rglar was later captured when he was spotted with whey on his face. call geico and see how much you could save on homeowners insurance. and now a fox news alert. 8:00 in the morning where they have voted to leave the european union >> any moment now prime minister david cameron will come out and give a few re, mas. we know he campaigned to stay in the eu. it will be interest -- interesting to hear what he has to say. the markets are just opening up. >> 8:00 a.m. in the british union. the implied opening based on the future is that it could be down eight or nine percent. we could see a bottom fall out of the financial markets at least in the short-term. you look at the bottom of your

screen and you can see a number of indice and where they are headed. the dow futures are way down. the s&p 500 futureses are way down as well. >> this was a shock for a lot of people. the markets don't love uncertainty. >> and there was a lot of talk about this, but most people predicting the uk would stay in the eu and we are waking up to news that people didn't think would happen. >> they said the stay vote would win. and there is a huge uncertainty going forward. this is not we vote we are out and we are gone. this is two years of negotiations and all sorts of things that can happen. let's bring in the founder and chairman of laffer associates and reagan's economic advisory board. we talked just as this news was breaking around 11:30 eastern.

we have three and a half or so hours to digest the united kingdom will leave the eu. big picture here, what does this mean? >> this is part of a political explosion that has occurred globally and taking us back to the time of margaret thatcher and ronald reagan. it is a reversion to growth and prosperity that we are coming back into. it is very exciting from my standpoint. >> i just want to stop you because you said we are going back to the economic times of growth and prosperity. there is a disconnect there. >> i think there is a very big disconnect in the short run of those markets. it is for the british economy and the u.s. economy. i think this is bad news for hillary clinton. it is very bad news for barack obama. it is very good news for donald trump.

>> interesting because you bring it back to the margaret thatcher days, 1979 when she won. just a year later when ronald reagan won, there has been a lot of talk about one leading to the other. you can't help but compare what is going on today in the uk to our own back home. presidential race is playing out in the next few months. what impact will that have? you have voters that seem to be thinking about this in similar terms and the anti-establishment movement. the uk made it clear that this is a democracy and the voters have spoken and they have made a difference. >> you have it exactly correct. if you look at the government before margaret thatcher it was dysfunctional and the voters spoke loudly and clearly with margaret thatcher who was in as long as any prime minister in modern history. the changes that occurred were stupendous. when labor came

in tony blair was pro-growth. he did not reverse margaret thatcher's prosperity. the same policies occurred in the united states. after thatcher was elected ronald reagan was elected and he stayed in for two full terms and then you have bill clinton who was a very good president for the u.s. and much like tony blair with large economic growth and prosperity and then in the last 16, 15 years we had obama and things haven't gone well and we had brown prime prime minister brown and it didn't go well. >> to update you on that point and president obama has been briefed on this. he went out to the uk recently talking about wanting them to stay as part of the eu and he is expected to meet or have a call with david cameron in the next day or so. we haven't heard from donald trul p or hillary clinton but i'm sure we will hear

reactions from them. >> to that point as we look at 10 downing street there has been a lot of discussion about whether david cameron is going to have to resign be it today or the next couple dayses. we heard from the leader of the saying it was time for a government. president obama went to the united kingdom and campaigned hard and threatened the citizens of the united kingdom saying if you leave the eu you will go to the back of the cue on the trade deals. what does that say about the u.s. presidency that the president goes over and intervenes in the politics and the fox flat out reject him. >> it shows he doesn't have much influence over there. and i don't think he will have a lot of influence on the elections here either. it is a sad day but for barack obama his day is over

president obama has been trying to have a lot of impact here. appreciate your time in the reagan administration. we will see if you are correct and if the events of today are the beginning of the same revolution we saw in 1979. >> this is the beginning of a new era of prosperity. >> that's clear in the uk. we are waiting for prime minister david cameron to come out any moment to speak and talking to art there leyland it does make you think how out of step some politicians are with the people they are representing today and the frustration that clearly exists with many people whether it is the economy or immigration or national security and their only way to be heard and the only way they can speak out is to vote and to vote against the way that things are right now the

