up a bogus renegotiation, and he failed to persuade them. And

:18:13.:18:18.

Labour also failed. We got out more of our vote and they did of theirs.

:18:19.:18:25.

We shall discover. Let's come back to the economy and the problems that

:18:26.:18:31.

Britain is facing at the moment, the markets are volatile, falling, what

:18:32.:18:37.

is going on? It has been a remarkable night. At 10pm the pound

:18:38.:18:45.

was hitting record highs for 2016, when the polls seemed to suggest

:18:46.:18:49.

that Remain had had a good day in the referendum. It has now sunk more

:18:50.:18:54.

quickly than it sank in the 2008 financial crisis, on Black

:18:55.:19:01.

Wednesday, when the pound was injected from the exchange rate

:19:02.:19:06.

mechanism markets. The markets are signalling that the uncertainty

:19:07.:19:09.

created by the referendum has affected their appetite for risk,

:19:10.:19:15.

for investing in the UK to an extent. When we started at 10pm the

:19:16.:19:24.

opposite was happening, don't people listening to this view these markets

:19:25.:19:30.

with a certain contempt, like gamblers, they see what they think

:19:31.:19:35.

will happen, the market rises, the pound rises, it doesn't happen, the

:19:36.:19:39.

pound falls, but that is not real life. But it has an effect on real

:19:40.:19:44.

life. If your business is buying products in dollars and the pound

:19:45.:19:50.

has reduced in value by over 10%, your business is starting to

:19:51.:19:54.

struggle. If you are an exporter to other markets and the pound falls,

:19:55.:19:58.

your exports become cheaper. So these are real things, this is a

:19:59.:20:04.

real signal about investor confidence in sterling and, by

:20:05.:20:12.

association, in the UK economy, and if the UK economy is going to be

:20:13.:20:17.

positive in the future. You remember Harold Wilson, the pound in your

:20:18.:20:20.

pocket has not been devalued, if you go to the shops today or next week

:20:21.:20:25.

to do the weekly shop, are you going to find it more expensive because of

:20:26.:20:27.

what has happened in the markets today? It depends. If sterling is

:20:28.:20:37.

lower in value, you tend to import inflation into the country, because

:20:38.:20:42.

your imports become more expensive. That leads to more expensive prices

:20:43.:20:46.

in the shops, if those are the kind of things you are by. The chief

:20:47.:20:50.

counting officer, the chair of the Electoral Commission, announcing the

:20:51.:20:55.

final figures. The referendum held on the 23rd of

:20:56.:21:02.

June 2016, I hereby give notice that I have certified the following. The

:21:03.:21:10.

total number of ballot papers counted was 33,577,000 342. The

:21:11.:21:17.

total number of votes cast in favour of Leave, 16,000,140 1241. -- Leave.

:21:18.:21:32.

The Leave, 17 million. The number of ballot papers rejected

:21:33.:22:01.

was as follows. No official Mark... I was just saying goodbye to Daniel

:22:02.:22:07.

Hannon. You are off. New people coming in. That get back to where we

:22:08.:22:12.

were, the Bank of England. It has come out with a statement, it says

:22:13.:22:17.

it has undertaken extensive contingency planning and says it is

:22:18.:22:22.

working closely with the Treasury. I am hearing from my banking sources

:22:23.:22:26.

that banks do not want David Cameron to spark this article 50 provision

:22:27.:22:32.

immediately to begin the process of Britain leaving the U. That would be

:22:33.:22:38.

a two-year process. The banks I am speaking to say that if he does that

:22:39.:22:42.

immediately, they would have to immediately start relocation plans,

:22:43.:22:45.

because a lot of banks only operate across Europe because of the way the

:22:46.:22:50.

single market functions. If you live that market, they may have to move

:22:51.:22:54.

some of their activities and work into the euro area. They want David

:22:55.:22:59.

Cameron to pause, they have asked for calm. Let's listen to Nigel

:23:00.:23:07.

Farage. Even the weather has improved. It

:23:08.:23:14.

has been a hell of a long journey, I first got involved in Euro-sceptic

:23:15.:23:17.

politics 25 years ago, the first election I contested I managed to

:23:18.:23:23.

beat screaming Lord such by 106 24 votes, so I did not come last. Now

:23:24.:23:29.

there are 17 million people that voted for Brexit. It is a victory

:23:30.:23:34.

for ordinary people, decent people, against the big merchant banks, big

:23:35.:23:41.

businesses, big politics. I am proud of everybody that had the courage in

:23:42.:23:45.

the face of all the threats, every thing they were told, they had the

:23:46.:23:48.

guts to stand up and do the right thing. The election was one, in my

:23:49.:23:56.

view, in the Midlands and the North. It was the old Labour vote that came

:23:57.:24:01.

to us. We campaigned as hard as we could in those areas. There is still

:24:02.:24:08.

a massive disconnect between Westminster and real communities.

:24:09.:24:13.

The one image I will remember throughout the rest of my life is a

:24:14.:24:17.

woman in Bolton grabbing my hand with tears in her eyes, she said,

:24:18.:24:22.

why doesn't David Cameron and the Government come and see but they

:24:23.:24:25.

have done to my community, to the prospects for my kids? People here

:24:26.:24:32.

don't understand, they are too wealthy, they don't get what open

:24:33.:24:36.

door mass immigration as a result of EU membership has done to wages,

:24:37.:24:42.

availability of getting GP appointments or their kids into

:24:43.:24:46.

local schools. This was the issue that won this election. I am

:24:47.:24:52.

thrilled we have done this. I believe the other big effect of this

:24:53.:24:56.

is not what has happened in Britain, but what will happen in the rest of

:24:57.:25:01.

Europe. In the rest of the EU Eurosceptic parties never talked

:25:02.:25:05.

about leaving, now they are, and opinion poll in the Netherlands said

:25:06.:25:08.

a majority want to leave. We may well be close am perhaps, to an

:25:09.:25:17.

excerpt. And similarly in Denmark, a majority are in favour of leaving. I

:25:18.:25:23.

am told the same may apply to Sweden and perhaps Austria and perhaps even

:25:24.:25:28.

Italy. The EU is failing, it is dying, I hope we have knocked the

:25:29.:25:32.

first brick out of the wall, and that this is the first step towards

:25:33.:25:37.

a Europe of sovereign nation states, trading together, neighbours

:25:38.:25:41.

together, friends together, but without flags, anthems or useless

:25:42.:25:44.

unelected president. What happens next? 17 million people have said we

:25:45.:25:53.

should leave the EU, we now need a Brexit Government. A Government that

:25:54.:25:57.

gets on with the job, that begins the renegotiation of our trade

:25:58.:26:01.

relationship. That will be mindful that already many of the German

:26:02.:26:06.

comedy during unions have said, let's get on and do a deal, let's go

:26:07.:26:12.

on and sell motorcars and wine and cheese with each other. A Government

:26:13.:26:17.

that at the same time uses the opportunity of Brexit, we are now

:26:18.:26:24.

freed to start making our own trade deals and associations with the rest

:26:25.:26:30.

of the world. We have left behind a failing political union, we have

:26:31.:26:35.

given ourselves a chance to rejoin the world in the 21st century global

:26:36.:26:41.

economy. We need a Brexit Government, we need the negotiations

:26:42.:26:46.

to start as soon as possible, we need to start thinking globally

:26:47.:26:51.

about our future, and June 23 needs to become a national bank holiday,

:26:52.:26:56.

and we will call at Independence Day.

:26:57.:27:03.

Nigel Farage has made free speech is now since 4am. When he sees a

:27:04.:27:12.

camera, he makes another speech, and he will make more. He was not part

:27:13.:27:19.

of the official Leave campaign, interestingly, and he is not in the

:27:20.:27:23.

House of Commons, and many people thought his style of campaigning was

:27:24.:27:27.

not helpful. I don't know if Kate Hoey was among them, but there is

:27:28.:27:33.

the shot, the early morning light. It is not early morning in June,

:27:34.:27:38.

7:30am. The House of Commons, and all of those cameras out on the

:27:39.:27:44.

green. We have had a statement from the Bank of England.

:27:45.:27:51.

I could have written that. No surprise. I am joined by Kate Hoey,

:27:52.:28:02.

the Labour MP for Vauxhall, a Leave campaigner, and Eric Pickles, who is

:28:03.:28:07.

not a Leave campaigner. You heard what Nigel Farage said, recent,

:28:08.:28:12.

ordinary people have one, they are on the side of Leave, and the others

:28:13.:28:17.

are not decent or ordinary and they are just the toffs and experts. What

:28:18.:28:22.

I saw around the country, especially in Labour areas, this feeling that

:28:23.:28:27.

Labour voters felt they had not been listened to, and they had been

:28:28.:28:32.

ignored, they had been called stupid and ignorant and racist for just

:28:33.:28:40.

saying what they thought was wrong. I will come back to you. Jeremy

:28:41.:28:47.

Corbyn has just joined us. Thank you for coming here. You famously said

:28:48.:28:55.

during this campaign you were seven and a half out of ten in favour of

:28:56.:29:00.

remaining, now you are two and a half victorious, and the seven and a

:29:01.:29:05.

half has been abandoned. How do you see the future? Are you an

:29:06.:29:13.

enthusiastic Brexiter now? The British people have made their

:29:14.:29:17.

decision, we must respect the result, and article 50 has to be

:29:18.:29:20.

invoked so we can negotiate an exit from the U. A lot of the message

:29:21.:29:25.

that has come back from this is that many communities are fed up with

:29:26.:29:31.

cuts they have had, fed up with economic dislocation, and feel very

:29:32.:29:37.

angry at the way they have been betrayed and marginalised by

:29:38.:29:40.

successive governments in very poor areas of the country. My point

:29:41.:29:45.

throughout the campaign. We had to have an alternative to austerity, we

:29:46.:29:50.

had to have greater resources going into areas where there has been huge

:29:51.:29:55.

changes, and I called for the introduction of a migrant impact

:29:56.:29:59.

fund as well as proper funding of local authorities. The results are

:30:00.:30:03.

different across the country, different between densely populated

:30:04.:30:09.

urban areas and other parts of the country. We now have to try and

:30:10.:30:13.

protect the working conditions that we have in this country, and in the

:30:14.:30:19.

negotiations with the European Union try to ensure that there are some

:30:20.:30:24.

trade opportunities for Britain, because there are some difficult

:30:25.:30:27.

days ahead, the value of the pound has already fallen, and there will

:30:28.:30:32.

be job consequences as a result of this decision. We have to do evident

:30:33.:30:36.

we can to try to protect jobs and working conditions in Britain.

:30:37.:30:42.

If you want to do everything possible to protect jobs and working

:30:43.:30:51.

conditions, why don't you want to do what Daniel Hannan was suggesting,

:30:52.:30:56.

which was, take it easy? Go and talk to them in Europe, think about it,

:30:57.:31:00.

discuss it, work out a strategy, and gently, gently will be much better

:31:01.:31:04.

than rushing headlong into article 50? Obviously, there has to be a

:31:05.:31:09.

strategy. But the whole point of the referendum was that the public would

:31:10.:31:12.

be asked their opinion. They have given it. And I think it is up to

:31:13.:31:18.

