The Times: Brexit shock waves shook Britain to its core yesterday, forcing David Cameron to resign, causing a slump in global markets and heralding a break-up of the United Kingdom.
Financial Times: Britain’s vote to leave the EU sets in train the world’s most complex divorce as EU has to unwind Britain’s 43-year membership of the bloc, disentangle and sever the legacy of shared sovereignty, and then reshape the biggest single market on earth.
The Daily Telegraph: The FTSE 100 ended the week up more than 2% despite a tumultuous day of trading which saw it plunge as much as 8.7% when the market opened, meanwhile, the pound slumped to its weakest level in more than three decades, sending investors fleeing to the "safe haven" of gold.
The Guardian: The governor of the Bank of England has stepped forward to calm financial markets after the Brexit vote sent the pound to its lowest level since 1985 and at one point wiped £120 billion off the value of Britain’s leading shares.
The Times: Inflation may increase to 4% within 18 months after the pound’s collapse yesterday, HSBC has forecast, putting the Bank of England under pressure to raise interest rates.
Financial Times: Global stock markets lost more than $2 trillion of value on Friday in the largest single day drop since at least 2007, as investors dumped risky assets and rushed into havens after the UK voted to leave the EU.
The Daily Telegraph: Housebuilders and financial services companies were the big losers on Friday as the FTSE 100 experienced a tumultuous trading session.
The Daily Telegraph: Investors fleeing the turmoil in the stock market have piled into government bonds, sending yields on UK sovereign debt tumbling to record lows in the shock aftermath of the referendum on Britain’s membership of the European Union.
Daily Mail: A German takeover of the London Stock Exchange will go ahead as planned despite the European Union referendum result, bosses have said.
Business and economics
Daily Mail: Interest rates will be cut further towards zero in the coming months as the falling pound boosts inflation and Britain braces itself for ‘sharply lower growth’ after choosing to leave the European Union, City experts have warned.
Financial Times: The parent of British Airways issued a profit warning just hours after the UK voted to leave the EU, in a move that highlighted the risk that any economic slowdown stemming from Brexit will significantly reduce air travel.
Financial Times: The UK’s house price boom is set to come to an abrupt end after the vote to leave the EU, estate agents and analysts said, predicting an immediate slowdown in transactions and a halt to the steep price rises of recent years.
The Times: More than 50,000 jobs could leave the City as financial companies move their businesses to European Union countries, analysts warned yesterday.
The Guardian: Thousands of jobs are at risk in the UK after some of the world’s largest companies warned they could relocate their British-based operations on the back of the EU referendum result.
The Times: The prospect of Britain plunging into recession by Christmas was raised by one of the City’s biggest investors yesterday as economists scrambled to cut their growth forecasts and credit ratings agencies said that the country might lose its prized AAA badge.
The Times: London’s position as the European capital for young technology companies could slip away as the UK unravels its ties with the European Union, leading entrepreneurs warned yesterday.
The Daily Telegraph: Britain leaving the European Union could have a positive impact on Rolls-Royce, with the engineering group one of the few blue-chip shares to rise in the wake of the momentous vote.
Daily Mail: Poundland slumps nearly 6% after takeover bid from South African furniture retailer Steinhoff is rejected.
The Guardian: Ladbrokes has admitted that betting markets got the EU referendum outcome completely wrong and will have to “face up to some tough questions”.