status quo. we have seen that play out and you wonder what impact this will have at home. >> you wonder what impact it will have and you think about the fore shadowing of donald trump's campaign that is so similar to the leave campaign. you have the issue of immigration, issue of trade and financial insecurity and this entire working class of mark working behind much of what it has been and bring back mark ash arthur of -- and founder of the firm trans pro. on our panel the democratic polster and political analyst. >> and fox's contributor and democratic strategist, thank you for being with us. julie, we just heard from the head of the independence party a few moments ago. he didn't think they were going to win this thing. he came out full of energy and very excited about the way the

vote went. he basically said the eu is failing and the eu is dying and this means that the people in england are free. it reminds me ft -- of the message we are hearing at home and not just from donald trump, but bernie sanders. >> i was living in london after the tree tooy was signed which talks about the european union. there is a huge difference first and foremost the open border policies that the union had allowed. there were tens of thousands of people to come from england all across the european union and live there and work there as though they were british citizens. secondly the european -- >> if i can jump in. for those who voted to leave the eu in the uk there is an argument that they weren't happy with immigration policy. could you say there is some

similarities from the message we heard from donald trul p that people are wanting to be more secure and they are looking at the way we are protecting ourselveses? >> you underscored my point. we don't have the policy the union never had. it allowed people from all across europe and now refugees are fleeing from other parts of the middle east and making their way to britain which terrorized the british people. we don't have that here in the united states under any circumstance. we have much more secure borders. to compare their immigration policy and what they allowed to happen, to compare it to anyway shape or form to what we have in the united states is not accurate. we don't have the same scenario. there were tens of thousands of people coming to new york city the same way tens of thousands of people were coming to london without any

other checks and balances across the european union. and then i would say yeah, there is a good comparison. it is not the same comparison you have had for the last 20 some years. >> jessica, stand by. i want to bring in mark ash for a second here. crossing the ap wire right now. british stomacher ket plunges 7.7%. germany is down 10%. we heard the warning signs from david cameron. if the uk left the eu, are wea seeing that or is this -- are we seeing that or is this an over reaction by the market that is temporary? >> it is temporary. i think we will booy stronger go -- i think we will be stronger going forward. while the markets don't like uncertainty, what we are seeing play out is voters don't like uncertainty. you watch what is playing out

in england and what will happen with the uncertainty of us having $20 trillion in debt. what is it like for an american family that puts their child on to a school bus and has a 20% chance they will go across a bridge that is rated as deficient. people are weary of paying so much in taxes and having government not get the fundamentals right. i think that's what we are seeing play out and i think we will see it play out in november. people are weary of sending so much money to washington, d.c. and we can't even get the basics right. >> it is interesting you point that out. one of the big issues with the lead campaign was how much money was being september to bus sell. brussels. people are saying what am i getting for this? i guess you would say there were a lot of americans that were paying so much to washington and what am i getting for it. >> the basics of our nation is

to keep our street safe. ask poor kate steinley's family. the safe roads and bridges and safe water and that's what we send our money to washington and state capitols for. we are watching the uncertainty of the voter say i've had enough. i am jumping out of this plane. it is not good the way it is going. >> it is interesting jessica mark mentioning how much we don't like uncertainty. there is a lot of truth to that. we don't have jessica. the uncertainty point julie how we don't like the uncertainty, but at the same time you have prime minister david cameron who used this and tried to use this to his advantage. using the fear mongering to scare the so thers that if you vote -- so that if you vote away it will be in a terrible situation and we won't get this thing back. we ended up voting in the

other direction. here he is about to speak in a position where it seems julie, he is a bit out of step with where much of his constituency is today. >> yes, it is interesting. this is likely the end of the minister-ship. he resigns and the former mayor of london who is a big proponent of the leave campaign becomes the next prime minister. the difference here was there was for mongering and there was talk of coming across the border. it remains to be seen and obviously the markets are plunging today. we'll see what happens next week when the markets have a chance to absorb the reality. it is something they didn't price in in the last week or so when it looked like the campaign would win. like any other campaign politically emotions played a huge role in this and common sense may or may not have.