Parliament to act upon that opinion. But quite clearly, negotiations must

:31:19.:31:21.

take race. There must be the best deal possible in order to ensure

:31:22.:31:25.

strong industries in Britain remain strong, and strong industries which

:31:26.:31:31.

have big export markets retain those export markets, as far as we can.

:31:32.:31:36.

But we are in some very difficult areas, that's very obvious to

:31:37.:31:40.

everybody. The accusation that Labour was half started, and you in

:31:41.:31:46.

particular, with your 7.5, I don't know what you mean by that, support

:31:47.:31:50.

for the EU, do you think you could have won this thing if you had been

:31:51.:31:54.

ten out of ten for remaining in the EU? The point I made throughout the

:31:55.:31:58.

campaign, the point the Labour Party made was, there were many people who

:31:59.:32:02.

were not particularly happy with the European Union. The point I was

:32:03.:32:05.

making was, there were good things which had come from Europe in

:32:06.:32:09.

working conditions and environmental and is, but there were other issues

:32:10.:32:13.

which had not been addressed properly, particularly economic

:32:14.:32:15.

inequalities in Britain. And therefore I said that my project was

:32:16.:32:20.

that we should vote to remain, in order to change and reform the

:32:21.:32:24.

European Union, and put forward an economic strategy which is not

:32:25.:32:26.

hostility, isn't punishing the poorest, which is actually trying to

:32:27.:32:30.

ensure that everyone gets a fair crack of the whip. What about

:32:31.:32:34.

immigration? You clearly laid out your view of immigration, and there

:32:35.:32:39.

was no upper limit to immigration into this country. Many of the

:32:40.:32:44.

people who support you and I suspect voted to leave, believe there should

:32:45.:32:51.

be an upper limit. And you were very clear, I remember seeing you say it

:32:52.:32:54.

to Andrew Marr - no upper limit. Was that a mistake? What I was clear

:32:55.:32:59.

about was that within the single market, the European Union, there

:33:00.:33:03.

has to be free movement of people. And that we should also recognise

:33:04.:33:07.

that more than a million British people live in other parts of

:33:08.:33:12.

Europe, and indeed probably almost another million work at various

:33:13.:33:15.

times in other parts of Europe. And so if we remain in the single market

:33:16.:33:19.

come them quite clearly, free movement takes place. But the very

:33:20.:33:23.

strong point I was making was that there had to be an end to the

:33:24.:33:28.

undercutting of wages, to the destroying of working conditions in

:33:29.:33:31.

this country, I people bringing brought in by on scrupulous

:33:32.:33:34.

employers. The point was that nobody should be exploited and we should

:33:35.:33:40.

face that down through the posting of the workers directive. If we no

:33:41.:33:44.

longer have an obligation to take anybody who wishes to come here from

:33:45.:33:49.

the European Union to work, what would Labour's policy be on

:33:50.:33:54.

immigration? Well, at the moment there is controlled immigration from

:33:55.:33:59.

the rest of the world. There are often great difficulties over Family

:34:00.:34:02.

Reunion. There are people who come in with particular skill sets and

:34:03.:34:07.

particular jobs. We will obviously have to develop an immigration

:34:08.:34:10.

policy, which will apply to Europe as well as to the rest of the world.

:34:11.:34:15.

But I think we should also recognise that those who have migrated to this

:34:16.:34:19.

country have made an enormous contribution to our society. Indeed

:34:20.:34:23.

there are 50,000-odd people from other parts of Europe working in our

:34:24.:34:28.

National Health Service. It is an important issue, and we have to

:34:29.:34:31.

recognise the skill sets which many have brought to this country and

:34:32.:34:36.

given us a good standard of living. That is interesting. But do you

:34:37.:34:40.

accept that one of the reasons people voted to leave was because

:34:41.:34:44.

they thought immigration was too high, whether they were right or

:34:45.:34:46.

wrong about that, they did think that? Many probably did, but there

:34:47.:34:51.

is also the question of the impact of migration and the lack of

:34:52.:34:54.

government support for areas which have been most affected. Many of the

:34:55.:34:58.

poorest communities in Britain have had the biggest cuts in central

:34:59.:35:02.

government expenditure to support their local authorities, and at the

:35:03.:35:05.

same time be refused any special help to deal with issues of school

:35:06.:35:11.

places and health places, which are often temporary issues but

:35:12.:35:15.

nonetheless very important. You make an elegant description about the

:35:16.:35:21.

problems which are their, but do you think you just missed a trick here,

:35:22.:35:25.

which was that people were much more worried about actual numerical

:35:26.:35:30.

immigration than you gave them credit for? You always said, it

:35:31.:35:34.

would be all right if there were more housing, it would be all right

:35:35.:35:37.

if we stopped people being sent on lower wages, workers directed and

:35:38.:35:42.

all of that kind of stuff - actually it was the numbers people were

:35:43.:35:46.

worried about? I made those points because that is what I believe to be

:35:47.:35:50.

the right way forward, to end the exploitation of people, whoever they

:35:51.:35:54.

are, and ensure that our local authorities are properly funded in

:35:55.:35:58.

all parts of this country. This government has a strategy of

:35:59.:36:01.

systematically and deliberately underfunding all local authorities

:36:02.:36:04.

in the very poorest areas of this country, which faced the greatest

:36:05.:36:08.

problems. Mr Corbyn, what would you like to see the Prime Minister do

:36:09.:36:11.

now? Do you think there should be an election quite soon, say, in the

:36:12.:36:18.

autumn, because we have had a Prime Minister who urged us to remain, and

:36:19.:36:21.

the country has decided to leave? The Prime Minister has some urgent

:36:22.:36:25.

tasks ahead of him, one of which is to try to use to belies the value of

:36:26.:36:30.

the pound. The other is to try and ensure the continuation of long-term

:36:31.:36:33.

investment in manufacturing and other industries, and then to begin

:36:34.:36:38.

the negotiations on the trade arrangements with the European

:36:39.:36:41.

Union. More than half our exports already go to the European Union.

:36:42.:36:45.

Thousands of companies all over the country rely on trade with the

:36:46.:36:49.

European Union. That relationship with the European Union after exit

:36:50.:36:52.

is absolutely crucial to the economic teacher of this country. I

:36:53.:36:57.

hope the Prime Minister is going to be concentrating very urgently on

:36:58.:37:00.

that. What he does in the longer term is a matter for him to decide

:37:01.:37:06.

what he wants to do and what the Conservative Party wants to do. Our

:37:07.:37:12.

position is that we will oppose any urgent budget which causes further

:37:13.:37:15.

austerity on people. We will support spending more resources in the areas

:37:16.:37:19.

hardest hit by both recession and changes. And we will try to get

:37:20.:37:25.

ready for a society where there is a greater degree of fairness and

:37:26.:37:28.

equality, and obviously, effective and efficient trading relationships

:37:29.:37:32.

with the rest of the world. And in the meantime, is in the national

:37:33.:37:39.

interest, you want to the Prime Minister and the Chancellor to stay

:37:40.:37:44.

in place? I want them now, quite quickly, to decide what they are

:37:45.:37:47.

going to do, to stabilise the pound. The important thing is to try to

:37:48.:37:51.

protect jobs at the present time. Those jobs are partly dependent on

:37:52.:37:55.

the value of the currency, and the export markets which are available.

:37:56.:37:58.

Mr Corbyn, thank you very much for joining us. So, at this point, let's

:37:59.:38:04.

have a full catch up, with the news, with Louise Minchin. Thank you,

:38:05.:38:10.

David. Good morning. Britain has voted to leave the European Union.

:38:11.:38:14.

The result was officially declared in the past half an hour. There have

:38:15.:38:20.

been strong wins for Leave in north-east England and in the

:38:21.:38:23.

Midlands. Scotland and Northern Ireland voted to remain in the EU.

:38:24.:38:28.

Ukip leader and Leave campaigner Nigel Farage said immigration was

:38:29.:38:33.

the key issue. People here do not understand, they are too wealthy,

:38:34.:38:37.

they do not get what open door, massive immigration as a result of

:38:38.:38:41.

EU membership has done to people's wages, to people's availability of

:38:42.:38:45.

getting GPI appointments, or their kids into local schools. This was

:38:46.:38:48.

the issue ultimately which won this election. I am thrilled that we have

:38:49.:38:55.

done this. I believe the other big effect of this election is not what

:38:56.:38:58.

has happened in Britain, but what will happen in the rest of Europe.

:38:59.:39:04.

Labour MP Umunna, who campaign for the Remain vote, said the result has

:39:05.:39:06.

exposed divisions within Britain. What this has exposed

:39:07.:39:14.

is a lot of division. There's 48% of people

:39:15.:39:18.

on the current prediction The result has affected the

:39:19.:39:32.

financial markets, with the pound falling to its lowest point since

:39:33.:39:33.

1985. When the polls closed,

:39:34.:39:39.

it soared. But as they showed stronger

:39:40.:39:42.

than expected support for leaving The Irish government says the

:39:43.:39:51.

decision has very significant implications. The German Foreign

:39:52.:39:55.

Minister said it was a sad day for Europe and Great Britain. The French

:39:56.:39:56.

government will meet to discuss the I will be back in

:39:57.:44:02.

about half an hour. Time to hand you back to our

:44:03.:44:16.

referendum programme. So, hello again. I have been joined by Sir

:44:17.:44:24.

Eric Pickles, newly knighted. And Kate Hoey, the Labour MP, who is in

:44:25.:44:30.

favour of leaving. What do you make of this result? Are you dismayed by

:44:31.:44:35.

what has happened? I am sad and dismayed, but that is democracy. So

:44:36.:44:39.

we have now just got to get on with it. And we need to get on with it

:44:40.:44:42.

with a reasonable degree of speed. We need to ensure that our economy

:44:43.:44:48.

is stable, we need to start the negotiation process. We need to

:44:49.:44:56.

start the negotiation process with people outside the European

:44:57.:45:02.

Community, which previously Europe did full stop and we need to decide

:45:03.:45:07.

exactly the mix that we currently relied on the road European Union to

:45:08.:45:12.

fund. We will have to decide whether that mixture of economic development

:45:13.:45:18.

and farming is the right one in competition with things like the

:45:19.:45:19.

National Health Service. You say none of the fire and

:45:20.:45:29.

brimstone will happen? I am not saying anything close to that. I

:45:30.:45:34.

hope that does not arise. That will mean that the Government will have

:45:35.:45:38.

to move fairly quickly to establish what our economy will look like when

:45:39.:45:43.

we leave, and in particular, given that it is 80% of our economy

:45:44.:45:48.

relying on the service industries, we have to know where they are going

:45:49.:45:55.

to be. Will we see a great flight of firms, which I hope will not be the

:45:56.:46:00.

case, to Frankfurt, for them to be able to trade inside the European

:46:01.:46:05.

community? I am looking for us to try to find a Brexit that leaves our

:46:06.:46:14.

relationship with the European Community on the friendliest terms

:46:15.:46:18.

as is possible. The interesting point is some people said the

:46:19.:46:27.

exaggerations, which... The things they said would happen, which you

:46:28.:46:32.

are talking about not happening, where the things that put people off

:46:33.:46:34.

the campaign. They felt it was rubbish. I have misspoke if you

:46:35.:46:41.

thought that is what I said. We want to avoid the worst case scenario

:46:42.:46:46.

that was carefully outlined during the campaign, which will require an

:46:47.:46:53.

enormous amount of skill. We are just joined by Philip Hammond, the

:46:54.:46:58.

