Today's Big Stories

'Economic shock' after Brexit vote, Cameron resignation as UK faces the unknown

Central banks are trying to establish confidence measures to help stabilise financial markets, after Britain's vote to leave the European Union (EU).

Economist Xhanti Payi says that international markets are volatile following the landmark referendum in the UK.

The pound has hit its lowest point in 31 years, in its biggest one day fall in history. The rand has also weakened, along with many other emerging market currencies.

In the wake of this, Prime Minister David Cameron announced his resignation, creating more political uncertainty for Britain.

According to Payi, investors have been taken aback by the uncertainty, forcing banks to instill confidence in the financial system.

The governor of the Bank of England will inject 250 billion pounds of foreign currency liquidity to try and stabilise markets and the Swiss central bank has also intervened.

Listen to the full conversation from The Midday Report with Stephen Grootes:

Below are the number of searches for leave in the various voting districts in the UK.


This article first appeared on 702 : 'Economic shock' after Brexit vote, Cameron resignation as UK faces the unknown


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