certainly this is horrible news and it is good news for boris john -- boris johnson. >> that's what we said, boris johnson may be the big winner here. you wonder how frustrated some of these voters were when you talk about the fear mongering and people like prime minister david cameron pulling out all of the stops. they talk about the ramifications would be of leaving the eu and yet they vote in a different direction. it makes it known how frustrated they were about the status quo and about things. >> i was heartened to see that in earlier press conferences in the evening watching the bbc and sky that there were a lot of politicians standing up there saying we obviously need to listen to our voters more. whether that is going to

constituencies more or looking at the break down of how people are feeling about the important issues, i'm not sure. they need to do a better job. in the u.s. we need to do that as well. i would hate to see a similar thing happen in our own election in november for there to be a surprise donald trump win. we don't know what the polls will look like but if hillary clinton has a four to sikh-poi -- six-point lead we could be in trouble. donald trump would like you to believe our immigration issues were the same as they are in the uk. i think it does the people of america a great disservice. >> i would not be surprised. he is landing in scotland any moment now. if he uses this to his full advantage to maybe do a press conference and talk about how he is right the whole time and this is the message he has been preaching for some time. >> it is exactly the message. you can probably suspect david cameron was surprised to see the result.

the people who are behind the leave campaign, the politicians and their messaging. the supporters of the leave campaign track very, very similarly to donald trump supporters in terms of the industrial heartland of the ups, the issue they respond to and the demographic profiles and those kind of things. there are so many including the former economic advisor that says does this fore shadow changing in america? trump's golf course in scotland has been reopened. he credits his son with doing that and working on it and ay opening the golf course there. he is landing in the next four or five minutes.

if he will make any statements we are wondering that as well. >> no doubt he will make a statement or tweet about it. david cameron has wanted a real legacy for himself and he cares about his politics and how he will be remembered. this is gonna be a tough moment for him. how he handles this time in history. what will he say? the markers are all over the place. it is unpredictable. people are nervous about what this means going forward and now he is in a position where he has to speak to his constituency at a time when he wasn't right about the direction they wanted it to go. he campaigned so hard for that. >> not only wasn't he right he warned of terrible things happening and his constituency or his citizens said thanks, but no thanks and we are going a different direction. a the some level the fear of economic problems are real. the royal bank of scotland's

shares fell 34% in the first 17 or 18 minutes of trading what a juxtaposition here as we watch 10 downing street on the left and on the right turnbury where we await donald trump. you don't know if it was planned that trump planned to land on the morning of the result. it turned out to be fortuitous in terms of his campaign messaging and what he will be saying. >> interesting scotland a year and a half ago voting to leave the uk. >> they voted not to leave the uk. >> it does make you want to hear how other members of the eu the sentiment of being national lis stick and focusing on your identity and the issues that matter most to you. >> and now david cameron walking out at 10 downing street.

>> good morning everyone. the country has just taken part of a democratic exercise. it is perhaps the biggest in our history. over 33 million people from england scotland, wales northern ireland and gibraltar have had their say. in these islands we trust these people with the big decisions. we not only have a parlimentary democracy, but in questions about the arrangements for how we are governed, there are times it is right to ask the people themes and that is what we have done. the british palm have voted to leave the european union and their will must be respected. i want to thank everyone who took part in the campaign on my side of the argument including all those who put aside party difference to speak in what they believe was the national interest. let me congratulate all those

who took part in the leave campaign for the spirited and the passionate case they made. the will of the british people is an instruction that must be delivered. it was not a decision that was taken lightly. not least because so many things were said by so many different organizations about the significance of this decision. so there can be no doubt about the result. across the world people have been watching the choice that britain has made. i would reassure the markets and investors that britain's economy is fundamentally strong. i would also reassure brits living in european countries and european citizens living here that there will be no immediate changeses in your circumstances. there will be no initial change in the way our people can travel and in the way our good can move or the way our services can be sold. we must now prepare for a