Foreign Secretary. Good morning, thank you for joining us from

:46:59.:47:03.

College Green. What is your reaction? We have heard a lot from

:47:04.:47:10.

abroad about the alarm and despondency it has caused among our

:47:11.:47:13.

allies, what is your role? What will you do? The first thing the

:47:14.:47:22.

Government has got to do is immediately seek to stabilise the

:47:23.:47:26.

situation in the markets are and then moved to begin a process of

:47:27.:47:29.

negotiating the very best possible terms we can get for Britain to

:47:30.:47:37.

leave the EU. Leaving in place as much as we can offer our trading

:47:38.:47:42.

relationships and economic relationships, including the very

:47:43.:47:45.

important role that the City of London plays in Europe's financial

:47:46.:47:50.

economy. That will be the big challenge of the coming months. One

:47:51.:47:55.

of the arguments raised by the Prime Minister, he was criticised for it,

:47:56.:48:01.

was that our security depended upon being in the EU. He spoke about the

:48:02.:48:06.

white gravestones of the first and second world Wars, he did not say

:48:07.:48:09.

there would be a third world war, but he said it would be a more

:48:10.:48:14.

dangerous world. Do you think it is now a more dangerous world? I don't

:48:15.:48:20.

want to overstate the case, but I do think that Britain has been a very

:48:21.:48:25.

positive influence inside the European Union on the security

:48:26.:48:34.

agenda. For example, in responding to Russia's aggression in Ukraine

:48:35.:48:39.

through EU sanctions and keeping the EU united behind those sanctions

:48:40.:48:45.

with a clear and robust position against what Vladimir Putin is doing

:48:46.:48:50.

has been largely due to Britain's influence, and I worried that with

:48:51.:48:54.

Britain now having a hugely diminished voice in this debate we

:48:55.:49:00.

will see that resolve among our European partners wavering. If Nato

:49:01.:49:05.

not sufficient protection against Russia and Vladimir Putin? Nato is

:49:06.:49:11.

our main bulwark against any attack on us, of course, and Nato will

:49:12.:49:17.

remain our principal defence mechanism. That protects us against

:49:18.:49:24.

any attack. What we were doing with economic sanctions was dealing with

:49:25.:49:27.

a situation where we were not directly threatened. Nobody in

:49:28.:49:32.

Western Europe was going to go to war over Ukraine, but we did want to

:49:33.:49:38.

signal our very strong distaste for what the Russians were doing and to

:49:39.:49:41.

signal to the Russians that the course of action would have cost for

:49:42.:49:46.

them. Economic sanctions proved to be quite an effective tool, it

:49:47.:49:51.

worked in Iran, forcing them to abandon their nuclear weapons

:49:52.:49:55.

programme, and it is piling the pressure on Vladimir Putin, but I

:49:56.:49:59.

suspect he will be feeling a bit less pressure and he will be feeling

:50:00.:50:02.

more upbeat about his prospects of eventually getting these EU

:50:03.:50:09.

sanctions watered down. Given how strongly you feel, can you not

:50:10.:50:12.

devise a way of remaining part of that? That is what we have got to

:50:13.:50:19.

do, talk to our former partners in the EU about a way forward in the

:50:20.:50:24.

future. That has got to focus mainly on the trading relationship, that is

:50:25.:50:31.

the thing that is most important to Britain's future prosperity and

:50:32.:50:34.

well-being, but also looking at ways in which we can continue to

:50:35.:50:41.

collaborate with EU partners, many of whom are Nato members, so we do

:50:42.:50:46.

have a platform here, on other issues in the future. Let's look at

:50:47.:50:52.

the EU sanctions on Russia as a sort of bellwether, we have pretty much

:50:53.:50:57.

agreed they will be rolled over in June, but the question is

:50:58.:51:01.

maintaining the robustness of this ancient regime going forward after

:51:02.:51:06.

June, and Britain's voice in that debate has been a very important one

:51:07.:51:10.

over the last 18 months. We will still be members of the EU in June,

:51:11.:51:16.

because it cannot be unscramble that quickly. We role in the sanctions

:51:17.:51:23.

over. We will remain members of the EU for at least the next two years,

:51:24.:51:27.

but nobody can imagine that our voice in the EU will carry weight as

:51:28.:51:36.

of today. We will not be in effect a party to those positions which the

:51:37.:51:42.

EU is making. Our relationship with the EU as of 6am changed

:51:43.:51:48.

fundamentally, it is now one of a semi-outsider negotiating future

:51:49.:51:53.

arrangements. We cannot expect to have a voice that carries the full

:51:54.:51:58.

weight of the second largest member state, as we had last week. Were you

:51:59.:52:07.

surprised by the result? Yes. But I won't be the first politician in

:52:08.:52:10.

history that has missed red what is going on on an election day or a

:52:11.:52:17.

referendum day. We have always been clear that we would accept the

:52:18.:52:21.

decision of the British people and we would deliver the instructions

:52:22.:52:27.

that they gave the Government. Our job now is to calm the situation,

:52:28.:52:31.

stabilise the markets, reunite the country, and then let's move forward

:52:32.:52:36.

to deliver the very best outcome we possibly can. Honestly, I believe

:52:37.:52:42.

that outcome economic league in particular will not be as good as it

:52:43.:52:46.

would have been if we had remained in the EU, but our job collectively

:52:47.:52:54.

is to make sure it is as good as it possibly can be in the

:52:55.:52:57.

circumstances, that we get the best deal we can with EE you for Britain

:52:58.:53:00.

going forward. Jeremy. A look at comparisons with 1975, the

:53:01.:53:14.

first referendum on being a member of the EU. We are in our virtual

:53:15.:53:19.

Elizabeth's tower at Westminster, the clock showing the right time.

:53:20.:53:25.

You can see the level of Euroscepticism, just above 30%, in

:53:26.:53:36.

1975. Have a look at what happens when I bring in the 2016 result. It

:53:37.:53:42.

goes above 50%, a majority in England against being part of the

:53:43.:53:47.

EU. A bigger majority than across the whole of the UK as an average.

:53:48.:53:54.

We will compare the other part of this nation. Wales in 1975, the

:53:55.:54:02.

Eurosceptic vote about 35%, but last night it went up again into a

:54:03.:54:10.

majority, about 53%. Wales and England both a bit more doubtful

:54:11.:54:13.

about the U and they were 40 years ago. A different story in Northern

:54:14.:54:24.

Ireland. More Eurosceptic than either Wales or England in 1975,

:54:25.:54:32.

nearly 50%, but now less so. They are becoming a bit more accustomed

:54:33.:54:36.

to the EU, just as we are pulling out. You know what is coming in

:54:37.:54:47.

Scotland. We go back in time. 41% wanting out in 1975, and in the last

:54:48.:54:54.

24 hours, down to about 37%. It is a divided nation. Scotland wants to

:54:55.:55:00.

stay in, England is effectively, along with Wales, pulling Scotland

:55:01.:55:05.

out. An interesting situation. Northern Ireland and Scotland have

:55:06.:55:09.

become less Eurosceptic and England and Wales more so.

:55:10.:55:14.

We are waiting to hear, sometime after 8am, from the Prime Minister

:55:15.:55:21.

at Downing Street. We don't know what he will say, we were

:55:22.:55:24.

speculating whether he would hint that he might be leaving office,

:55:25.:55:27.

maybe in the autumn, or whether he would do need -- do the

:55:28.:55:36.

negotiations. Each time I have spoken to you, you have been cut

:55:37.:55:42.

off! I have got to be cut off by the leader of my own party! Sadiq Khan

:55:43.:55:47.

said that project hate was what you were on about doing this campaign.

:55:48.:55:54.

And that it was an unpleasant, nasty campaign. He attacked Boris Johnson,

:55:55.:55:58.

but he may just as well have been attacking you. I made criticisms of

:55:59.:56:06.

campaigns on both sides. It has been difficult for people to talk about

:56:07.:56:11.

immigration in a rational, Fairway, without being accused of being some

:56:12.:56:18.

kind of closet racist. That has hurt a lot of people across the country

:56:19.:56:22.

who felt that they have not been listened to before. Where the Labour

:56:23.:56:30.

Party has failed over many years is to see that that is something that

:56:31.:56:35.

really matters to people. It is not being anti-immigration to be able to

:56:36.:56:39.

talk rationally about how you control numbers of people coming

:56:40.:56:42.

into the country. No matter how many resources go into things, we need to

:56:43.:56:50.

know, and we need to get rid of the discrimination against people from

:56:51.:56:56.

outside the EU, which is very apparent in all those countries,

:56:57.:56:59.

former Commonwealth countries, parts of Africa and Asia, where it is

:57:00.:57:03.

difficult for some buddy to come in, yet you can come in unchallenged

:57:04.:57:08.

from any of those 26 other countries. How could Labour have

:57:09.:57:16.

talked about this? It is a rule of the EU that they can do that, so the

:57:17.:57:22.

only way they could have done that is by saying they want to leave the

:57:23.:57:29.

EU. That is what the Labour Party was, a sceptic party. That changed

:57:30.:57:33.

because there was a terrible worry about what would happen under

:57:34.:57:35.

Margaret Thatcher in terms of workers' writes. But everything that

:57:36.:57:43.

we got in terms of our rights at work are enshrined in British law.

:57:44.:57:46.

The scaremongering that went on about how we would lose those if we

:57:47.:57:51.

were to leave, people waking up this morning, some people would think

:57:52.:57:54.

they have no benefits anymore, maternity rights and so on, and

:57:55.:58:02.

project fear was completely ignored by huge number is of people,

:58:03.:58:08.

especially out of London. I was around a lot out of London, it was

:58:09.:58:13.

so different. The leadership of all the parties did not seem to be

:58:14.:58:16.

listening to that. It was a very different scene outside London. I

:58:17.:58:22.

did some rallies last week in the north-east, it was so obvious that

:58:23.:58:25.

people were not going to follow the leader of the party's view, even

:58:26.:58:29.

though I believe that the leader of my party... I don't think he is

:58:30.:58:36.

desperately unhappy today. Why could you only persuade ten of your fellow

:58:37.:58:42.

MPs? It was 15 in the end. I have always said we were a minority in

:58:43.:58:48.

Parliament, but I represent, and others do, 45% of Labour voters in

:58:49.:58:58.

the country. The party was very silly not to allow a much more free

:58:59.:59:04.

view on this. The idea that they were going to say, you must vote

:59:05.:59:10.

Labour, but as you vote Labour, you must vote for the EU, it was never

:59:11.:59:16.

going to work. You say nearly half Labour voters were with you in

:59:17.:59:23.

voting to leave? All faults we did even a month ago, we had 35 to 45%

:59:24.:59:29.

of Labour supporters, and the thing that most concerns me is the people

:59:30.:59:31.

we have lost over the last few years, we will find it difficult to

:59:32.:59:36.

get them back now, because they have been ignored again by the Labour

:59:37.:59:41.

leadership. We have a quote from the president of the European Council.

