5:00 in the morning on the east coast. 2:00 in the morning on the west, and it is 10:00 in london. the morning is well and truly under way on a day that's basically seen a revolution in british politics and european affairs. >> we didn't get rid of him. we decided you were far too important to the story. >> tried to go. >> still here for another hour of our special coverage. we're covering the uk's eu

referendum results. the eu has voted to leave the european union. and in the aftermath of that, the british prime minister david cameron has said he'll resign in around three months from now. that will take us up to october, the time of the british political party conference season. so that's the time when david cameron will go. now we await to see who will step in to lead britain in this new route. >> the people of the uk voted to leave. and a couple of hours ago, david cameron saying he'd resign as prime minister. obviously, president obama in the united states has been kept informed overnight. the president is on the west coast in san francisco doing some events concerning entrepreneurship. it's expected that mr. obama will speak to david cameron some time in the next 24 hours. obviously, to determine how the relationship between the so-called special relationship goes on. even though nothing changes

immediately. as for the prime minister, he has just seen his political life implode. he said it wouldn't be right for him to steer britain to its next destination. >> the country has just taken part in a giant democratic exercise. perhaps the biggest in our history. over 33 million people from england, scotland, wales, northern ireland and gibraltar have all had their say. we should be proud of the fact that in these islands, we trust the people with these big decisions. we not only have a parliamentary democracy, but on questions about the arrangements for how we're governed, there are times when it is right to ask the people themselves, and that is what we have done. the british people have voted to leave the european union and their will must be respected. >> there you have it. the outgoing british prime minister david cameron speaking

in the last couple of hours. the vote to leave the european union is a major victory for the former london mayor, boris johnson. it's what the former mayor and, of course, the man who campaigned so fervently for us to leave the eu has always wanted. listen to the reception he got as he left his london home just a short time ago. >> boris! [ booing ] >> boris johnson booed there as he left his home. perhaps not all that surprising given the fact london did vote largely in large parts to remain in the eu as opposed to the rest of the country. christiane amanpour is joined by boris johnson's father. >> indeed, hannah, i am joined

by stanley johnson, who is boris johnson's father and who has been watching that video of his son coming out of his home and being booed. you might also notice that stanley johnson is distinguished by the remain t-shirt he's wearing. so he was on the completely opposite side of his son. i have to ask you, what do you make of all of this? >> i was up all night and didn't have time to take it off. >> you still are a remainder. >> of course. i don't normally wear the same t-shirt all the time. i'm a remainder. and i was a remainder. i mean, i believe there were really important issues in the referendum which needed to be advanced. the environment was one. i argued. all the people who supported environment, say it made sense to do some things at the european level. air pollution, water pollution, solid waste. what has happened? the great british public has

voted. it's been a wonderful exercise in democracy. i accept that. >> would you say your son has been the architect of this? >> i would. i absolutely would. and i don't put this in an opportunistic way. he put real important issues on the table. the sovereignty issue, migration issue, the economic issue and above all, what you might call the direction of professional issue on the table for voters. >> as he was traveling out of his home he got booed. how did that make you feel? >> okay. bear in mind that in london and bear in mind he comes from isington. but take that map of the country. i want to tell you, he won the brexit won. let me get this right. 17,410,000 votes. that is huge. absolutely huge. >> it is huge.

practically half the country with a few more percentage points. you can see how he is divisive because he lives in london which voted to remain in. how the country is divided. your family is divided, probably not emotionally but definitely politically. all of you were for remain. your daughter, your two or three sons, or two sons and yourself and boris was on the other side. how do you reunite your family and that as a microcosm of the country. >> i love that word. i've never had a microcosm put to me like that. it means a small world. i'm a greek scholar. how do we do it? by saying, where are we now. we are the morning after the vote. and what is it? it's a great achievement. so we look forward. we are where we are. what are the real priorities? the priorities are, a, to make sure that the arrangements we now put in place to disentangle

ourselves from europe are good for us and good for europe. what's good for europe is also good for us. that's the fufrirst thing. and look at my field, environment. gosh, some of the real issues which are facing the world, overpopulation, the loss of biodiversity, climate change. these have to be done on an international basis. we must find ways of working with the eun international and. >> you mentioned three big issues your sob pn put on the table. you know, better than i do, all britons in that building behind me, taxation, defense, all of those big issues, finances, schools, all of that are made here. so is the sovereignty issue sort of a cover for something else? people clearly were upset. >> okay. >> and boris kept saying take back control, take back control.

