Cameron rejects Do-Over Brexit Vote as market fallout worsens

19:21, 27 June 2016

NEW YORK. KAZINFORM Prime Minister David Cameron rejected calls for a do-over vote on leaving the European Union and set up a team of officials to prepare for withdrawal following the referendum last week that stunned the world and triggered financial-market turmoil.

The pound extended its drop to touch the lowest against the dollar since 1985 and international policy makers scrambled to respond after a weekend in which Cameron’s administration appeared rudderless and Scotland’s government floated a referendum on its own independence.

Members of the splintered government sought to reassure investors they’ll be able to navigate the fallout. Chancellor of the Exchequer George Osborne broke his silence to declare “you should not underestimate our resolve” to limit an “inevitable adjustment” in the economy. Boris Johnson, the pro-Brexit favorite to succeed Cameron, said “the negative consequences are being wildly overdone, and the upside is being ignored.”

The rhetoric brought policy makers no closer to clarifying just what the U.K’s new relationship with the EU will look like and how badly the economy will suffer from the rupture. With Britain facing its greatest crisis in at least half a century, German Chancellor Angela Merkel and fellow European leaders today kick off a series of crisis talks.