:59:42.:00:00.

We have been in touch with some of the campaigns in other countries, we

:00:01.:00:05.

will see a lot of referendums now coming in. Probably Holland. On the

:00:06.:00:14.

same lines? I think it will be, in one or two of the other... Unless

:00:15.:00:19.

the EU and the other commissioners see this as a catalyst to start to

:00:20.:00:24.

change the way they work. I don't think the form is possible. Jeremy

:00:25.:00:28.

Corbyn believed it is a neoliberal organisation that is dysfunctional,

:00:29.:00:32.

but he thinks it can be reformed, but I don't. We will have the news

:00:33.:00:41.

again, and the weather. All important.

:00:42.:00:49.

Good morning. Britain is to leave the EU, the official was all of the

:00:50.:00:52.

referendum was announced in the past hour. North-eastern England and the

:00:53.:00:58.

Midlands voted strongly to leave, but the Remain campaign when a

:00:59.:01:01.

majority in Scotland and Northern Ireland.

:01:02.:01:07.

Well, at 20 minutes to five, we can now say the decision taken

:01:08.:01:12.

in 1975 by this country to join the Common market has been reversed

:01:13.:01:15.

We are absolutely clear now that there is no way

:01:16.:01:22.

Watch and listen carefully - this is history in the making...

:01:23.:01:30.

The British people have spoken, and the answer is, we are out.

:01:31.:01:33.

And these were the celebrations just moments before the BBC

:01:34.:01:36.

In the last hour, the official result. The total in favour of Leave

:01:37.:02:01.

was... A final tally of 52% to 48%. Ukip celebrated overnight. By

:02:02.:02:05.

daylight, things were sinking in. Good morning, everybody. The sun has

:02:06.:02:13.

risen on an independent United Kingdom. And just look at it, even

:02:14.:02:19.

the weather has improved. As Leave campaigners celebrated, on the other

:02:20.:02:22.

side, the blame game started. I absolutely accuse Jeremy Corbyn and

:02:23.:02:26.

the Labour leadership of utter spinelessness in not involved in

:02:27.:02:31.

this campaign for Britain Britain's very soul and future. The Labour

:02:32.:02:35.

leader said he accepted the decision, adding that there was a

:02:36.:02:40.

clear message from the result. Many communities are fed up with cuts

:02:41.:02:45.

they have had, fed up with economic dislocation and feel very angry at

:02:46.:02:48.

the way they have been betrayed and marginalised by successive

:02:49.:02:52.

governments in very poor areas of the country. And with the pound

:02:53.:02:57.

plunging, Remain campaigners warned of turmoil ahead. This is a seismic

:02:58.:03:05.

moment for our country. It goes far beyond all the personalities. There

:03:06.:03:07.

will be a lot of chat about David Cameron. This is a big thing for our

:03:08.:03:12.

country. It has exposed a lot of division. There is talk as if this

:03:13.:03:17.

is an overwhelming win. It isn't. 48% of people on the current

:03:18.:03:20.

projection did not vote for this. But this prominent Leave campaigners

:03:21.:03:25.

called for cross-party co-operation. We have a responsibility to act in

:03:26.:03:29.

the best long-term interests of this country. Voters will now reflect on

:03:30.:03:36.

their verdict. The instruction they have given to Westminster. But the

:03:37.:03:39.

magnitude of this moment may only become clear in the weeks and months

:03:40.:03:48.

ahead. The result has affected the financial markets, with the pound

:03:49.:03:52.

falling to its lowest point since 1985. When the polls closed, it

:03:53.:03:59.

rose, but as the Leave result became clear, it began to plummet. The Bank

:04:00.:04:04.

of England says it is monitoring developments closely. Scotland's

:04:05.:04:08.

First Minister has suggested that the Leave vote will reignite demands

:04:09.:04:10.

for an independence referendum there. All 32 Scottish local

:04:11.:04:23.

authorities returned verdicts for Remain. We will go back to the

:04:24.:04:27.

results programme in a moment. First, the weather, with Carol. Good

:04:28.:04:36.

morning. Today, pollen levels are high or very high, except for

:04:37.:04:39.

northern Scotland, where they are moderate. You will be hugely unlucky

:04:40.:04:46.

if you catch a shower today in these areas. However, a cross Scotland,

:04:47.:04:52.

Wales and Northern Ireland, there will be a plethora of showers. Some

:04:53.:04:56.

of them will be thundery, with some hail. Northern Ireland will have

:04:57.:05:04.

that mixture of sunshine and showers. There will be lengthy

:05:05.:05:07.

spells of sunshine in the south-west of England. Showers in the Midlands,

:05:08.:05:14.

but dry with some sunshine in Kent and also in East Anglia and the

:05:15.:05:17.

south-east. Heading through the evening and overnight, many of the

:05:18.:05:22.

showers will fade, but they will continue across the north and the

:05:23.:05:26.

west. We will have some clear skies, but it is not going to be a cold

:05:27.:05:31.

night. Most of the UK will stay in double figures. That is how we start

:05:32.:05:35.

the day tomorrow. Tomorrow, once again, we are looking at a mixture

:05:36.:05:39.

of sunshine and showers. But the distribution of the showers will be

:05:40.:05:43.

slightly different. We will have fewer showers in the north and west

:05:44.:05:47.

and more across central and eastern parts, and some of those will be

:05:48.:05:51.

heavy and thundery. In between them, there will be some sunshine. On

:05:52.:05:56.

Sunday, we have got a weather front coming in from the Atlantic. That's

:05:57.:06:03.

going to introduced some rain. It will be moving slowly eastwards as

:06:04.:08:06.

Hello again. We're going to be joined by somebody who is now very

:08:07.:08:29.

important for the Conservative Party in all of these discussions which

:08:30.:08:33.

will be taking place. Graham Brady, who is the chairman of the powerful

:08:34.:08:39.

1922 Committee. He was in favour of Brexit, and he has got Brexit. Mr

:08:40.:08:46.

Brady, first question - have you, as some people say, got 50 letters in

:08:47.:08:51.

your pocket or in your office, readily signed, wanting a leadership

:08:52.:08:55.

contest right away? No, I can knock that on the head straightaway. The

:08:56.:09:01.

procedures are very simple, they're set out in the course to juicing of

:09:02.:09:05.

the Conservative Party. If that were to be the case, then I would have

:09:06.:09:09.

had to communicate that to the Prime Minister already and we would have

:09:10.:09:13.

begun a process for a confidence vote. So I can clearly say, no, I

:09:14.:09:18.

have not got 50 letters. Furthermore, my own personal view is

:09:19.:09:22.

that it is very important that David Cameron remains in post, in office,

:09:23.:09:27.

and continues to steer the course, now that we have this very clear

:09:28.:09:31.

result from the people. So how long? That is a matter for him. Hang on,

:09:32.:09:38.

it is not a matter for him, it is a matter for you pass EU the party and

:09:39.:09:44.

you can decide, as you have just said. I think the really important

:09:45.:09:49.

thing in the moment is that we have got a clear steer from the British

:09:50.:09:53.

public, they would like to restore the position where we can make our

:09:54.:09:56.

own laws and set our own taxes and control our own borders. We know

:09:57.:10:01.

what we have to do, but it is a difficult, complicated thing to

:10:02.:10:04.

achieve. It will take a period of time. And I think it is the real

:10:05.:10:08.

important that we have continuity and stability. And I think that

:10:09.:10:12.

David Cameron remaining in office is really crucial. We need to settle

:10:13.:10:15.

the markets over the coming days, and we need to move forward to a

:10:16.:10:19.

credible plan for implementing the will of the people. How easy will it

:10:20.:10:27.

be for him to, put it this way, eat humble pie, except that he has lost,

:10:28.:10:32.

and then suddenly turn around and adopt the opinions of the other

:10:33.:10:37.

side? Well, I think we have to remember that David Cameron

:10:38.:10:42.

delivered a referendum. It is implicit in holding a referendum of

:10:43.:10:44.

this sort that you have to accept the will of the people at the end of

:10:45.:10:50.

it. He made it clear before the result was known that he would

:10:51.:10:53.

continue in office, whatever the outcome. So I think it is obviously

:10:54.:10:59.

his intention, and obviously the right thing for the country. We need

:11:00.:11:03.

a period of stability and continuity. It is quite front,

:11:04.:11:11.

though. In 1975, which I had the good fortune to cover, Harold Wilson

:11:12.:11:17.

did not do that. He stood back and let his cabinet ministers fight it

:11:18.:11:23.

out. David Cameron has been at the front of the campaign. He gave a

:11:24.:11:25.

special press conference on the roof, he has paint -- he has been

:11:26.:11:31.

campaigning all the way through. It is not like Harold Wilson, it is

:11:32.:11:36.

more like fighting a general election and losing, isn't it? Well,

:11:37.:11:41.

I think it would have been better had the Prime Minister remained

:11:42.:11:44.

above the fray throughout the campaign. He chose not to, but it

:11:45.:11:47.

was clear throughout that whatever the outcome, he would remain Prime

:11:48.:11:53.

Minister. I think what we have seen in this result, of 52-48, is clear

:11:54.:12:03.

enough as it is. But I think there is something even more important, if

:12:04.:12:08.

you contrast this to 1975, which is that the clear, overwhelming

:12:09.:12:12.

inclination of the British people was to be free from the political

:12:13.:12:18.

union of the EU. And I think it was really a matter for the vast

:12:19.:12:23.

majority of the public, either they were enthusiastic Brexiters or they

:12:24.:12:38.

were reluctant Remainers. We can go down to Schroders and join Simon

:12:39.:12:43.

Jack, who has news about the start of trading. What is the news? Yes,

:12:44.:12:52.

well, you can conjecture about the future. Here and now, the FTSE-100

:12:53.:12:58.

opened a few moments ago. It is down 500 points already, that's a .5%.

:12:59.:13:03.

Hardly surprising after the record fall in Stirling we saw overnight.

:13:04.:13:07.

Some of the big people getting really hit our house builders and

:13:08.:13:12.

banks. Barclays is down 35% this morning in early trading. Some of

:13:13.:13:17.

the house-builders down 40%. There are fears that this could hit the

:13:18.:13:22.

property market. Some really, really severe pounding is being taken by

:13:23.:13:25.

some of the shares. It has found a level. Stirling has gone up a bit

:13:26.:13:32.

since it fell 10% overnight. But some really big moves, financial

:13:33.:13:36.

shock waves being felt throughout the City. -- sterling. In your

:13:37.:13:42.

experience, is it the kind of thing which will bounce back in a couple

:13:43.:13:47.

of days? I think with the banks, the Bank of England will come out and

:13:48.:13:51.

say, we stand ready to do this, we knew there might be some shock waves

:13:52.:13:54.

if we got this result, so we are there to make sure this does not

:13:55.:13:58.

turn into anything nastier. As for house-builders, this will be a real

:13:59.:14:02.

blow to confidence. Whenever you think about the property market

:14:03.:14:06.

perhaps being affect the, the banks and perhaps house-builders get hit

:14:07.:14:15.

first. They do tend to bounce back in time. But I think that losses of

:14:16.:14:19.

that magnitude really illustrate just how powerful the shock waves

:14:20.:14:24.

are which are being felt in the City for there was this nagging feeling

:14:25.:14:28.

going into the referendum - who has got this right? Is it the City or is

:14:29.:14:33.

it the polls? The City was rather complacently, the pound was riding

:14:34.:14:36.

high until midnight last night. And then it turned out the polls Welbeck

:14:37.:14:40.

tick and the City was wrong. There was an almighty beckoning on

:14:41.:14:43.

sterling overnight, when it fell twice as much as it did on Black

:14:44.:14:48.