of what exactly? >> of course we slightly differ. for my money, a certain diminution or dilution of sovereignty is a price worth paying if you get an effective international solution. others say we went too far with the single act. with the union court of justice having the final say. i don't necessarily subscribe to that view because i spent so many years in brussels. but it's a point of view. this is a point of view now upheld by the british people. it behooves us, what mr. cameron said. the will of the british people must be respected. that's important. >> that's absolutely correct. also prime minister cameron announced he'll resign. no longer prime minister. many think that your son boris johnson is in good standing to potentially be the next prime minister. does he have the temperament to be the prime minister of a multidiverse britain when, by all accounts, he played the

immigration issue, talking about the turks were coming and the invasion. >> i totally disagree with you. >> no, but he did. are you comfortable with that? >> i tell yeoh somethiou someth. on the migration issue, that was a vital issue, and it was a tragedy that mrs. merkel and other colleagues in the european union didn't give -- department t didn't try to find a european solution. >> what i'm asking you, sir, is do you believe that it's the right way to campaign to raise myths and white elephants like the turks coming. >> i know a lot about the turks. >> your turkish relatives. >> i read the article. yeah, i read the article. had dinner the other night in brussels around my turkish cousins. in reality, in reality, let's face it. since 1963, turkey has been in the process of joining the eu.

>> but it's nowhere near it. >> it may well be nowhere near it. there's no question that we are as a country politically committed. >> most people think it would be a good idea if turkey met the fundament aal requirements. how does one get past this moment where the country is so divided, almost half on immigration and foreigners. >> i don't believe the country is divideod immigration. >> that's been used as the main issue in this campaign. >> i think honestly. i have a french grandmother, a swiss grandfather, a turkish grandfather, a little bit of english there, but i don't think it was cynical. this is a vitally important issue. we're talking honestly, if i may say so, we've had an increase in the britons population of 4 million people over the last ten years. come on. that is really, really, if i -- if this was france, france -- if

france had the same demographic density, you'd have 100 million more people in france. it's very important issue and particularly important as we saw in the vote. >> i have to go, but do you think your son will be the next prime minister? >> this is what i think. i think he has earned his place on the short list. the way it works in the conservative party is we have a short list of two and those two have to be mps. they can only be chosen by the current mps. i think he's earned his place as one of the two on the short list. then it will go to conservatives in the country and that's about 100,000 people. >> stanley johnson, thank you so much. >> real pleasure to be pack. >> back to you, hannah and richard. >> you are hearing there from boris johnson's father, stanley johnson. he was on the other side of the campaign from his son but nevertheless defending his son in the aftermath of that vote. and also donald trump. he's been weighing in on this referendum result as well.

why? he's in the uk as it happen at the moment. he's in scotland. he has said, this is the republican presumptive nominee for president, has said and i quote the referendum result is a great thing that the british people have taken back control of their country. these are the pictures of mr. trump as he arrived in scotland not that long ago this morning. he's visiting one of his revamped golf courses. scotland, of course, has voted overwhelmingly in favor of the uk remaining in the eu. the comments from donald trump may not go down too well with the scots around him. however, of course, the scottish vote wasn't enough to sway the overall uk decision. >> i think it's a great thing that's happened. it's an amazing vote. it's very historic. i'm very happy. >> a great thing is the word i heard him say. and he'll also have a certain pleasure maybe to david

cameron's political demise. max foster is in downing street. we were all surprised. cameron had basically said as late as that debate last week, that question time debate, that he was not going. so what do you think changed his mind? >> i think it was the fact that, simply that he lost. if it was close to losing, he may have gone as well. but he was hoping for a much better result. a resounding victory for the remain campaign. that didn't come through. he's fallen on the sword. we're waiting to hear from others. we desperately want to hear from boris johnson as well because he is now the front-runner to take over from david cameron. we haven't heard from him yet. we've just seen him being booed outside his house. we can assume he had a popular message. is he a popular man, though? can he be a popular prime minister? it's a different role being prime minister from mayor of

