Out: UK, England, foreign businesses; In: Market stability, Iceland, Labour Seppuku
Morning Brief: On Monday it looked like the world had turned upside down, but Tuesday looks to be calmer, at least with the financial markets
Tuesday promises to be the day everyone catches their breath and regroups. The markets have stabilized, with European stock markets trading up, Dow futures up, even the British pound is up in value.
But it is only a lull before then next series of events occur that continue the story of the disintegration of the United Kingdom.
E.U. leaders converge on Brussels for Brexit crisis talks
Europe’s leaders on Tuesday planned to confront British Prime Minister David Cameron for the first time since his nation took a historic decision to split with the European Union.
Over dinner and canapés, the heads of the 27 remaining E.U. nations were due to hear Cameron explain Britain’s path out of the club and his vision of his nation’s future relationship with its ex-partners. But any concrete plans are likely to be left to Cameron’s successor, who will be picked in September, much to the annoyance of E.U. leaders looking for a rapid withdrawal to smooth further chaos.
England humiliated by Iceland as fans sing: ‘You’re not fit to wear the shirt’
Iceland 2 England 1
Roy Hodgson’s men are heading home after Iceland, the smallest nation ever to grace a major tournament, inflicted one of the most humiliating defeats in English football history.
Having arrived at Euro 2016 among the favourites, falling at the last-16 hurdle to a country the size of Leicester ranks alongside the 1950 World Cup exit to the United States in the embarrassment stakes.
It was a result few could argue with after a cumbersome, uninspiring and ragged England display at the Stade de Nice, where Iceland secured a deserved 2-1 win thanks to a ruthlessness the Three Lions could only dream of.
UK firms say it’s business as usual but Branson warns on recession
British companies are lining up to reassure staff and shareholders following the market turmoil sparked by the UK’s vote to leave the European Union, although Sir Richard Branson is warning that “thousands of jobs” have been put at risk.
The Virgin Group founder said Chinese business partners were already pulling investment from the UK after the EU referendum. “I met with a group of Chinese businessmen yesterday morning who have invested heavily in England and who are now going to stop investing and withdraw investments they’ve already made.”
He added: “The last two days has been absolute pandemonium worldwide in the markets, the pound crashing, the stock markets crashing, and we are heading rapidly towards a recession again. It’s just too sad, so so sad.”
Markets Move Toward Stability After ‘Brexit’ Turbulence
Financial markets regained some of their equilibrium on Tuesday after days of turbulence following Britain’s vote to leave the European Union.
The pound, whose precipitous slide since the so-called Brexit decision took it to a three-decade low on Monday, clawed back some of its losses, while London’s main stock index and European shares rose as well. Earlier in the day, Japan’s main stock average made gains during trading in Tokyo but finished flat.
‘You can go out of Europe’: Iceland commentator savours win over England
“This is done! This is done! We are going to Paris! Did you see that! Did you see that! Never wake me from this amazing dream,” he screamed, before appearing to lose his voice as members of the squad poured on to the pitch.
“Boo as you like England! Iceland is going to Stade de France on Sunday. France Iceland! You can go home. You can go out of Europe. You can go wherever the hell you want. England 1 Iceland 2 is the closing score here in Nice. And the fairytale continues.”
“You can leave Europe! You can go wherever the hell you want!”
— Gissur Simonarson CN (@GissiSim) June 27, 2016
‘You HAVE to GO!’ Defiant Jeremy Corbyn is savaged by MPs as Labour falls into CHAOS
Beleaguered Jeremy Corbyn faced furious MPs last night who told him he must quit for the good of the party in a heated exchange.
The under-fire Labour leader is now facing the prospect of seeing most of his MPs voting to oust him as the group’s bitter civil war threatens to tear the party apart.
However a defiant Mr Corbyn is refusing to bow to “a corridor coup” despite losing around 40 members of his front bench team in just two days.