Wednesday in 1992. That is having reverberations on the markets in

:14:49.:14:52.

Asia. The FTSE-100 as a whole, which has lots of international companies,

:14:53.:14:58.

is down 8.5%. You go below that, to the FTSE 250, that is down 12.5%.

:14:59.:15:05.

And the ones in the firing line for economic shocks, the banks, are down

:15:06.:15:06.

in some cases by 35%. The waiting for the Prime Minister,

:15:07.:15:19.

is about to come out. The podium is being put out, this is not confirmed

:15:20.:15:22.

by any stretch, but there is a rumour that when David Cameron comes

:15:23.:15:29.

out, he may be going to resign as Prime Minister after six years. I

:15:30.:15:36.

must stress it is by not -- not by any stretch a confirmation, but up

:15:37.:15:39.

and down the press pack that suggestion is now being made. David

:15:40.:15:47.

Cameron, his first priority will be to urge stability in the wake of

:15:48.:15:52.

this tumultuous result, the result that means a very significant defeat

:15:53.:15:57.

for him, a drain on his authority, senior Tories have said that they

:15:58.:16:04.

don't believe he has to go, but it sounds as if he has made that

:16:05.:16:08.

personal calculation that it might be the right thing for him to do

:16:09.:16:12.

that. I must stress that is not confirmed by any stretch, at the

:16:13.:16:18.

suggestion, as these things often happen, the rumour swelled up and

:16:19.:16:21.

down Downing Street on a morning such as this, David Cameron may be

:16:22.:16:27.

about to announce he is leaving office. But I hate to sound as if I

:16:28.:16:33.

am adding all sorts of caveats, but we can't be clear on that yet. We

:16:34.:16:37.

will hear from the horse's mouth in a moment. What did you think he will

:16:38.:16:47.

do? I think... I voted for Ken. I am a late, to the David Cameron camp. I

:16:48.:16:55.

think he has been an outstanding leader, Cameron, he has been a great

:16:56.:17:00.

Prime Minister. It is a devastating blow to him. It is a devastating

:17:01.:17:06.

blow to our country. There are a lot of people waking up, most of my

:17:07.:17:10.

friends are not politicians, I lead a fairly normal life, I am an East

:17:11.:17:17.

Midlands girl, I have seen and heard stuff I have not heard since I was a

:17:18.:17:23.

student back in the late 70s, people thinking it is acceptable not only

:17:24.:17:28.

to shake trait -- to shout traitor, but to say, I am voting out because

:17:29.:17:37.

I want the criticisms -- I want the immigrants out. We have unleashed

:17:38.:17:41.

something. I heard Chuka Umunna talking about the need to repair,

:17:42.:17:47.

and he is right. That over line tolerance of Britain has been

:17:48.:17:52.

removed from large sections. If you look at the vote, it has to be said

:17:53.:17:57.

that there has been a large vote from white working-class Labour

:17:58.:18:04.

areas. They have voted in the face of the fact that they have never

:18:05.:18:07.

seen a migrant, but it is the fault of politicians, because you for

:18:08.:18:13.

decades say that the EU is rubbish and the root of many concerns and

:18:14.:18:18.

say that migrants need controlling, as opposed to saying how much they

:18:19.:18:23.

contribute, and then say, actually, in four and half months, not only

:18:24.:18:28.

ignore what we have told you... I have always been in favour of us

:18:29.:18:33.

staying in, but then say, not only do you accept the opposite from what

:18:34.:18:37.

we have said, but go out and vote for it. We can't be surprised at

:18:38.:18:41.

this. The Prime Minister is coming out. With his wife beside him. That

:18:42.:18:52.

suggests a personal statement. A giant democratic exercise, perhaps

:18:53.:18:57.

the biggest in our history. Over 33 million people from England,

:18:58.:19:02.

Scotland, Wales Northern Ireland and Gibraltar have all had their say. We

:19:03.:19:06.

should be proud of the fact that in these islands we trust the people

:19:07.:19:11.

with these big decisions. We not only have a parliamentary democracy,

:19:12.:19:16.

but on questions about the arrangements for how we are

:19:17.:19:19.

governed, there are times when it is right to ask the people themselves,

:19:20.:19:23.

and that is what we have done. The British people have voted to leave

:19:24.:19:27.

the European Union, and there will must be respected. I want to thank

:19:28.:19:32.

everybody who took part in the campaign on my side of the argument,

:19:33.:19:37.

including all those who put aside party differences to speak in what

:19:38.:19:41.

they believed was the national interest. Let me congratulate all

:19:42.:19:48.

those who took part in the Leave campaign, for the spirited and

:19:49.:19:52.

passionate case they made. The will of the richest people is an

:19:53.:19:56.

instruction that must be delivered. -- of the British people. It was not

:19:57.:20:03.

taken lightly, so many things were said by so many different

:20:04.:20:05.

organisations about the significance of this decision. There can be no

:20:06.:20:12.

doubt about the result. Across the world, people have been watching the

:20:13.:20:17.

choice that Britain has made. I would reassure those markets and

:20:18.:20:21.

investors that Britain's economy is fundamentally strong. I would also

:20:22.:20:27.

reassure Brits living in European countries and European citizens

:20:28.:20:31.

living here that there will be no immediate changes in your

:20:32.:20:35.

circumstances. There will be no initial change in the way our people

:20:36.:20:39.

can travel in the way our goods can move or in the way our services can

:20:40.:20:45.

be sold. We must now prepare for a negotiation with the European Union.

:20:46.:20:50.

This will need to involve the full engagement of the Scottish, Welsh

:20:51.:20:55.

and Northern Ireland Government. To ensure the interests of all parts of

:20:56.:20:59.

our United Kingdom are protected and advanced. Above all, this will

:21:00.:21:05.

require strong, determined and committed leadership. I am very

:21:06.:21:11.

proud and honoured to have been Prime Minister of this country for

:21:12.:21:14.

six years. I believe we have made great steps, with more people in

:21:15.:21:20.

work than ever before in our history, with reforms to welfare and

:21:21.:21:25.

education, increasing people's life chances, building a bigger and

:21:26.:21:29.

stronger society, keeping our promises to the poorest people in

:21:30.:21:32.

the world, and enabling those who love each other to get married,

:21:33.:21:37.

whatever their sexuality. But above all, restoring Britain's economic

:21:38.:21:43.

strength. I am grateful to everybody who has helped make that happen. I

:21:44.:21:47.

have also always believed that we have to confront big decisions, not

:21:48.:21:52.

duck them. That is why we delivered the first Coalition Government in 70

:21:53.:21:57.

years to bring our economy back from the brink. That is why we delivered

:21:58.:22:03.

a fair legal and decisive referendum in Scotland. It is why I made the

:22:04.:22:08.

pledge to renegotiate Britain's position in the European Union and

:22:09.:22:11.

to hold a referendum on our membership, and have carried those

:22:12.:22:15.

things out. I thought this campaign in the only way I know how, which is

:22:16.:22:20.

to say directly and passionately what I think and feel, head, heart

:22:21.:22:29.

and soul. I held nothing back. I was absolutely clear about my belief

:22:30.:22:34.

that Britain is stronger, safer and better off inside the European

:22:35.:22:37.

Union. I made clear the referendum was about this and this alone, not

:22:38.:22:42.

the future of any single politician, including myself. But the British

:22:43.:22:48.

people have made a very clear decision to take a different path,

:22:49.:22:53.

and as such, I think the country requires fresh leadership to take it

:22:54.:22:58.

in this direction. I will do everything I can as Prime Minister

:22:59.:23:02.

to steady the ship over the coming weeks and months, but I do not think

:23:03.:23:07.

it would be right for me to try to be the captain that steers our

:23:08.:23:12.

captain -- our country to its next destination. This is not a decision

:23:13.:23:15.

I have taken lightly, but I do believe it is in the national

:23:16.:23:19.

interest to have a period of stability and then the new

:23:20.:23:23.

leadership required. There is no need for a precise timetable today,

:23:24.:23:27.

but in my view we should aim to have a new Prime Minister in place by the

:23:28.:23:31.

start of the Conservative Party conference in October. Delivering

:23:32.:23:36.

stability will be important, and I will continue in post as Prime

:23:37.:23:40.

Minister with my cabinet for the next three months. The Cabinet will

:23:41.:23:45.

meet on Monday, the governor of the Bank of England is making a

:23:46.:23:48.

statement about the steps that the bank and the Treasury are taking to

:23:49.:23:53.

reassure financial markets. We would also continue taking forward the

:23:54.:23:56.

important legislation that we said before Parliament in the Queen's

:23:57.:24:00.

Speech, and I have spoken to Her Majesty The Queen this morning to

:24:01.:24:03.

advise her of the step that I am taking. A negotiation with the

:24:04.:24:08.

European Union will need to begin under a new Prime Minister. I think

:24:09.:24:13.

it is right that this Prime Minister takes the decision about when to

:24:14.:24:17.

trigger Article 50 and start the formal and legal process of leaving

:24:18.:24:24.

the EU. I will attend the European Council next week to explain the

:24:25.:24:27.

decision the British people have taken and my own decision. The

:24:28.:24:32.

British people have made a choice, that not only needs to be respected,

:24:33.:24:37.

but those on the losing side of the argument, myself included, should

:24:38.:24:44.

help to make it work. Britain is a special country, we have so many

:24:45.:24:48.

great advantages, a parliamentary democracy where we resolve great

:24:49.:24:51.

issues about our future through peaceful debate, a great trading

:24:52.:24:59.

nation with our science and arts our engineering and creativity respected

:25:00.:25:03.

the world over, and while we are not perfect, I believe we can be a model

:25:04.:25:07.

of a multiracial, multi-faith democracy, where people can make a

:25:08.:25:11.

contribution and rise to the very highest that their talent allows.

:25:12.:25:15.

Although leaving Europe was not the path I recommended, I am the first

:25:16.:25:19.

to praise our incredible strength is. I have said before that Britain

:25:20.:25:25.

can survive outside the European Union, and indeed that we could find

:25:26.:25:30.

a way. Now the decision has been made to leave, we need to find the

:25:31.:25:35.

best way. I will do everything I can to help. I love this country, and I

:25:36.:25:42.

feel honoured to have served it. I will do everything I can in future

:25:43.:25:46.

to help this great country succeed. Thank you very much.

:25:47.:25:53.

The Prime Minister with Samantha. His voice breaking as he said those

:25:54.:25:57.

last words, announcing he would stand down and they needed a new

:25:58.:26:03.

leader, a new Prime Minister by October, and only then would

:26:04.:26:09.

negotiations begin with the EE you. He said he had been head, heart and

:26:10.:26:14.

soul, held nothing back, in his belief Britain was safer inside the

:26:15.:26:19.