london, of course. also we're hearing from various sides that there's no need to panic here because this two-year process that needs to be sparked for britain to leave the european union hasn't started yet. we need to be ready before we go into that process. at the same time, voices in europe desperately trying to extricate britain as quickly as possible. this calls for the british commissioner to have his power stripped straightaway because within europe, a real sense that britain is setting an example and they want to quash any ideas of other countries within europe or right wing groups from following the same sort of track. britain really shaking things up here but within london, complete instability, worry, what's going to happen next. boris needs to speak. >> max, thanks very much. live there on downing street in central london. they've been trying to calm the financial markets after the decision was announced. britain's banking system are well prepared and he won't

hesitate to take further measurements during this period of uncertainty n instability. >> it will take some time for the european union to establish new relationships with europe and the rest of the world. some market and economic volatility can be expected as this process unfolds. but we are well prepared for this. her majesty's treasury in the bank of england have engaged in extensive contingency planning and the chancellor and i have remained in close contact, including through the night and this morning. to be clear, the bank of england will not hesitate to take additional measures as required as markets adjust and as the uk economy moves forward. >> the former european central bank president jean claude trichet joins me now. now the worst scenario has arrived. the uk is leaving.

how worried are you for the rest of europe and the eurozone? >> well, first of all, i'm worrying a lot for the uk itself and, of course, it's an earthquake. the prime minister will leave. the new government will be in place. perhaps scotland will ask for leaving and so forth and so forth. it's a major problem. as regards continental europe, of course we will be hit. that's absolutely clear. both economically, much less than the uk, but there is a hit. and also politically because i would say extreme right and extreme left will fully take advantage of that referendum to call for referenda. but in my opinion, the uk is in a totally different universe in comparison with continental europe and i don't expect that the european union with the 27 will be badly hit, obviously. >> how much of all of this has

the eu or the european commission brought upon itself? today leaders left and right are coming out of the woodwork from every country to say there needs to be reform. the eu needs to change. and mr. trichet, where were they saying this four months ago? >> well, first of all, i will give you a scoop. when you look at the last survey, which is for the eu baromet barometer, what you see is the frustration of our people everywhere is against the national institutions and the national leaders. more than against the european institution and the european leaders. so we have a scapegoating exercise there which i regret very much, but what is the real problem in the uk as well as in the u.s. and in continental europe is that our people, our

fellow citizens are frustrated. and they are mainly frustrated against their own government and own national institutions. we have to deal with that. but i fully agree with the fact that europe has, of course, to adaptpermanently. >> how tough should europe be in terms of the negotiation, the exit negotiation with the uk, specifically about access to the single market and, say, passporting for financial services? >> i think that the uk says very, very clearly we will defend our interest in the best fashion possible. defending one's interest. i expect, of course, the continental europeans, 27,

including ireland to stay the same. we'll defend our interest in the best way possible. it does not exist in the uk for europe and affect should not exist in the 27 for the uk. it's a matter of good, fair, of course, but tough negotiation. it is unavoidable. >> mr. trichet, good to see you, sir. this is not the result you wanted to see, but we live with the result we've got. the british people have spoken. thank you, sir. >> and the latest we're hearing as we get more reaction from around the world as well is that the kremlin spokesman in russia says he hopes britain will understand the need for better relations with russia now that they'll be dealing with a britain outside of the european union. we are going to take a quick break now and come back with all the reaction from the markets as well. you can see the way things stand at the moment.

the pound took a real hammering at the start. it's climbed back a little bit. markets affected across the globe in the aftermath of that decision, that referendum result. ♪ you wish your dog could fight off fleas and ticks. but since he can't... you rely on frontline plus. because frontline plus unleashes a deadly killing force to kills fleas and ticks, plus flea eggs and larvae,

