She says britain needs to set out the future ties with the body, and she discussed post brexit ability and her party meeting. She says she wants good, factual brexit negotiations. The leader of the Uks Labour Party has ruled out supporting a second brexit referendum. Jeremy corbyn made the comments in this speech when britain voted to easily the you to leave the eu. He said he could not leave the farage debate to nigel and Boris Johnson. He also spoke about his future in the labour party. If there is a leadership contest, will you run again . Yes, i am there. Thank you. [applause] john h. as the Financial Services commission mark johnson has stepped down from his role. He says it would not be right to carry on after the brexit vote and he informed the european president of his decision. He was the u. K. Member of the decision. The Foreign Ministers have agreed a quick exit is needed. Saidwalter steinmeier they made commitments to hold the eu together. Said the u. K. Ote exit talks need to start immediately. Lets recap the big market moves yesterday. Sterling falling the most on record against the dollar to its lowest level since 1985. It had dropped as much as 11 . European stocks dropped the most since 2008 after falling as much as 9 . That was the most ever. Again was the haven currency of choice yesterday. The yen was the haven currency of choice yesterday. Sinceld had its best day 2009, having risen as much as 8 on friday. Lets take a listen to have the Business World reacted to the news. The british people voted for brexit, would mean they are saying for at least a year, saying brexit vote would be doing downgrade in the u. K. Sovereign rating, which is currently aaa. I believe this will be a longterm drama. I do think all of the market disciplines will be able to cope with the shortterm volatility, and we will go back to a more considered reaction after a number of days. It is a shock and disappointment, but life goes on. People in britain will continue to travel to europe this summer, and europeans will continue to come to britain. The biggest question is, can the u. K. Find a way to stay in the Single Market . Mark getting some heads from the French Economy minister, he is speaking in paris. Fall with with the trap of delaying exits are continuing the theme. We heard throughout this morning from the consulate that leaders and ministers want britain to get on with it. Lets get up with the latest news. Anna edwards is down on the green in westminster. As well as the resignation of the eu commissioner from the u. K. , we also read from Angela Merkel within the last hour. What has she been saying. Thanks. The u. K. Rkel saying needs to spell out its view of future time. You are right in timing is a Sticking Point in the early days , post brexit vote. It seems all the voices coming from europe talking about getting on as quickly as possible. As well as the voice of Boris Johnson talking about no need to hurry, David Cameron trying to hand over the reins of the party before talks with europe start to take place. That is clearly a point of tension. Angela merkel said they need to spell out their future view. That may take some time. The campaign has been talking about how they did not want to stay in the common market. They realized they would have to pay for that, against other policies they did enact, freedom of movement and not paying any money to brussels. We will see what ends up being the u. K. Proposal, but first you need to get the right decisionmakers around the table to come up with what the u. K. Want to see as its vision now. , the u. K. E commissioner of the table, and the Financial Services, which will be a place of competition between the u. K. And the rest of europe. Even if the u. K. It has not left yet, it would seem a strange thing to have a u. K. Commissioner involved, making policy for the European Union he knew his country was then going to leave. Mark bring us the latest on the thinking of what rex it might mean for the u. K. Economy. Brexit might mean for the u. K. Economy. Anna the question surrounds the Financial Services industry. We had some predictions from the city running up on with the Financial ResourcesFinancial Services industry going to be. We had talk of jobs shipping to other locations, but it is early for that. What movesrd about have already said about their outlook, we can expect further conversations for the likes of snp. For the warnings with the treasury, ecb, bank of england, all of the others, it established economic voices, warning what to begin which to the economy. To enact the2 was brexit, which lets questions hanging over, investment and hiring, what will that do for consumption . What big hit will there be to the consumer . What damage weatherby for the currency, and many questions around will there be for the currency . And many questions around the pound. Down in westminster, special question coverage all weekend on bloomberg and on the radio. We have a live special show at 5 00 p. M. On radio. We will bring you a special surveillance at 12 00 to 3 00 sunday tomorrow. Full coverage over tv and radio starting at 1 00 a. M. U. K. Time. 5 00 a. M. U. K. Time. Is bill gross writes that britains vote says something about the state of democracy in the u. S. . Think it is an important point that there is, one way to look at the brexit vote is it is a revolt of the people against elite, and i think that is something you see in many other places, including in