EU, but it. The future of politicians that was at stake, and

:26:20.:26:24.

the country had decided what they had decided, and he would go along

:26:25.:26:28.

with it. The Prime Minister has in effect stood down, but not for

:26:29.:26:32.

another three months, it'll the Conservative Party conference. What

:26:33.:26:37.

is your immediate reaction? I think it is terrible. Terribly sad.

:26:38.:26:45.

Truthfully, he had no alternative. I hope he will be remembered... This

:26:46.:26:51.

is a true body blow. He led from the front. He has shown this beautiful

:26:52.:26:58.

composure, this remarkable leadership, this great courage, to

:26:59.:27:03.

admit, I put my neck on the line, and here we are. His testimony will

:27:04.:27:10.

be same-sex marriage, trying to do the best for poor people at home and

:27:11.:27:15.

abroad, he has been a remarkable Prime Minister, and I hope this will

:27:16.:27:23.

not cloud our memory of him. We are now faced with a leadership battle

:27:24.:27:27.

between now and October, and according to the Prime Minister,

:27:28.:27:30.

before negotiations can begin with the EU. Yes, we are. Three very big

:27:31.:27:41.

headlines. The first that the Prime Minister has decided he has no

:27:42.:27:44.

option but to walk out of Downing Street, to leave this place, where

:27:45.:27:49.

he has been in charge for six years, the ultimate irony that the younger,

:27:50.:27:54.

freshfaced Tory leader who told his party to stop banging on about

:27:55.:27:58.

Europe made a decision to hold a referendum to bang on about Europe

:27:59.:28:02.

himself, which has ultimately cost him his job. His closest colleagues

:28:03.:28:07.

have always called him a lucky politician, but on this alternate

:28:08.:28:10.

gamble, his luck has dramatically run out. He was very clear, and this

:28:11.:28:18.

was part of his decision, that triggering article 50, the beginning

:28:19.:28:21.

of those vital negotiations with other countries in the EU, should be

:28:22.:28:27.

done under a new Prime Minister, under new leadership, and that in

:28:28.:28:30.

his view cannot therefore start until the Tory party conference in

:28:31.:28:35.

October. Article 50 will not be triggered immediately. This morning

:28:36.:28:41.

he is saying to think the polar opposite of what he said repeatedly

:28:42.:28:44.

in the campaign will stop the repeatedly said he would not have to

:28:45.:28:48.

resign if he lost and that is Prime Minister he would trigger that

:28:49.:28:54.

Article 50, those negotiations, immediately. On both of those

:28:55.:28:59.

things, after the result, his calculations have completely

:29:00.:29:04.

changed. How effective can he be? There will be a battle going on in

:29:05.:29:08.

the party over who is to succeed him. However active can he be at

:29:09.:29:14.

doing everything to steady the ship? He said he is not the captain to

:29:15.:29:17.

lead the ship to the next test the nation. It is extremely difficult.

:29:18.:29:24.

Authority has drained away from him overnight. It will be very difficult

:29:25.:29:28.

to see what kind of influence he can have now over domestic policy or

:29:29.:29:33.

handling those relations around the EU. There is a European summit next

:29:34.:29:39.

week in Brussels, he said he would still go and explain his decision,

:29:40.:29:43.

and have to explain this referendum result to those other European

:29:44.:29:47.

leaders with whom he has dealt for many years, but you are right, this

:29:48.:29:52.

means that for the Conservative Party the focus will move to who is

:29:53.:29:57.

going to succeed him. Frankly, the entire referendum campaign has been

:29:58.:30:01.

laced through with Tory leadership ambition. We have all talked

:30:02.:30:08.

incessantly, cassette has been part of this story, about people's

:30:09.:30:13.

decisions, which campaigned to go for, did Boris Johnson jump because

:30:14.:30:16.

of his ambition? What about Michael Gove? He has now become a better

:30:17.:30:21.

known figure in the party because of his decision. It seems clear to me

:30:22.:30:27.

that for people who are interested in the top job, we know who they

:30:28.:30:31.

are, their focus now will not be nations with the EU, they will be

:30:32.:30:35.

the Tory leadership battle, and battle will have already commenced.

:30:36.:30:38.

There have been discussions among some of the people who fancy their

:30:39.:30:41.

chances about the best way forward already.

:30:42.:30:53.

On that point, if you have got candidates - Michael Gove, Boris

:30:54.:31:00.

Johnson, possibly Theresa May, will this process actually start soon? I

:31:01.:31:05.

mean, they have to have this vote among MPs and then take two

:31:06.:31:10.

candidates out to the Conservative Party and the country, when would

:31:11.:31:14.

you expect that all to happen? I think probably pretty soon. The

:31:15.:31:19.

Parliamentary term is due to run for another four weeks. For many Tory

:31:20.:31:23.

MPs, that period will be all about whose names get onto that final

:31:24.:31:28.

ballot. Very briefly, unlike the Labour Party, essentially, Tory MPs

:31:29.:31:31.

decide who, from quite a wide field, debts down to two places on the

:31:32.:31:36.

ballot paper. So, Tory party members only have a choice between two

:31:37.:31:41.

candidates. So there will be now frantic wheeling and dealing behind

:31:42.:31:45.

closed doors among the Conservative Parliamentary party. And think of

:31:46.:31:51.

this, too. The Tory party membership, which only numbers about

:31:52.:31:55.

150,000 people, are going to choose our next Prime Minister. There is

:31:56.:31:59.

also speculation of course this morning in Westminster about an

:32:00.:32:03.

early election, because of what has happened, and how this result has

:32:04.:32:07.

upended politics. That has got to be more likely, if you think that the

:32:08.:32:10.

next Prime Minister will be chosen by a vote of 150,000 people. And

:32:11.:32:15.

especially while Jeremy Corbyn is still in place in the Labour Party,

:32:16.:32:19.

who most conservatives assume they would beat quite easily in an

:32:20.:32:23.

election, that is their view, there would of course be a temptation for

:32:24.:32:27.

whoever becomes the Tory leader, the next Prime Minister, to call for an

:32:28.:32:31.

early election. So not only do we have the prospect of a new Prime

:32:32.:32:35.

Minister, but and increasingly likely prospect of an early

:32:36.:32:38.

election, too. Gordon Brown was criticised for not calling an

:32:39.:32:42.

election after he became Prime Minister. People view the Prime

:32:43.:32:46.

Minister now as the elected person at an election, not as somebody who

:32:47.:32:51.

you change at will. So there would be pressure to have an early

:32:52.:32:55.

election, no doubt. What about the Chancellor of the Exchequer? If we

:32:56.:32:58.

are talking about a steady ship, does that mean George Osborne stays

:32:59.:33:04.

in place for the time being? I think for the time being you would expect

:33:05.:33:07.

that. But as David Cameron has basically said, he will be gone

:33:08.:33:11.

within three months, I think the widespread assumption would be that

:33:12.:33:14.

George Osborne would go at that point, too. George Osborne for a

:33:15.:33:19.

long time has been seen as really joined at the hip, some people even

:33:20.:33:28.

call it the Camborne project. In the early days of their leadership,

:33:29.:33:31.

their joint leadership, almost, when they were young bucks who surprised

:33:32.:33:35.

everybody by taking over the Conservative Party when they were

:33:36.:33:38.

comparatively young. George Osborne was the youngest Chancellor for

:33:39.:33:43.

decades. But most people would now assume that as David Cameron has

:33:44.:33:46.

been defeated and snubbed, the public have overturned him, that

:33:47.:33:50.

that will also apply to George Osborne, who has had a particularly

:33:51.:33:54.

bruising six months or so. A budget which unravelled, a strategy in his

:33:55.:34:00.

campaign which has been rubbished by many Conservative MPs, dozens of

:34:01.:34:05.

them going on the record to say that his position would be untenable if

:34:06.:34:10.

Brexit was to happen which was essentially a coup in waiting. I

:34:11.:34:14.

think further run it means that in this Tory leadership contest, George

:34:15.:34:19.

Osborne's chances are pretty slim. And frankly, he is a cunning

:34:20.:34:22.

politician, he will not run unless he thinks he has got a chance of

:34:23.:34:27.

winning. As feels this morning, it is pretty unlikely that his name

:34:28.:34:31.

would be on the ballot paper. And that is surprising, given that for

:34:32.:34:35.

so long in Westminster, he was seen by a lot of people loyal to the

:34:36.:34:38.

government and the Tory party as the heir apparent. Thank you very much.

:34:39.:34:45.

So, the news that David Cameron has said he will do everything to steady

:34:46.:34:49.

the ship for the time being, but that he is not the captain to take

:34:50.:34:53.

tenure to its next destination. He believes that by October, there

:34:54.:34:57.

should be a new leader. He has in effect triggered a leadership race.

:34:58.:35:02.

He's going to stand down. They need a new leader by October. He has told

:35:03.:35:06.

the Queen, he said. Negotiations about a new Prime Minister will

:35:07.:35:12.

start, and he does not believe that the negotiations with the EU, the

:35:13.:35:17.

triggering of article 50, which says in effect, we want to leave and we

:35:18.:35:21.

have two years to discuss it, he does not believe that should happen

:35:22.:35:25.

right away. Contrary to what he said during the campaign, he believes it

:35:26.:35:29.

should wait until the new Prime Minister gets in place. Then there

:35:30.:35:34.

is the argument about whether the new Prime Minister will have the

:35:35.:35:37.

authority to do it without having a general election. It is the

:35:38.:35:43.

breathtaking speed with which these things happen. I am joined by Isabel

:35:44.:35:47.

Hardman and Andrew Walmsley, who have been with us at intervals

:35:48.:35:51.

during the night. To see the image of Downing Street deserted, the

:35:52.:35:54.

running on College Green towards, who are we expect in, Boris...? If

:35:55.:36:01.

we think, just over a year ago, David Cameron was standing outside

:36:02.:36:05.

No 10 celebrating a general election victory which most people, including

:36:06.:36:10.

himself, had not seen coming, and being the first Conservative leader

:36:11.:36:13.

to win a Parliamentary majority since 1992. Slightly over a year

:36:14.:36:17.

later, he is having to announce his resignation, and I think rightly so,

:36:18.:36:23.

because in the end, he's picked this referendum. He dictated the timing.

:36:24.:36:27.

He was the chief advocate for his side of the campaign, and it would

:36:28.:36:31.

not be credible in the end, when he had told the country this decision

:36:32.:36:34.

was more important than a general election. Well, if you lose a

:36:35.:36:38.

general election, you have to walk out of No 10. If you lose a

:36:39.:36:42.

referendum, you're going to have to do the same. His party were in not

:36:43.:36:48.

going to trust him to do the Brexit negotiation. And how would he look

:36:49.:36:54.

his European peer group in the eye, having had this happen? It was not

:36:55.:36:58.

credible. So he has made inevitably the big decision. And at that point,

:36:59.:37:04.

many in the Boris Johnson camp felt miffed that he had got in there and

:37:05.:37:08.

got this first Conservative majority for 27 years - it is very hard, even

:37:09.:37:14.

though this is immense, it is huge, it is a seismic, but when you look

:37:15.:37:18.

at it through the prism of British men who have been long-time rivals,

:37:19.:37:24.

it is intensely personal? The Boris-Cameron psychodrama has been

:37:25.:37:27.

going on for years and it looks as though Boris has finally won that.