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lose. you can have another go in four or five years. this country has decided to do something momentous and it says something to the outside world. it's a very close result. 16 million voted to remain. 17 voted to leave. the promises on which the leave campaign stood are already unraveling. they said when we said there would be a recession or there would be economic consequences, they poo-pooed it. already relegate from fifth to sixth biggest economy in the world. 250 billion wiped off british shares. the pound plummeting in value just in a few hours. we were attacked for calling it project fear. seems like project massive understatement. >> michael gove, one of the intellectual leaders of this project, he at one point said britain has had enough of experts. and you came back with a, well,

that shows why you were such a bad education secretary, which he was. but that is a fact. the overwhelming, there has never been such a one-sided argument with all the experts and all your allies on the side of remain. yet people didn't go for it. what happened? >> you know as well as anybody. this was a trump-efsque result. people ignoring logical facts, in my view, and voting with their heart, with their gut. there was a vision set out here. it wasn't, are we better off in or out of the european union. this is about a declaration of what kind of country we are. are we outward looking, decent, big, bold, valuable, prosperous and going to lead or tiny and small and a bit scared of everybody else? it seems we've opted for that. i'm going to accept the result. we have to move forward, but i do not accept this country is now permanently in the

possession of a movement that says britain is to be small and inimportant. that is not something liberal democrats will accept. we'll lead the movement to bring that back. >> trump is in the united kingdom. he's in scotland and has actually said this vote is fantastic for the uk. he was on record saying this is what the british should do. do you think this will lead to a realignment of british politics? the prime minister is going to resign. there's a whole leadership contest. what is it going to mean for domestic british politics? >> we have a system that doesn't really help multiparty democracy, multiparty systems. it makes it very hard to be successful. and so there is an argument now, and i feel it. i've shared platforms with great people from other parties. some of the moderate liberal end, moderate progressive end, greens and other things and i think what are we doing in different parties. the liberal democrats were the one united party in favor of being in the european union.

it strikes me this is time for us to be the rallying point for liberals from other parties and to stand up to this really nasty right-wing insular politics as temporarily on the day. >> what do you make of the kremlin saying this result shows that britain needs to make a bigger effort to be better to russia? >> don't you judge a person by the friends they keep? trump, putin and marine le pen say well done, britain, for voting brexit. that would make me think twice. >> tim faron, thank you. we go back to hannah and richard. >> christiane, thank you. now to scottlanland. they've voted to remain in the european union. that raises the future of whether this could be another independenceferendumreferendum. donald trump has been commenting on scotland and the brexit result as well.

he's not exactly making a lot of friends north of the border, is he? >> so donald trump says it's a great thing. the other person who is talking about this, particularly the scottish result in particular, as being clear, decisive and unequivocal is the scottish first minister. she has said the scottish people have made the point that they see their future within the european union. what she's hinting at there is a democratic mand at. the only way to live up to that mandate to keep scotland in the european union would to be tear scotland away from the united kingdom. there you are talking about the possibility referend referendum. the last one back in 2014. the independence vote lost. it's been the stated policy of the scottish first minister to say there could be another referendum in the idea of

exchange. if scotland is pulled out of the european union against its wishes. so that's the circumstance that scotland now has to decide how to deal with. nicholas sturmgion will only want to proceed with another referendum in the event that she's certain she'll win it. she'll be very closely, carefully gauging the mood of the scottish people. if the eu itself, that issue doesn't fire up the hunger of the scots for independence once more, there's a theory that says this is another issue that could. and that's the drama that began unfolding in london this morning. the resignation of david cameron and the question over who will replace him. david cameron, his conservative party, they are deeply unpopular here. in the event of another politician seen as perhaps being more right wing, perhaps less representative of the scottish people's aspirations, there's a theory that says that could get people once again talking about independence and actively striving to make it happen as

quickly as possible. hannah? >> phil, thanks very much. phil black with a view from scotland. to matthew chance in moscow. matthew, as i'm looking this morning at all the comments, we're waiting for merkel. but the russians have been out in force already from the kremlin to the central bank. are they reveling in europe's misfortune this morning? >> well, i wouldn't characterize it as that, although it's been commented about philip hammond, for instance, the british foreign secretary that putin is probably feeling a little less pressure today. and although putin himself hasn't made any remarks, the russian foreign minister has been very withdrawn saying if britain is part of the european union or not. i think the most telling remark so far has come from the mayor of moscow, and he said this.

he said without the uk in the european union, there's going to be nobody to stridently back sanctions against us. and so i think that's the main concern here with the russians. with the uk no longer in the european union, it's been one of those most vocal voices in promoting these economic sanctions imposed against russia after the interventions in ukraine and the annexation of crimea. without the uk there, the russian hope is the european union's will to keep those sanctions in place will erode. and so that's seen as a positive here by the officials that have spoken on it so far of the european union and britain. >> matthew chance in moscow, the coverage continues. so many strands. we'll have more as we continue throughout the morning. good morning to you. customer service!d.