the u. S. , the Political Class in britain was out of touch with what people felt about europe. Cameron would never have called this referendum if he thought there was a chance he might lose it. It is a shock of the system because nobody thought this would happen. That is because people making those calculations are not in touch with ordinary people thinking. I see something similar in the u. S. With support for trump and the cluelessness of the Political Class, liberal and conservative alike, in accounting for the trump phenomenon. You see it elsewhere in europe as well. There is deep resentment in the way the eu is run, and the growing antieu sentiment and the Political Class in europe has been semiparalyzed. They have not done anything to respond to it. I think brexit is the beginning of the consequences of that complacency. Erik to your point about trump, if you prefer, duties or horrors of the brexit vote was that it was about a binary income. In or out. The u. S. Election and Congressional Elections are much much mored and, complicated, and they involve many more issues. Do you think things will pan out differently than they did or will we see the same forces take over . Guest people are skeptical about Expert Opinions these days. They are right to be skeptical. I hesitate to make forecasts. I didnt think they would vote to leave the European Union. I never thought the trump would that trump would win the nomination. It will be fair to people to ask what do i know . Here thatgreat risk we are finding that we dont understand quite what is going on in these political systems. And the brexit vote shows you that the consequences can be severe. Say,hing i would just right before you said, erik, the brexit vote is complicated. One way, it is in or out. Right . I see that. So the implication, where we go from here, that is an extremely complex question. There is a range of things that now needs to be negotiated between britain and europe. It is very hard to say how that will end up. Europe might press for a very hard bargain in order to discourage other potential quitters. In fact, expect the consequences for britain and europe may be even worse. Erik i will have the opportunity to check in with you later in the hour, and we will explore that thought. We return here on this special report, well take you to the continent. What is next for the eu . And we sit down with mario draghi. How does he see it playing out . The special report continues next. Erik europes Foreign Ministers are convening in berlin for an emergency meeting to discuss what brexit means for the rest of the eu. Here is how leaders reacted to the vote. Im fully aware of how serious or even dramatic this moment is politically. There is no way of predicting all the political consequences of this event. An awakening is needed. Europe cannot deal like it was before. The people are waiting for the European Union to reaffirm his values. Freedom, tolerance, and peace. More and more frequently we see ourselves confronted with the fact that people have very basic doubts about the direction the European Union process has taken. The british people chose yesterday. We respect this decision. Now the page turns. Its an unprecedented day. Not an easy one, but europe has demonstrated over the course of its history that become stronger in the piece face of every difficulty. Dont play Campaign Games with europe. That is the message from mario monti. Former prime italian minister. Lacquaoke with francine before treating got underway on friday. They been asking began by asking monti whether the brexit was the worst case in history for europes political leadership. Mario monti it may lead to a more fractured europe. The eu and the u. K. Had decided to remain, the all too general treatment given in february by the other 27 to the u. K. Would have created the temptation and many other Member States of the we too want negotiate the ability to belong to you. And now in this the exit scenario, i believe honestly much worse for the u. K. Than the , European Union. I believe the u. K. Would be bitterly disappointed in seeing how long and how adventurous would be the street, the road to new agreements with partners of how week into to miss a policy is will be. Its domestic policies will be. I see just one but big positive to this drama. What is that . Mario monti well, for the first time, it is very, very clear to everybody that you cannot play games with europe. Without running serious risks. You are at Yale University studying under james tobin. Is this a moment where retains the dialogue on italys austerity, spains austerity, the added kingdoms austerity United Kingdoms austerity . Do we change our dialogue and decisionmaking on fiscal austerity . Mario monti i think brexit has nothing to do with that. The dialogue as i see has to change a bit in the sense that austerity first, a World Without sense, i never use it a word without sense, i never use it. But fiscal discipline has to stay. We in italy have played huge prices paid huge prices for not sticking to fiscal discipline. But we need to change the mind of the germans. And it is not impossible, to that me, by telling him serious Public Investment is not a violation of fiscal discipline. This is the only change which is really needed. If we just take a step back, what exactly does this historic moment mean . Is this the end of the european project . Are we going to see more referendums, including in your country if