:37:28.:37:31.

We do not know whether he will win the Tory leadership. He has raised

:37:32.:37:35.

his standing in the Parliamentary party during the campaign. A lot of

:37:36.:37:39.

Conservative MPs backed Brexit. He kept his cool during the TV debates

:37:40.:37:43.

when he was being attacked, in a real onslaught during that TV

:37:44.:37:50.

debate, not rising to the bait. He now has to build his standing

:37:51.:37:54.

amongst Conservative MPs. He knows he is popular with the party but he

:37:55.:38:00.

needs to get to that final two. I think we should hang onto the

:38:01.:38:04.

thought that most Britain, at least witnessed by the last general

:38:05.:38:08.

election, is not Conservative. Quite a big problem with the referendum

:38:09.:38:13.

campaign itself, perhaps, that it was all a Tory psychodrama and

:38:14.:38:17.

treated as such - you know, we are talking about Britain's future. It

:38:18.:38:21.

should be a bit more important than some projection of a schoolboy

:38:22.:38:24.

rivalry onto the national stage. Ruth Davidson has spoken in the last

:38:25.:38:33.

few moments. She has told us already this evening that the Tory party

:38:34.:38:36.

will stay together. And now she has said... But Isabel Hardman, your

:38:37.:38:45.

sense is that she has already ruled herself out of being a future

:38:46.:38:49.

leader, even with the complications that she would have to jump over to

:38:50.:38:53.

get there in Parliamentary terms? I think with Davidson will be a

:38:54.:38:56.

kingmaker in the Tory leadership contest. She is hugely popular in

:38:57.:39:01.

the Conservative Party and in the media. People listen when she

:39:02.:39:04.

intervenes. I do not get the sense that she wants to be the

:39:05.:39:07.

Conservative Party leader. She has already named Stephen Crabb as her

:39:08.:39:11.

candidate. Who came in to replace Iain Duncan Smith. But unfortunately

:39:12.:39:18.

for him, he campaigned for Remain so, that will be a black mark

:39:19.:39:22.

against him. So we are looking at a Brexit leader as Prime Minister,

:39:23.:39:28.

without a shadow of a doubt? Yes. I would be amazed if it was anything

:39:29.:39:36.

else. Theresa May did stay quiet during the campaign, but I don't

:39:37.:39:39.

think she has got enough standing in the Parliamentary party anyway. I

:39:40.:39:42.

think somebody very popular could have stayed quiet and potentially

:39:43.:39:46.

had a chance, but not Theresa May. I asked you over night how many party

:39:47.:39:50.

leaders you thought would go by the end of the week. There are now

:39:51.:39:54.

rumours among backbench Labour MPs that they might mount a challenge

:39:55.:39:59.

against Jeremy Corbyn. By the end of the week?! That could happen by the

:40:00.:40:04.

end of today? There is no doubt, there are a lot of Labour MPs who

:40:05.:40:09.

are incandescent have look at what happened to them Labour heartlands,

:40:10.:40:14.

and yes, quite a lot of them are blaming Jeremy Corbyn. I would

:40:15.:40:16.

imagine Jeremy Corbyn supporters will reply, this is David Cameron's

:40:17.:40:22.

fault, let's not lose sight of that. Jeremy Corbyn did not call this. The

:40:23.:40:28.

Catch-22 is still there - if Jeremy Corbyn were to be really did buy the

:40:29.:40:34.

Labour members, or that looked likely, would it be wise to make an

:40:35.:40:37.

attempt against him? And we have to ask ourselves, can British politics

:40:38.:40:41.

cope with two leadership crises simultaneously? There is real anger

:40:42.:40:48.

in the Labour Party. I think if there is enough chaos in the Labour

:40:49.:40:51.

Party, even those who do not necessarily want to get rid of

:40:52.:40:55.

Corbyn, may think they have to get rid of him in order to stop the

:40:56.:40:59.

chaos. We will be back. I know we are expecting Boris Johnson, so

:41:00.:41:03.

David, perhaps you should pick up from here? Thank you very much,

:41:04.:41:08.

Emily. I don't know whether we are expect in Boris Johnson. We are

:41:09.:41:12.

hoping to have a word with Peter Mandelson. And we have been joined

:41:13.:41:16.

by Lord Tebbit, one of the elder statesman of the Conservative Party.

:41:17.:41:20.

What do you make of all of this? It is a bit of dogs dinner, isn't it? I

:41:21.:41:25.

think the decision is the right incision which the people of the

:41:26.:41:29.

country have taken, to leave the European Union. But it has led to an

:41:30.:41:36.

awful lot of confusion, hasn't it? And the markets seem to have fallen

:41:37.:41:41.

through the floor, and the pound. Kamal Ahmed is saying, it will not

:41:42.:41:46.

hit up for a long time. Well, we will see. Project Fear has become

:41:47.:41:54.

project reality. Excuse me, my dear. If these boys knew which way the

:41:55.:41:57.

market was going, they would be much richer than they are. I'm going to

:41:58.:42:02.

bring in Peter Mandelson. Rather frowning at us, but I think it is

:42:03.:42:07.

only because it is not quite clear... Good morning, what do you

:42:08.:42:12.

make of what has happened? You were vehemently in favour of Britain

:42:13.:42:15.

staying in the EU. What is your reaction to the news of the Prime

:42:16.:42:19.

Minister going and everything else that has happened? I think Mr

:42:20.:42:21.

Cameron's announcement is entirely inevitable. He did it with his usual

:42:22.:42:28.

grace and elegance and composure. He looks and sounds like the Prime

:42:29.:42:33.

Minister, but I'm afraid that is no longer enough. What has happened, in

:42:34.:42:38.

losing the referendum, he has seen his entire political project in the

:42:39.:42:42.

Conservative Party defeated. He wanted to turn it into a less nasty,

:42:43.:42:48.

more socially tolerant, Liberal Party. And he made great headway in

:42:49.:42:58.

that. But I'm afraid but those who chose as their instrument of revenge

:42:59.:43:01.

against him this referendum have won the day. The right wing now have the

:43:02.:43:07.

other hand, and that is the direction in which the Conservative

:43:08.:43:10.

Party is now going to go. Lord Tebbit, do you agree with that

:43:11.:43:14.

description, perhaps do you approve of what he is saying? If you look at

:43:15.:43:19.

which way many Labour heartlands have voted, you would not say it was

:43:20.:43:22.

the extreme right wing which was running things. That's absolutely

:43:23.:43:28.

right. The grassroots of the Labour Party have overwhelmingly taken the

:43:29.:43:35.

view which Kate has taken. First of all, I did think the Prime

:43:36.:43:38.

Minister's speech was very magnanimous, would be expert, I

:43:39.:43:41.

think he has done the right thing. There is no need to rush to

:43:42.:43:48.

introduce article 50. It is time until we start those negotiations to

:43:49.:43:52.

be able to talk to people like Canada, Australia, India, those

:43:53.:43:55.

countries in the Commonwealth that we can actually start talking to

:43:56.:43:58.

know about how we're going to get deals with them. The final thing I

:43:59.:44:02.

would say, I do feel, what we're losing in all of this is that the

:44:03.:44:07.

British people today voted, many, many, many of them, for hope, and

:44:08.:44:12.

they are feeling positive. And I think it is really important that we

:44:13.:44:15.

say to all of those people - I believe you have done the right

:44:16.:44:19.

right thing, and we will see it working out for the best for the

:44:20.:44:24.

country, in the end. Do you think the Labour Party did its utmost, and

:44:25.:44:29.

its leader, to get this referendum to go in favour of Remain? Or do you

:44:30.:44:35.

think the campaign was flawed and that Labour did not pull its wait? I

:44:36.:44:40.

think eventually, halfway through this campaign, people like Tom

:44:41.:44:45.

Watson, the debited leader, Ian McNicol, the general secretary,

:44:46.:44:49.

really tried to mobilise the party and its resources and to throw them

:44:50.:44:54.

behind Alan Johnson's campaign. The problem was that whilst they were

:44:55.:45:00.

able to do quite a lot on the ground, they did not have a voice

:45:01.:45:04.

from Jeremy Corbyn which was making any impact in the broadcast media.

:45:05.:45:13.

The problem with Jeremy was not that he had a handbrake on, being

:45:14.:45:20.

doubtful, the real question is whether he has the capability, the

:45:21.:45:27.

competence to project the Labour Party to put together an effective

:45:28.:45:30.

message and to get it heard by Labour voters right across the

:45:31.:45:36.

country. It is obvious that on this occasion he was unable to do that,

:45:37.:45:43.

and he should reflect on why that was and whether he really has what

:45:44.:45:48.

it takes to be the sort of leader in the modern age of politics that we

:45:49.:45:54.

need coming from the top of our party. Might we see a challenge to

:45:55.:45:59.

the leadership of the Labour Party alongside a challenge for the

:46:00.:46:01.

leadership of the Conservative Party? That is a matter for the

:46:02.:46:08.

Parliamentary Labour Party, Labour MPs. I think they like Jeremy have

:46:09.:46:15.

got to reflect on what the implications are of the Labour Party

:46:16.:46:21.

so clearly losing touch with and a connection with its electoral base

:46:22.:46:26.

across the country. I have got to interrupt, Mark Carney is just about

:46:27.:46:33.

to make a statement. Inevitably, they will be a period of

:46:34.:46:37.

uncertainty and adjustment following this result. At the Prime Minister

:46:38.:46:43.

said this morning, there will be no initial change in the way our people

:46:44.:46:47.

can travel, our goods can move or our services can be sold. It will

:46:48.:46:53.

take some time for the UK to establish new relationships with

:46:54.:46:58.

Europe and the rest of the world. Some market and economic follow to

:46:59.:47:01.

he can be expected of this process unfolds. But we are well prepared

:47:02.:47:07.

for this. Her Majesty's Treasury and the Bank of England having gauged

:47:08.:47:11.

and extensive contingency planning and the Chancellor and I have

:47:12.:47:14.

remained in close contact, including through the night and this morning.

:47:15.:47:21.

