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After that, a two-year process begins to negotiate a trade agreement with the remaining 27 nations in the European Union.

German Chancellor Angela Merkel and French President Francois Hollande led calls for urgent EU reform, in order to survive a traumatic divorce with Britain, but also to ensure the continued survival of the Union.

"There must be clarity", Asselborn told reporters.

Instead, the editorial argued, the decision would aid the hegemony of the US.

Despite voting to Leave the EU, Britain remains a member of the bloc until Article 50 is activated.

"There is no need to be particularly nasty in any way in the negotiations". The European Commission, the EU's executive arm, must make recommendations to Britain's partners about what principles they might use to guide the exit negotiations. "People in Europe are mostly saying it's going to go way down", he says, "and it is going to be a crisis".

US President Barack Obama insisted the UK's "special relationship" with the US would endure despite the vote, despite previously warning Brexit would put Britain at the "back of the queue" for trade deals.

"I will do everything I can as prime minister to steady the ship over the coming weeks and months", a somber Cameron said yesterday outside 10 Downing St.

It is, Sturgeon said, "a statement of the obvious that a second referendum must be on the table, and it is on the table".

The hard-fought and bitter campaign exposed deep schisms in British society in which proponents of openness to a wider Europe came up against long-standing worries over immigration, job loss and a perceived loss of Britain's sovereignty to European Union bureaucrats in Brussels. This resulted in many companies' European headquarters landing in Britain, where they can control their deals with the whole of Europe.

Founding nations want to increase political and economic cooperation but some newer nations are wary of giving up more sovereignty.

Senior EU politicians are demanding that the United Kingdom cut ties quickly, to limit the political and economic shockwaves from Thursday's referendum.

From left to right, Luxembourg's Foreign Minister Jean Asselborn, Italy's Foreign Minister Paolo Gentiloni, Germany's Foreign Minister Frank-Walter Steinmeier, Belgium's Foreign Minister Didier Reynders, France's Foreign Minister Jean-Marc Ayrault, and Netherlands' Foreign Minister Bert Koenders address a press conference after post-Brexit talks at the Villa Borsig in Berlin on June 25, 2016.

Most people in Scotland and Northern Ireland voted to remain while England and Wales opted to leave, raising questions over the future of the United Kingdom they all belong to.

The huge number of participants trying to sign the petition ended up crashing the House of Commons website hosting the document at one point on Friday evening.

"We will continue to be very engaged in East Asia as this is the most dynamic economic region in the world, and the United Kingdom has significant security interest at play in this region as well". Today's financial turmoil reflects a fear of a loss of access to the European Union market that could scare off investors and potentially do critical damage to strategic sectors like financial services.