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welcome back to cnn's special coverage of the uk's referendum results. i'm hannah vaughan jones. >> i'm richard quest. the night has given way to the dawn which gives us the morning and an historic moment as the uk votes. the first time that a member of the european union has decided that it's time to leave and voted that they no longer wish to be a member. >> it's a pivotal day for the uk and all of europe as well. david cameron, the british prime minister, says he will resign

after british voters chose to leave the eu. cameron didn't give an exact schedule for his exit. we're expecting it to be in around three months time at the start of the party conference season in the autumn. cameron said it wouldn't be right for him to steer the ship on to the next direction and next destination. that's where we stand at the moment. we have some more breaking news for you. donald trump has arrived in scotland. he arrived by helicopter. he's been weighing in on this referendum result as well. he congratulated the people of britain on what he called the historic result. and had some controversial comments as well. just listen in. >> i think it's a great thing that's happened. it's an amazing vote. very historic. i'm very happy. >> amazing vote. great thing. i'm very happy. >> yeah, controversial in

itself. not least because donald trump is in scotland but also because, of course, scotland voted overwhelmingly to remain within the european union and mr. trump's comment goes against that. let's go to sara murray who has been following donald trump. his comments not going down all that well north of the border. >> it will be interesting how people here react. scotland voted to stay, not to leave, yet donald trump is going to be coming out here holding a press conference at his golf course here at trump turnberry where we expect im to hear him say this was the right idea, the brexit was the right vote. he was sort of associating the brexit with his own campaign. he said people are angry whether it is in the uk, in britain, or the united states. people are angry at elite institutions, angry at their political leaders and they're ready for a change. the other thing that makes donald trump's trip different from what we've seen from

previous presidential candidates, even though he's here in scotland on this historic day, he's not planning on meeting with any political leaders. that's nowhere in his schedule. he'll be visiting a number of his bankrupts, he's supposed to be doing a ribbon cutting here. we expect his comments here will certainly make waves. >> sara, of course presumably some criticism from both sides, both his supporters and his opponents, the fact he's out of the u.s. and not talking politics. he's pushing his own personal business interests. >> yes, this is something we've seen from donald trump time and time again. i can't tell you the number of donald trump properties i've visited you from. he tends to hold these as backdrops for his press conferences. we know his personal brand has taken a hit during this campaign. some corporate sponsors have left him behind. he's been able to showcase his

properties, use them as free publicity. he's used them to pay for rent and office space and even to pay for trump wine so into his own enterprise. we did a new cnn poll that shows 7 out of 10 american voters believe that trump should be severing ties with his business interest, not running a company and campaigning for president at the same time. at this point there's no sign that trump is stepping down. >> sara murray, we appreciate it. thank you. >> a political consequence of the vote to leave. a professor of government at the london school of economics joins me. the first political machination is the pm is gone. was that looking at the vote, the way the night went, that was inevitable. >> well, nothing was inevitable, but it was probable. and, of course, he hasn't quite gone. he's going to go. which means weeks if not months of uncertainty. more uncertainty for the

conservative party. >> he was right when he says there has to be a moment of stability. the ship has to be righted before he can actually -- the captain can get off the ship. >> an unfortunate metaphor because ships often head for reefs and the government and the party have one or two rather difficult things to negotiate. >> let's break this into two specific areas. behind you is a map over there of the vote. scotland, we've heard from nicholas sturgeon. almost certain to be a second referendum whether next year. >> donald trump showed a lack of political judgment in saying the british people have decided. of course, the british people have not decided to leave the european union. the people of england and wales have. the people of northern ireland decided to stay. the people of scotland have decided to stay. the people of london have --

