The Present day: Hollande says Brexit may not affect growth

The Associated Press

The Today’s following Britain’s vote to leave the eu Union (all instances nearby):

7:10 p.M.

French President Francois Hollande says the British vote to go away the eu Union might not threaten eventual growth of the bloc.

Hollande, talking after a summit with German Chancellor Angela Merkel and leaders from Balkan statesaspiring to European club, mentioned uncertainty within the Balkan location in particular around theirEuropean membership bids.

“The British selection does not in any manner placed into question commitments made closer tointernational locations inside the Balkan location. They may be respected,” he stated in Paris.

Balkan integration into the european is taken into consideration key for stability of the unstable place.the eu‘s current problems are emboldening seasoned-Russian businesses in Serbia who desire nearerties with Russia in preference to the West.

Serbian Prime Minister Aleksandar Vucic changed into disenchanted by means of an eu decision closingweek to put off similarly membership talks. Serbia, Montenegro, Macedonia, Bosnia, Kosovo and Albania, all at distinctive stages in trying to be a part of the ecu, say the British go out vote will not lessen theirclub efforts.


four:35 p.M.

Britain’s immigration minister says he cannot guarantee that Eu Union citizens who live in the U.K. can becapable of stay after the usa leaves the bloc.

James Brokenshire has told the House of Commons that “Ecu nationals stay welcome here” and “theirproper to go into, work, observe and live within the U.Ok. remains unchanged” since the vote ultimateweek to depart the bloc.

But he said a assure that they might be allowed to remain after Britain negotiates its Ecu exitmight be unwise without a parallel assurance” from other Ecu international locations that British citizens canmaintain to stay there.

A very last split from the european is probable several years away. Competition politicians are traumaticthe government ease the uncertainty of some 3 million Eu residents by way of making sure they are able to stay.

Labour legislator Gisela Stuart said Monday that it changed into wrong to lead them to “bargaining chips” in negotiations.


1:30 p.M.

Luxembourg’s foreign minister is describing Nigel Farage’s choice to give up as leader of the U.Ok. Independence Birthday celebration as “very cowardly.”

Farage’s declaration Monday made him the third foremost British political figure to say he’s stepping apartinstead of taking ownership of the country‘s turbulent political future.

Luxembourg overseas Minister Jean Asselborn changed into quoted Monday as telling German dailyTagesspiegel: “All of a sudden, politicians like Boris Johnson and Nigel Farage are chickening out back into their snail shells.”

Asselborn added: “I hope this will be a lesson in opposition to falling for political opportunists just like the(anti-migration) AfD in Germany or Geert Wilders inside the Netherlands.”


1:10 p.M.

Police say a memorial to former Labour Birthday party chief Michael Foot has been defaced with some distanceproper graffiti.

Rob Souness of Devon and Cornwall Police says the pressure is investigating the “disgusting act of vandalism” to the stone memorial in Foot’s home city of Plymouth, southwest England. Foot, who died in 2010, led the left-of-middle Labour Birthday celebration between 1980 and 1983.

The monument turned into defaced with swastikas and the initials of the British National Birthday celebration and English Defense League, each some distanceproper organizations.

Police have reported an boom in racially stimulated hate crimes when you consider that Britain voted to depart the eu Union in a June 23 referendum.

The cutting-edge member of Parliament for Plymouth, Conservative Johnny Mercer tweeted: “Tragic. Unacceptable. Michael Foot became a proud son of Plymouth. This isn’t always us, no longer Plymouth.”


11:45 a.M.

British Electricity Minister Andrea Leadsom has launched her bid to lead the Conservative Birthday party, pitching herself as a passionately pro-“leave” candidate who can each unite a divided Britain and strike a good cope with the eu Union.

Leadsom is one of the least-recognized among the 5 applicants to update Prime Minister David Cameron,However she won interest as one of the most powerful voices for a vote to go away the ecu within thereferendum marketing campaign.

She’s targeting her pitch at Conservatives who suppose the subsequent Top minister need to besomeone from the triumphing side of the referendum. The the front-runner, home Secretary Theresa May,changed into at the losingcontinue to befacet.

Leadsom, who went into politics after a profession in financial services, says she might keep the negotiations on an go out cope with the 27 other Eu international locations as brief as feasible, due to the fact “neither we nor our Ecu buddies need extended uncertainty.”

And, in contrast to Can also, she says European citizens dwelling in Britain could be assured the properto live. She says “we must provide them actuality. There is no manner They will be bargaining chips in our negotiations.”


11:35 a.M.

A top regulation company Might also institute a criminal project to make certain that Britain’s Parliament votes on whether or not or no longer the U.K. must leave the ecu Union.

The law company Mishcon de Reya argues that the referendum approving an exit from the european wasnot legally binding.

The company, performing on behalf of a group of anonymous clients, says that it’s miles up toParliament to have their say before the High minister invokes Article 50, triggering the begin of negotiations for a U.K. Departure from the bloc.

Even as outgoing High Minister David Cameron has insisted that it will be as much as the next Highminister to enact Article 50, the law firm is adamant that Parliament have to have its say first. It says that it would go to courtroom without government assurances.


11:20 a.M.

British corporations‘ pension liabilities have jumped to a record excessive inside the wake of the vote to go away the european Union.

Consultancy Mercer stated Monday that a survey of the 350 largest indexed U.Ok. businesses showstheir liabilities in described gain pension schemes jumped to 813 billion kilos ($1.08 trillion) through the quitof June from 761 billion pounds a month earlier.

The worsening in the agencies‘ pension accounts is due to the truth that returns on investments like bonds have dropped for the reason that vote. That is due to expectations that the economic system will weaken and that the Financial institution of britain will cut its benchmark fee in addition in the direction of 0 thissummer season.

Whilst low prices can help the financial system by using making borrowing inexpensive, they weigh at the growth of savings and pension price range. Low returns on financial savings and pension investments are a trouble across Europe, where relevant banks have slashed prices to assist the economy.


10:20 a.M.

United kingdom Independence Celebration leader Nigel Farage says he is resigning as the top of theBirthday celebration, arguing his political ambition to have Britain leave the ecu Union has now beencompleted.

it’s far the second time Farage resigns because the leader of the Birthday celebration, However he says this time it’s miles specific.

Farage said Monday he’s going to keep his seat inside the European Parliament to peer out the negotiations for Britain’s go out from the ecu following the united states of america‘s June 23 vote to leavethe bloc.


nine:forty five a.M.

Britain’s Treasury leader plans to reduce U.Ok. enterprise tax to much less than 15 percent to encourageagencies to invest and simplicity business concerns about the usa‘s vote to depart the europeanUnion.

Treasury leader George Osborne says the reduce is meant to underscore that Britain is “nonetheless open for commercial enterprise,” in spite of the referendum consequences. A reduce of about five percentfactors brings Britain in step with Ireland‘s 12.five percent rate.

Osborne instructed the financial times it became time to “make the maximum of the hand we’ve been dealt.” he’s urging the Financial institution of england to apply its powers to keep away from “a contraction of credit score in the economic system.”

some groups based in London are thinking about leaving for other cities like Dublin, Amsterdam, Frankfurt and Paris to benefit from the big Eu not unusual marketplace.