French President Francois Hollande and German Chancellor, Angela Merkel have said the two of them are in complete agreement over how to handle the Brexit fallout. Britain recently voted to leave the European Union in a closely fought referendum that saw the leave camp steal a narrow victory over the remain camp (52% for leave and 48% for remain).
Speaking about the referendum, the French President said that right now the remaining EU nations need to be united. The alternative is dissension, division and quarrel. France and Germany will soon hold talks in Berlin to deliberate on a future course of action and how to contain any fallout from Brexit. He also said that the UK's decision to leave the EU could not be rescinded, adding 'what was once thought unthinkable has become irreversible'.
Markets continue to batter the pound over Brexit fears
Meanwhile, the UK pound continued to take a beating in the currency market, prompting UK Chancellor of the Treasury, George Osborne to issue a statement. David Cameron is expected to hold a meeting on Monday with his cabinet. The UK parliament will also be reconvened to discuss the referendum.
Boris Johnson, the leader of the Leave campaign, who is expected to replace David Cameron has said that the UK will keep working on its relationship with the EU. On the other hand, the Labor leader, Jeremy Corbyn has announced that he has no plans to give up leadership of the Labor party and will stand for party elections as and when they are announced.
Brexit evokes strong reaction across the Atlantic
John Kerry, US Secretary of the State will also be visiting London and Brussels for talks on Brexit. He was in Rome on Sunday and there he said that it was sad the UK was leaving the EU, hoping the two blocks would maintain their ties. President Barack Obama has already said that the special ties between the UK and the US will continue despite the fact that the UK will leave the EU soon.
There have been calls that the UK should begin the process of leaving the EU immediately. But Philip Hammond, the UK Foreign Secretary said that there is nothing on the table at the moment. Angela Merkel has also reiterated the Secretary's view and has asked UK to think about what could happen if the UK left the EU. The process will probably begin in October when David Cameron leaves the PM's office.
But it won't be that easy. Scotland, which is part of the UK, voted in favor of remaining in the EU. The Scottish don't want to leave the EU. Their leaders have said that they will try to block the split but if the Leave camp forces their hand, a second Scottish independence referendum is not ruled out either.