it is possible voter mario monti it is possible, it is possible it could be the end. If you follow just a second, the most serious risk of unraveling thatropean integration is national leaders, more or less, all of them deal with europe, treat europe, participate in european decisions having in their mind as top priority there electric grid electoral results in the opinion polls next week. And we cannot expect europe to be able to take the right decisions when the most important body, the european council, is filled with persons like this. I believe the catastrophe, soi believe the catastrophe, triggered by mr. Cameron, showing that indeed you can be , inflicted huge pains if you play these games may bring more , wisdom, more sense of responsibility to the others. Foreman italian Prime Minister mario monti speaking to Mark Francine lacqua. Up next, we speak exclusively to u. S. National security advisor susan rice on the brexit. Erik welcome back to our special coverage, britain out. President obama talked about britains decision to leave the eu speaking to an audience of entrepreneurs at stanford university. The president said he is confident britain is committed to an orderly transition out of the eu. My colleague sat down with ambassador susan rice for an exclusive interview. David began by asking her about the potential National Security risks that could stem from this decision. Susan rice we respect the decision of the british people. And this is not pointed change fundamentally the special relationship between the United States and britain which has endured historically for generations and generations. Nor will it change the nature of our relationship, the united lationship which is a with the European Union which , is a critical economic and Security Partner for the United States. We have every interest supporting the European Union as they work to affect an orderly process of separation. We have every interest obviously also in maintaining the Strong Security relationship we have within nato which includes not only many of the countries of the European Union but the of course of the United Kingdom, and that will end your. Endure. Will d the security implications need not be particularly significant, assuming britain and the European Union continue to operate as they have for many years under the umbrella of nato. We remain committed to the transatlantic relationship as always. We think europe will too. David what role will the u. S. Play in london and brussels . Susan rice we wont play a direct role. Obviously this is something to be negotiated between the United Kingdom and the European Union itself. But because we are critical partners with the European Union we will try to help them to the , extent that we can as they request to support the stability of europe and britain economically, of course. We will continue as we always would in any event to maintain our Strong Security ties and Work Together with the European UnionMember States as well as with the u. K. On things like migration, on dealing with the refugee flows countering , terrorism. All these things are areas we here we would Work Together in our support in any case. Our support and engagement has been critical and will continue to be. David do you worry this will weaken nato . Susan rice no, i dont see it impacting nato. Erik that was david gura with susan rice. Clive, the ambassador wants us to, at least to a degree, to believe not much will change. Im not so sure. Im asking what does this mean for multilateralism . What does it mean for nato and military alliances . What does it mean to the commitment to free trade . What does it mean to the efforts, for example to relieve , poverty . What does it mean for the fight against Climate Change if nations like britain turn inward . Clive i dont see it as a case of written turning inward. I know that is one possible interpretation, but britain is very internationally minded. Something the lead campaign stressed is they want closer relations with noneu countries. I think it is wrong to worry too much about a breakdown of the spirit of internationalism. I think it is much more about discontent with europe, with the European Union, with the europe arrangement. I agree with what susan rice said. There are so many common interests when it comes to National Security that i would be surprised if, you know National Security interest were , impacted by this to any significant extent. I dont see that happening. Erik the europeans and the british share enough as they look east to russia or to china, for example, that their future is tied together. Clive absolutely, and i dont see any dissent from that on the Brexit Debate. Erik its good to see you. Thank you for staying with us on this special report. Everyone, you would hear from more people with real money at risk. What the wild market swings warranted. And how much should we make of psychological contagion . We will be tackling those issues next. Our special coverage continues all weekend long. Tune in on sunday at 5 00 in london. Erik you are watching a bloomberg special report, i am erik schatzker. It was a Brutal Campaign that left deep scars around the United Kingdom. Remain or leave . Markets dont vote, but on investors around the world paid the price as the shock of britains decision to leave the eu set in. Stocks changed the most since the financial crisis, with trading volumes higher than the 30 day average. Currencies were shot. Pound fell