BREXIT is dominating the headlines of the nation’s newspapers, as the country attempts to report on the fallout from one of the biggest political decisions in Britain’s history, which has led to the resignation of prime minister David Cameron.
The Telegraph leads with one of the biggest questions following the Brexit decision: Who will replace David Cameron?
The paper circles on Boris Johnson as he and Michael Gove held a joint press conference this morning.
The former mayor of London heaped praise on Cameron’s “own brand of compassionate conservatism” and hails his “bravery” at allowing the UK to vote on its membership of the EU.
He went on to say that Brexit presents a “glorious opportunity”, adding that the UK can now set taxes and control its borders however it sees fit.
The Times analyses how Brexit has caused ‘turmoil’ for traders as the UK ‘enters uncharted waters’. The pound fell by more than 10 per cent against the dollar overnight to a three-decade low.
“George Osborne will need to construct an emergency budget and has warned there will be a big hit to the public finances. The conventional response to a shock would be to ease fiscal policy rather than tighten it – but the chancellor probably judges that he needs to send a signal to international investors about the safety of sterling-denominated assets,” writes Oliver Kamm.
The FT has labelled Britain’s EU departure as the beginning of the “world’s most complex divorce”.
“Technical work will begin at the level of officials on Friday. But no serious negotiation can start until Britain decides how it wants to conduct the divorce, and what arrangements it will request after the exit. The House of Commons will also have a say on any mandate to negotiate Brexit,” writes Alex Barker from Brussels.
City AM has started looking into its crystal ball and has picked out some predictions from politicians from across the UK.
It writes that SNP leader Nicola Sturgeon will most likely call for another referendum regarding Scottish Independence, a move that if successful, would most likely see Scotland become a member of the European Union.
It also reports that a petition to launch a second referendum over the UK’s EU membership status has gained close to 100,000 signatures.
The Sun has concentrated on what Brexit means for Brits abroad, reporting that some holidaymakers in Greece have “been unable to withdraw cash today – with hotels and banks refusing to exchange it after the Pound plunged following yesterday’s vote”.
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
An accelerated entry route into CIMA for CIPFA members is launched
Artisanal meat producer Turners has been sold out of liquidation to local entrepreneurs by CVR Global
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%