>> that's a wonderful piece of sofestry, if you choose to break the united kingdom of great britain and northern ireland into the four constituent parts. but it was a national referendum. >> try that in glasgow or edinbur edinburgh. united kingdom. united in separate bits. and one of the results of the vote yesterday will be to increase the instability of the united kingdom. >> but if scotland goes for -- pushes hard for a second referendum, do you think northern ireland, which has exactly the same, i'm looking at the map now for northern ireland. all counties voted to remain. it's hard to give scotland it and not give ireland the same one. even though there are huge political differences in the argument. >> it's difficult in theory but not in practice because in practice, all solutions are a bit messy. n what happens in northern ireland, i think, is anyone's

guess at the moment. >> how difficult will the negotiation with europe be. this morning i've heard everybody saying we want a clean negotiation, a fast negotiation, a rational negotiation. if all of that hand, then it should be business like and efficient and fair on both sides. i'm guessing you don't think it should be. >> on our side, i meant, thesa may might give you one outcome. boris would give you another one. >> but they have to negotiate this in a timely fashion. >> they, do indeed. and that will mean several more years of uncertainty. several more years of dodgy stock markets, insecure banks, shaky pound. >> two years it could be for trade deals to be renegotiated and for the full exit, brexit, to take place. a long time of instability. >> and quite apart from that, all these things take much

longer than that in order to settle in and to become workable ways of living. >> thank you, sir, for giving your way. the impact on greece, brexit on grexit will be small and limited said the bank of greece sources. they've got many of the capital controls in place. but small, limited effect on greece. >> we are awaiting a press conference, we understand, from francois hollande, the french president. that's expected to be in the next half hour or so. let's go to paris. cnn's jim bitterman is there for us now. how have the french been reacting to this referendum result? >> well, one of the first people to react here was marine le pen, the leader of the front national party who tweeted just hours after the election results became clear that she believed that france which have a frexit, a french exit. now she had a news conference

and she says the british have given the french an excellent lesson on democracy. they led a brave brexit campaign, and she said it legitimizes the debate in france about whether france should be a member of the european union. and she said a french referendum is a democratic necessity. that's the thing you're hearing from the right and the front nation caal came in third for t election here in 2012. so there is a good reasonable chance that some of her opinions will have some traction here. i should also say that on the left here, the far left, there's also been calls for a frexit, a french debate and french referendum on an exit from the european union. and there's an emergency meeting going on right now that you talked about, i think, earlier. francois hollande is meet with his top cabinet ministers. he's supposed to meet with some

minor cabinet ministers. he's called everybody in. the foreign ministers and economic ministers and others to talk about what this means for france. he's going to come out and apparently give a bit of a heads-up on what the thinking is among the french. there's also something that's going to be highlighted tomorrow, and that is the original six founding members of the european union are going to be sending their foreign ministers to berlin tomorrow. and they're going to be talking about what all this means. these are the original six who began the european union many, many years ago, and, in fact, they'll have quite a good deal to say about what the european union should take as a message from this election that's taken place in britain. >> we appreciate it. jim bitterman live in paris. we'll take you straight back to paris as soon as we hear from the french president, francois hollande, who will be reacting to the public -- reacting to this eu referendum result here in the uk. richard and i are going to

take a quick broadcast aeak and back with you in a few moments.

it was quite remarkable as the night went on. we saw the pound when it looked as if remain was going to win the night in the early days.

the pound went up to 1.50 against the there are and as the truth of the night became clear it completely reversed. went down to 1.33. now holding steady at 8% at 1.3889. this is the lowest level since 1985, and it is the largest one-day fall in history. at least it was a couple of hours ago. >> stock markets across europe as well have all reacted with alarm as well. we did see some fluctuation in prices in the aftermath of mark carney, the bank of england governor who came out to say the bank of england would take all steps necessary to meet its responsibilities saying some 250 billion pounds of additional funds would be made available, saying effectively the bank of england is prepared to flood the market where necessary. >> let's talk about the ftse. earlier in the day, barclays was some 28, 28%. it's now down, barclays is off

12%. barrett development, the home to house builders is still off 20-odd percent. easy jet which has large european operations is down 16%. nina dos santos, iag, owner of british airways and iberia says it doesn't see any major effect at the moment. but vodafone has put out a statement saying it's too soon to discuss the domicile of the company's headquarters. so company after company is now rejigging themselves. >> yeah, vodafone is a classic example of a company run by a european, an italian at the helm. one of those very, very able people who have come to the eu who live in london, run a big uk fur firm who have been the types of people that arrived in the 43 years that the uk has been part of the european union.