negotiation with the european union. this needs to involve the engagement of the scottish, welsh and northern ireland governments to ensure the interests of all parts of the united kingdom are protected and advanced. above all this will require strong determined and committed leadership. i am very proud and very honored to have been prime minister of this country for six years. i believe we have made great steps. with more people at work in our history and reforms to welfare and education increasing people's life chances, keeping our promises to the poorest people in the world and enabling those who love each other to get married whatever their sexuality . above all restoring britain's economic strength. i am grateful to everyone who has

helped to make that happen. i believe we have to confront big decisions and not duckem. that is why we delivered the first coalition government to bring our economy back from the brink. it is why we delivered a fair, legal and decisive referendum in scotland. it is why i made the pledge to renegotiate the position in the union and withhold the membership and carried those things out. i fought this campaign in the only way i know how which is to say directly and passionatly what i think and feel head, heart and soul. i held nothing back. i was absolutely clear about my belief that britain is stronger safer and better off inside the european union. i made clear the referendum was about this and this alone. not the future of any single politician including myself.

the british people have made a very clear decision to take a different path. as such i think the requires fresh leadership to take it in this direction. i will do everything i can as prime minister to steady the ship over the coming weeks and months but i do not think it would be right for me to try to be the captain that steers our country to its next destination. this is not a disetion i have taken lightly but i believe it is in the national interest to have a period of stability and then the new leadership required. there is no need for a precise timetable today but in my view we should aim to have a new prime minister in place by the start of the conservative party conference in october. delivering stability will be important and i will continue in post as prime minister with my cabinet for the next three months. the cabinet will meet on monday. the governor of the bank of england is making a

statement about the steps the bank and the treasury are taking to reassure financial and we will continue to take forward the important legislation we set before parliament in the queen's speech. i have spoken to 4er magesty the queen this morning to advise her of the steps i am taking. a negotiation with the european union will need to begin under a new prime minister. i think it is right that this new prime prime minister takes the decision about when to trigger article 50 and start the formal and legal process of leaving the eu. i will attend the european council next week to explain the decision the british people have taken and my own decision. the british people have made a choice. that not only needs to be respected but those on the losing side of the argument, myself included, should help to make it work. britain is a special country and we have so many great

advantages a parlimentary democracy where we resolve great issues about our future through peaceful debate. a great trading nation with our science and arts and our engineering and creativity and respected the world over. while we are not perfect i believe we can be a model of a multi racial and multi faith democracy where people can make a contribution and rise to the highest their talent allows. although leaving europe is not the path i recommended, i am the first to praise our incredible strength. britain can survive outside the union and indeed we can find a way. we need to find the best way. i will do everything i can to help. i love this country. i feel honored to have served it . i will do everything i can in future to help this great

country succeed. thank you very much. >> that was prime minister david cameron making the decision to step down as prime minister. saying voters made a very clear decision to take a different path, and he thinks it is best for new leadership to come in. he says he is proud of the fact that we trust the people in a democracy. he said we need somebody with strong and determined and committed leadership to move forward. it is a huge moment in history in the uk. in the history of the world leyland. this is a big deal. >> it is huge. fresh leadership, he says. it is important to note that he said he will step down and not that he is stepping down at this moment. he will stay on through the summer and possibly into the fall. that's so important for what

david cameron talked about which was stability and confidence. she said it is fundamentally strong, but one would wonder if the markets agree with that statement the british pound was the lowest it has been in 30 years. the stomacher ket is -- the stock market is down and the world market is reacting in shock with the dow futures down hundreds of points. the s&p 500 and nasdaq futures are down 5%. these things do require as he said somebody at the helm of the ship. it was interesting. you saw this man who had worked so hard for the stay vote and they put everything in its hart and soul behind it. he loses and then says i understand i lost, but i will work through this transition. the instruction of the people must bea delivered. >> you have to give him credit