The bank of England will not hesitate to take additional measures

:47:22.:47:27.

as required as markets adjust and as the UK economy moves forward. Those

:47:28.:47:32.

economic adjustment will be supported by a resilient UK

:47:33.:47:37.

financial system, one that the Bank of England has consistently

:47:38.:47:40.

strengthened over the course of the last seven years. The capital were

:47:41.:47:44.

quiet months of our largest banks are now ten times higher than before

:47:45.:47:49.

the financial crisis. The Bank of England has stress tested those

:47:50.:47:53.

banks against scenario is far more severe than our country faces. As a

:47:54.:47:58.

result of these actions, UK banks have raised over ?130 billion of new

:47:59.:48:04.

capital and now have more than ?600 billion of high quality liquid

:48:05.:48:13.

assets. Why does this matter? That capital and huge liquidity gives

:48:14.:48:16.

banks the flexible today need to continue to lend to UK businesses

:48:17.:48:19.

and households, even during challenging times. As a backstop,

:48:20.:48:26.

and to support the functioning of the markets, the Bank of England

:48:27.:48:30.

stands ready to provide more than ?250 billion of additional funds

:48:31.:48:32.

through its normal market operations. The Bank of England is

:48:33.:48:39.

also able to provide substantial liquidity in foreign currency if

:48:40.:48:44.

required. We expect institutions to draw on this funding if and when

:48:45.:48:49.

appropriate, just as we expect them to draw on their own resources as

:48:50.:48:52.

needed, to provide credit to support markets, and to supply other

:48:53.:48:57.

financial services to the real economy. In the coming weeks the

:48:58.:49:03.

bank will assess economic conditions and we will consider any additional

:49:04.:49:11.

policy responses. A few months ago the bank judged that the risks

:49:12.:49:15.

around the referendum would you most significant near-term domestic risk

:49:16.:49:19.

to financial stability. To mitigate them, the bank has put in place

:49:20.:49:25.

extensive contingency plans, which begin with ensuring that the core of

:49:26.:49:29.

our financial system is well capitalised, liquid and strong. This

:49:30.:49:34.

resilience is backed up by the Bank of England's facilities in Stirling

:49:35.:49:39.

and foreign currencies, and all of these resources will support market

:49:40.:49:44.

functioning in the face of any short-term volatility. The bank will

:49:45.:49:50.

continue to consult and cooperate with all relevant domestic and

:49:51.:49:53.

international authorities to ensure that the UK financial system can

:49:54.:49:58.

absorb any stresses and can do its job of concentrating on serving the

:49:59.:50:06.

real economy. That economy will adjust to new trading relationships

:50:07.:50:11.

that will be put in place over time. It is these public and private

:50:12.:50:15.

decisions which will determine the UK's long-term economic prospects.

:50:16.:50:21.

The best contribution of the Bank of England can make is to continue to

:50:22.:50:27.

push you relentlessly our responsibilities dormitory and an

:50:28.:50:32.

adjustability. These are unchanged. We have taken all of the necessary

:50:33.:50:36.

steps to prepare for today's events, and in the future we will not

:50:37.:50:40.

hesitate to take any additional measures required to meet our

:50:41.:50:45.

responsibility as the UK moves forward.

:50:46.:50:53.

Mark Carney, the governor of the Bank of England, saying they have

:50:54.:50:57.

?250 billion they are prepared to spend to support sterling and they

:50:58.:51:01.

will do what is needed. If that bluff, or can he do that? You feel

:51:02.:51:06.

he is speaking directly to the markets. We have seen banking stocks

:51:07.:51:13.

from this morning down by between 20 and 30%. RBS, Barclays, Lloyds, all

:51:14.:51:20.

having a torrid time on the markets this morning. This is a man who is

:51:21.:51:26.

trying to prevent a political crisis turning into a banking crisis. He

:51:27.:51:32.

said he will stand behind the British banks, he will enable them

:51:33.:51:35.

to provide credit, not just to businesses but to households as

:51:36.:51:39.

well, a vital part of the plumbing of the UK economy. It is remarkable,

:51:40.:51:45.

when you have the resignation of the Prime Minister, and a statement from

:51:46.:51:49.

the Governor of your central bank to reassure the markets. The fact that

:51:50.:51:55.

happening shows how nervous people like Mark Carney are about what

:51:56.:52:00.

could happen. Mark Carney was the man who was the first to use the

:52:01.:52:04.

word recession when it came to the idea of Brexit, that Britain could

:52:05.:52:08.

fall into a technical recession. Whoever the new Prime Minister is by

:52:09.:52:14.

the end of the year, his Thracian ship with the Governor of the Bank

:52:15.:52:18.

of England will be key. If that Prime Minister is somebody who felt

:52:19.:52:22.

that the Governor of the Bank of England was not somebody who seemed

:52:23.:52:25.

to support his position, the Governor of the Bank of England is

:52:26.:52:31.

in a position where he will have to rebuild relations with the governing

:52:32.:52:38.

party. Will it work? His big point is... His big point is the banks are

:52:39.:52:45.

not in the same position as they were in 2007, when they had no

:52:46.:52:49.

capital buffers against big changes in the market. He says they are now

:52:50.:52:56.

capitalised to a far greater extent, there is more financial support in

:52:57.:53:00.

the market, so it is not like we are back in 2007, would you have seen

:53:01.:53:04.

from the markets this morning that banks are still in a fragile state,

:53:05.:53:08.

they have not recovered from the financial crisis in totality, and he

:53:09.:53:13.

is speaking directly to investors and saying that the bank will do

:53:14.:53:20.

whatever is necessary, which means providing liquidity to ensure that

:53:21.:53:26.

this political crisis does not turn into a banking crisis. Yesterday we

:53:27.:53:31.

were told it was scaremongering, but here we are, can you believe it,

:53:32.:53:36.

talking about an economy that is now in this terrible shock, and people

:53:37.:53:42.

like me were told we were scaremongering, don't want to listen

:53:43.:53:46.

to the experts, but that has now been... I wish it were different,

:53:47.:53:50.

but it has been proved to be accurate. We have made a very, very,

:53:51.:53:56.

very bad mistake. You are alarmed by the reaction? Not particularly. We

:53:57.:54:04.

visit there would be this sort of reaction. The Chancellor has been

:54:05.:54:11.

engaged in this hype about the disasters that would come to us ever

:54:12.:54:15.

since the dodgy dossier which was issued by the Government or by the

:54:16.:54:23.

faction of the Remain camp in the Government. They have been building

:54:24.:54:27.

it up. Now they have got to try to calm it down. This is a cross they

:54:28.:54:32.

have made for themselves. There is no reason to believe that over the

:54:33.:54:36.

next month that anything great will change. What will change? Of the

:54:37.:54:46.

French going to refuse... This is something we always knew... You are

:54:47.:54:53.

not listening to business. Hold on. The French going to refuse to

:54:54.:54:58.

purchase the landing gear and the engines for the Airbus? Will they

:54:59.:55:03.

say, we don't do business with Britain anymore? Of course not.

:55:04.:55:12.

Business said vote in. Let's not take it any further for the moment.

:55:13.:55:16.

That will run and run. Jeremy, let's have a look, because we are coming

:55:17.:55:23.

up towards 9am, but we will hand over to others. Let's have a look

:55:24.:55:30.

with your illustrations of the outcome of this referendum and how

:55:31.:55:32.

it came about. We started 11th hours ago hey, the

:55:33.:55:41.

drama has come right to the man behind the door of number ten. Let's

:55:42.:55:47.

remind ourselves of the sequence. The first result at mid-night, it

:55:48.:55:52.

was a warning sign for the remain group, Newcastle. It went Remain,

:55:53.:56:00.

only just. It was expected to be much stronger for Remain. That was a

:56:01.:56:08.

flight at the start. Then Swansea came in, for Leave, it had been

:56:09.:56:13.

predicted for Remain. London began to report much better results for

:56:14.:56:18.

Remain. In Lambeth it was between 70 and 80% of the vote. But it was not

:56:19.:56:24.

enough. Even some of the London results, the Remain vote was a bit

:56:25.:56:30.

suppressed. Then we heard from the cities outside London, Sheffield

:56:31.:56:35.

went Leave, even though we thought it might go Remain. Then, Durham,

:56:36.:56:42.

50-50, we had it down as, it went decisively the Leave. Then the gun

:56:43.:56:47.

was much more balanced. Any chance Leave had of snatching it from

:56:48.:56:56.

Birmingham was gone. Then, this happened. Northumberland took the

:56:57.:57:01.

numbers over the line for Leave. There was no way back for Remain.

:57:02.:57:07.

The last result came in, Cornwall, that reported for Leave. A strong,

:57:08.:57:16.

decisive, clear victory for Leave, but many questions arising. We have

:57:17.:57:21.

seen the drama in Downing Street. What a night. What a day to come.

:57:22.:57:25.

Just before 10pm last night when we started I said that it was a

:57:26.:57:33.

momentous day for Britain, because it was no less than defining what

:57:34.:57:37.

kind of country we wanted to live in. The answer to that question,

:57:38.:57:41.

which is one that has haunted politics for a long time, whether we

:57:42.:57:46.

should be in or out of the EU, has been resoundingly answered, a

:57:47.:57:50.

majority decided yesterday they wanted us to leave the EU. What they

:57:51.:57:57.

did not expect was that as an immediate consequence, David Cameron

:57:58.:57:59.

would announce he was standing down as Prime Minister, and there would

:58:00.:58:04.

be by October a new leader of the Conservative Party, whether it leads

:58:05.:58:12.

to a general election, a new Prime Minister showing he has legitimacy,

:58:13.:58:18.

is for the future. We heard David Cameron, his voice breaking at the

:58:19.:58:23.

end, say he was laying down the responsibility, he was there to

:58:24.:58:26.

steady the ship, but he was not the captain to take us out of the EU. It

:58:27.:58:31.

has been an extraordinary night, but that is all from us here. From all

:58:32.:58:36.

of us in the studio and everybody who has done the number crunching

:58:37.:58:40.

and the rest of it, Emily, Jeremy, me, and from John and Dick and Harry

:58:41.:58:51.

and old uncle Tom Cobleigh... It has been a big and busy night. I thank

:58:52.:58:57.

them all very much. Our coverage continues, because this story will

:58:58.:59:01.

develop through the day. It continues here on BBC One with

:59:02.:59:03.

Sophie Raworth and Andrew Neil. If we are to form the United States

:59:04.:59:16.

of Europe, we must begin now. Despite his friendship with Charles

:59:17.:59:20.

de Gaulle, it came to nothing. Britain has much to contribute to

:59:21.:59:34.

this process, and as members of the community, we shall be better able

:59:35.:59:35.

to do so. Yes is now 67%, the no vote is 33%.

:59:36.:59:51.

The president of the commission said the other day that he wanted the

:59:52.:59:56.

European Parliament to be the democratic body of the community. He

:59:57.:00:00.

wanted the commission to be the executive and he wanted the Council

:00:01.:00:04.

of ministers to be the Senate. No, no, no. I find Winston Churchill's

:00:05.:00:11.

perception a good deal more convincing and more encouraging than

:00:12.:00:16.

the nightmare image sometimes conjured up by my right honourable

:00:17.:00:24.

friend. Britain's best interests served by suspending our mentorship

:00:25.:00:27.

of the exchange rate mechanism. Like me all over me, don't bind my hands

:00:28.:00:33.

when I am negotiating on the half of the British nation.

:00:34.:00:47.

Three years ago I committed to the British people that I would

:00:48.:00:53.

renegotiate our position in the European Union and hold an in/ out

:00:54.:00:55.

referendum. At 4:40am we can say the decision

:00:56.:01:13.

taken in 1975 by this country to join the Common market has been

:01:14.:01:18.

reversed by this referendum to leave the EU. You did it! You have changed

:01:19.:01:31.

the face of Europe! I hope so. I thought this campaign in the only

:01:32.:01:36.

way I know how, which is to say directly and passionately what I

:01:37.:01:39.

think and feel, head, heart and

:01:40.:01:40.

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