across london where i'm here at the trading floor of a brokerage, you are hearing time and time again people saying, look, there's a lot of people from the eu who live and work in the city of london, make it the vibrant hub that it is. there's a lot of questioning about whether big firms will relocate from the shores to frankfurt, maybe paris. also the republic of ireland has a big financial system. even edinburgh, and the future could be at stake after this historic vote. the ftse 100 is the biggest blue chip companies in this country. it seems to have found a floor. it's down about 300 odd points. every time we have a 100-point fall in the ftse, around 25 billion pounds is wiped off of the market value of some of these stocks. at one point the london ftse 100

was down 8%, wiping out $130 billion off equities here. and then you've also got to factor in the falling british pound which makes some of these equities worth less if you translate them into dollar terms. and foreign exchange is also the backdrop to what's happening here, richard. the pound does also seem to have found a little stability around 1.38. one point at 1.34 but we should also point out people across these trading floors are going to be in for a very, very turbulent weekend as it starts to become clear how europe will be responding. you have the big eu wide meetings taking place in the midway through next week. how will europe respond? will they play hard ball with the uk? how will the leadership challenge in the wake of david cameron pan out? some telling me that perhaps there's a slight silver lining and if it's if teresa may, famously in the remain camp until this brexit revereferendu

could that be the olive branch they need. there's so many questions. at the moment, markets really down. the dow jones industrial futures over stateside before the opening bell rings, down a couple hundred points but not as much as the futures markets were indicating a few hours ago. >> nina dos santos at the trading floor. >> asking what will europe do next? how will europe respond in let's cross over to brussels, the home of the european union. erin mclaughlin is there for us now live. are they particularly worried there about a domino effect? >> they are, hannah. what we're waiting for right now here in brussels is to hear more reaction from eu leaders specifically to prime minister david cameron's announcement that he intends to resign in october. up to this point the reaction has been a statement of resilience, perhaps summed up by the words of the eu council

president donald tusk who said what doesn't kill you makes you stronger. we also heard from the president of the european parliament calling for a speedy and clear exit negotiation. speaking to senior diplomats here, one diplomat telling me that -- not to expect any niceties in those negotiations, that no eu leader here wants to make a brexit look like an attractive option because they are concerned about contagion. now when you couple that with the fact that the eu does not know who they are going to be negotiating with, who the next british prime minister will be, if it is a leader from the leave campaign, well, that's potent ially problematic sentence that thought to be a mort at threat to the european project. there's plenty of uncertainty and negotiations will be incredibly complex.

>> erin, briefly, as well, this three-month resignation, drawn out resignation of david cameron. is that being largely welcomed by leaders in brussels or perhaps that could add to the instability? >> well, that is the key question right now, hannah. and we're trying to get answers to. we're still waiting for that reaction to the prime minister's announcement that he's going to be resigning in october. what we do know so far, pretty consistently we've heard from eu leaders they want a quick and speedy negotiation. >> erin mclaughlin, thank you. erin is in brussels. the bookies have boris johnson as the overwhelming favorite to take over as the prime minister of the uk. the former london mayor is the leading leave campaigner. >> the second favorite is the home secretary teresa may at 5-2

on odds and michael gove at 5-1. >> as we come towards the end of this hour, we return to downing street. and max foster, our london correspondent is there. it says, max, the only reason the british government called this referendum was firstly to appease and to get their own side off their back, to stop the warfare in the tory party. but also because cameron never thought he'd have to do it. he expected, if he won the election to have to go into coalition. how true is that, or is it just myth? >> i think ultimately whatever was said before, whatever the situation was before the election, after the election, he had to somehow heal that rift within his own party and he took a big political gamble, and it was, let's deal with this once and for all. let's ask the british people

what they want. this is the result he got. he had to fall on the sword. if he didn't go today, he'd have to go another day, he thought. i'm just going to do it now. the big question now is how this party, how this government moves on from here which is why we need to hear from boris johnson. he's now clearly the front-runner to take over from david cameron. michael gove was very senior in that leave campaign as well. so what do they both see as the future of this party, and how are they going to bring their party together? because in many ways, the splits have been exacerbated. also how are they going to bring the country together? what we've learned is that people have questioned everything about britishness as a result of this. they found their own identity by going leave or remain and it doesn't go along party lines. how is boris johnson going to bring the country together again? work on policies which he believes in, at the same time extricating the united kingdom from the european system which is going to take up all of wh e