for that. he stand strong on all he did to fight for staying with the eu. he says he stand by that and he said everything he believed in and moving forward he doesn't feel he is the right person to move the country in that direction. that is something close to his heart. if you don't believe in the direction it is going how can you be the best leader possible? how this plays out from him and who takes over, we will see how that goes and who steps in. obviously a huge moment in history in the united kingdom and not just for leaving the european union but the prime minister is stepping down. to your point standing strong on what he believes in and he said he did what he could do and the voters spoke differently and they wanted a different outcome. >> it was a margin of a million votes. the leader of the uk independence party declaring

the uk independence day. as david cameron pointed out this is going to be a long process. this is not an instant divorce. it will be a long and economically challenging process that could go on for a couple of years. we heard about them invoking article 50. that's the prenup if you will that was signed, many, many, many decades ago. how do you untangle or unscramble the egg that has become europe in someways and how does britain take itself out? >> these are the questions going forward. you could sense him feeling defeated when he was walking out. you compare it to the head of the independence party that we heard 30 minutes an hour ago and the enthusiasm and the excitement. this is freedom for the people in the uk and this is a moment where the eu is dying

and it is no longer as important as it was. it is just changing time and obviously the people are wanting something that is different and david cameron deciding it is time to move in a different direction in a constituency. >> you talk about the juxtaposition and it was there six hours ago when the leader of the uk independence party says i think we have lost this one. at the time david cameron was saying we got this in the bag. the champagne is on ice and we're ready for it. it shows you how unbelievably fickle the electorate is. it shows the difficulty in polling and how wrong everybody was. this was an eight-point swing from where the last poll was saying the uk would stay do --

to a four-poimt swing to the other side saying we will leave. >> they said we trusted people in democracy and their will must be respected and that is exactly what he is doing today. i want to bring in a senior research fellow. margaret thatcher center of freedom and he joins us from london. just off the top what is your reaction? in the market roofing the eu and now with david cameron stepping down. your reaction? >> it is a remarkable and historic result. no none of the reporters expected it. none of the main supporters expectedded it. it has surprised the world market. the only people it hasn't surprised are the british

people . they decided they did not want to stay in the european union. people were maybe afraid to talk about it but when they got alone in the polling booth they decided to liberate the uk from the european union. >> they were not going to let president obama or david cameron . >> having been over there you do get the feeling that the leave campaign had a lot deeper support. folks were die hard dears and on the other side the stay -- it didn't have the same news. yeah. >> inherently the whole idea of leaving is change. change can be extremely exciting and a lot of people have worked years and years

and some even decades to get the european out of the -- european union. the option to remain is status quo. but at the end of the day you don't need -- the turnout was much higher than at the last general election. you had a large inclusive national vote on this with a very very high vote share spread evenly across the country. the results a extraordinarily clear ks september scotland, northern ireland and london itself. the entire rest of the country including wales wanted to get out. i do think there was a passioned argument about leaving. >> where do you think it goes from here? david cameron saying they need

new leadership. they are strong and committed and willing to take it in the new direction. there were talks of boris johnson and he may be the winner in all of this. where do we go and who can we see stepping up to the plate? >> i agree with you that the prime minister's speechdin front of number 10 was outstanding and state man like. everyone needs to pay them credit for the words. there were three contenders. forest johnson tr resaw mae. and michael gove, the leader of the game and the possible secretary. it is possible there is a dark horse, but right now those have to be the leading contenderses to take over the con serve tiff part. and then to become the next prime minister. the current prime minister

said it will happen in about a month. he didn't pick those months by accident. >> ted we appreciate your insight there in london. thank you for that. speaking of boris johnson at least according to our sister network, johnson is growing -- going to be speaking sometime shortly. if you ever listened to boris johnson speak it will be colorful. we will try to bring that to you live. johnson has been one of the ones that said i am in the leave camp, but i think david cameron will stay on as prime minister. where does he go from here is what we should see and british markets react and the u.s. reacts to this news. as we look at the beautiful

