World markets have suffered their biggest two-day falls in history, as UK companies count the cost of the EU referendum
Over in Asia, governments are considering whether to launch new stimulus packages to protect their firms from the consequences of Brexit.
From Toyko, Justin McCurry explains:
Japan’s economy minister, Nobuteru Ishihara, said on Tuesday that stimulus measures were likely to include assistance for small businesses.
“There are concerns about lessening the impact of the British referendum on Japan’s small and medium-sized companies,” Ishihara said.
The Brexit shock has left UK companies worried about losing sales from overseas clients.
Our North of England editor, Helen Pidd, flags up that one small business is already seeing demand dry up:
Brexit in action? My friend Holly’s company hasn’t had one order from Germany or France since pic.twitter.com/Sblv8XuY0b
After two days of intense pummelling, the British pound is clambering off the mat this morning.
Sterling has gained almost one cent against the US dollar so far today, to $1.3303.
Global stock markets have suffered their biggest two-day rout ever, thanks to Britain’s shock decision to vote to leave the EU.
“Friday was seen as a U.K. – E.U. problem, with the U.S suffering some damage on the side lines – Monday’s global declines paint a more involved U.S. participation.”
The bottom-line is we may still be in the knee-jerk reaction phase, but continued deterioration can feed on itself.”
Like the average England football fan this morning, the financial markets are in a gloomy and dejected mood.
Sterling 30yr low against $, huge rise in hate crime, rush for Irish passports
This is England
Tomorrow’s Guardian pic.twitter.com/f4QjTAiV1z