Friday newspaper round-up: Brexit, Brexit, Brexit

As Europe wakes up to the news that Britain has voted to leave the EU, reactions from the UK’s leading business groups have started to pour in. The Institute of Directors admits that the referendum result may not have been the one most of its members wanted but now that the UK has decided, it is “imperative” that political leaders manage the transition out of Europe “as smoothly as possible”. – Financial Times

The UK’s central bank has said it is working with other authorities to do everything necessary to ensure financial stability. In a statement the Bank said: “The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks. The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability.” – Financial Times

The price of gold surged in the early hours of the morning as it became clearer that the British public had voted to leave the European Union . The precious metal rallied as much as 8.1pc to nearly $1,360 an ounce, its highest since March 2014, after dipping as low as $1,255 an ounce after voting closed last night. – Telegraph

11 September 2001. 15 September 2008. To that list of huge stock market plunges, it looks as if historians will soon add 24 June 2016: the day the markets went into freefall when Britain voted to leave the European Union. The City wasn’t even waiting for the final result to be announced. It was selling sterling long before the sun came up, driving the pound down to levels against the dollar not seen for 30 years. – Guardian

David Cameron and Jeremy Corbyn were facing an uncertain future today after the public defied both leaders and voted for Brexit. The prime minister was holed up in Downing Street with key aides through the night. An extensive operation over recent days to shore up Mr Cameron’s future petered out in the early hours of this morning. – The Times

More than 33 million people voted in the EU referendum, making it the UK-wide vote with the highest turnout since the 1992 general election (Henry Zeffman and James Dean write). The nationwide turnout was announced early on Friday as 72.2 per cent. In St Albans turnout was 82.5 per cent, more than ten percentage points higher than at last year’s general election. In Winchester 81.3 per cent voted, an increase of almost seven points. – The Times