whitehall's time. it's such a complex task and parliament will be dealing with that when it could be dealing with more pressing problems, arguably, the nation's problems. >> theresa may has remained quiet over the course of the last couple of months, but she has long been named as someone who might be a future party leader, future prime minister as well. the odds are largely in her favor behind boris johnson, and tell us more about her. as home secretary, she's largely in control of our borders as well which was such a crucial issuereferendum. >> she was part of that remain camp. and the theory was very early on in this campaign that boris johnson by going for the leave vote could take out not just the prime minister and george osborne but also theresa may and have a straight sweep into downing street behind me.

theresa may looks like she'll be a contender for that position. woor seeing various other members of the conservative party lining up for that leadership. not really a challenge but to take over the leadership of the tory party. it really is all about boris johnson setting it up as a whole the party agrees with. >> what would you expect the conversation between president obama and david cameron to be like when they speak later today. the white house has said the two men will speak briefly. what do you expect? >> they can speak freely. they are both on the way out. they can say what they think. it's extraordinary really. president obama came over here earlier in the year and backed david cameron's campaign very clearly. very eloquently. very much on david cameron's side. it's going to be sympathy all around. it's a pat on the back. no great political future together. but they can talk to each other as mates and say we did our

best. >> max foster who is at downing street for us this morning as we come towards the end of our coverage tonight. you're watching cnn's special coverage of the uk's decision to leave the european union. a decision quite remarkable. it's unique. it has implications and ramifications around the world. >> for our international viewers, all of our coverage continues after a short break. for our viewers in the united states, "new day" begins right now. you've been watching special coverage of this historic moment. this is cnn breaking . good morning, everyone. welcome to your "new day." major breaking news. the united kingdom votes to leave the european union. a stunning decision, already having a huge impact all over the world. global markets are plunging on news of this. wall street is bracing for the same. >> it is a very tough combination for the markets.

it was a surprise and it now introduces uncertainty. so you're going to see volatility and not just today. there's also the political impact. britain's prime minister david cameron swiftly announcing he will resign. the battle over immigration was the center of this vote drawing parallels to the race for the white house here in the u.s., and speaking of that, who happens to be in scotland right now? donald trump. he's expected to speak at any moment. he's loving the brexit vote. he's been tweeting all morning. he certainly sees the parallels and is saying, they took their country back the way we will in the u.s. no games. one of his most recent tweets. when he speaks we'll show what you his remarks are on this. we have the story covered the way only cnn can. starting with clarissa ward live at 10 downing street in london. clarissa? >> reporter: good morning, chris. we're walking around the streets

of london talking to the people of this country hearing the same words over and over again. astonishing, momentous, surreal. the rest of the world woke up to the realization this is a very divided country and now everyone is asking themselves the question -- what comes next? a shocking and historic decision. the united kingdom voting to withdraw from the european union. >> i love this country, and feel honored to have served it, and i will do everything i can in future to help this great country succeed. >> reporter: british prime minister david cameron, who opposed the exit, issuing some stunning news of his own, pledging pledge ing to step down. >> a negotiation with the european union will need to begin under a new prime minister. >> reporter: the brexit causing major ripple effects around the world, rattling markets and raising complicated questions about trade, travel and immigration in the eu's

28-country bloc. the uk split in its decision. scottish voters overwhelmingly voted to remain, and english voters who mostly supported the exit, apart from london, the capital of the uk. >> my guess is maybe the same in america. the trump-style, the haves and have nots. that's what's playing out now. i think a huge anti-political result. >> reporter: a key motivation behind the leave movement, immigration. >> what we want is immigrants who will come to our country and who will be able to contribute. >> reporter: the leave campaign railing against the influx of migrants from other eu countries pledging to control their own borders. >> we don't want open door migration where what happens is big business actually suppresses the wages and the aspirations of ordinary people by bringing in up limited number of cheap labor. >> reporter: nigel farage, leader of the anti-immigration party and one o