london eye you think of the worldwide ram ma tau location. we want to bring in andrew. this night seems like one thing is happening after the next. this is something we will be talking about for a longtime. your reaction to the news that david cameron is saying he wants to remove himself and wants someone else to take over this leadership position to move the country in a different direction the voters are asking for. >> it seemed to me that cameron was stalling. he promised to stay until october and will not initiate proceedings until december. i would suspect. -- i mean i don't want to be too conspiracy theorist here, but i suspect there are some people in the remain camp who given enough time would like to see some of the pain sink into the voters and see if there is a way that this might be if to the undone then

mitigated in a satisfactory faction. >> that's interesting. you think he could wait this out and things could change for him to stay on? >> absolutely. they 140 say let's invik article 50. >> i think that may be the first time on this television network anyone has talked about the greenland option. what is out there for the u.s.-uk relations and how does this play into your -- we talked about the possibilities of folks who would sucide. >> we have always talked about the special relationship.

>> i said instinctively they would all be a little more pro u.s. on national security issues tap david cameron or jeremy corbin. david cameron has been a good friend to the united states. it doesn't help the uk, u.s. relationship to have over the last few weeks president obama and the u.s. state accident making it very clear they would prefer britain to remain in the eu. i am not british as you can tell from my accent, but if i were british it would irritate me like a newspaper like "the guardian" telling voters which way to vote on the presidential campaign. i think by choice i would rather have theresa mae but i think all of them will be good. >> he had a good relationship with president obama. president she is expected to speak over the phone.

we have a president ali election in a few months and the uk has been our strongest ally at a time when it feels that things are uncertain when it comes to trim. it is a time we need the uk by our side. they are no longer in the eu and people thought it helped us along. what does it mean for the u.s.? >> i think a lot of people in the u.s. hacker back to a world war 2 relationship with the uk which is a -- the uk by our side as we fight the forces of darkness in germany and japan and so forth. what we have to remember is it is 1942 anymore and it is not 2001 anymore. tony blair during the iraq wore and the aftermath was very, very close to the united states and he got burned by supporting us

too much. so who ever the leader is, i don't think there is a big constituency for american crew side for democracy over seas. i would like to see it as wrong, but i don't see it in the voting booth. >> it is early in the morning so thank you for being with us. >> now we think about the financial side of this. the uk independent newspaper now reporting that it is possible. it is possible the united kingdom would lose the triple-a bond rating because of this vote. >> joining us now 1 andrew, partner and joining us by phone. not your markets but the transportation industry. there is a lot of fear if you pull the united kingdom out of the eu and so much of the treaty that covers the air travel. start the big picture for us

first. how big of a deal is this from the financial market side? >> well we'll see what happens in trms of the panic exchange rate and the stomacher kets as well. >> the markets are a bit out of control at the moment. are we overreacting to this or in time it is going to be quite uncertain? >> there is a lot of uncertainty and it will take awhile especially as cameron pushing the article 50 trigger back a few months will. that will be considerable uncertainty. >> certainly there is considerable uncertainty as we watched the bottom fall out of london stock exchange.

on the flip side and we heard this from david cameron is there is a lot of uncertainty. as everyone wakes up today effectively as you go about your daily life in the united states and in europe, nothing has changed. >> it is done on the transportation side. what we have an opportunity to do is focus on the area where we really need to make sure that we have got the right agreement in place. so the agreement to be included in the common aviation air that allows the uk-based carrier to speak to travel between the european member states and traveling uk and another member state.

making sure the procedures they are adding over that time scale as efficient as possible so we are not spreading widespread transition. >> andrew, we appreciate your insight. thanks so much. you are looking at a live picture of boris johnson's house. he was the mayor of london and he is a conservative mp and he was one of the key leaders behind the leave campaign. he is expected to speak in a couple of minutes. to abbie's point about the idea of other countries leaving the eu, austrian chancellor says europe will not -- the uh 10 government will not hold a referendum. the spanish prime mile-per-hour sister is saying the same thing. you can see those who believe in the european union and trying to build this fire

wall. the leader of the uk independence party said we can put the u mean eun -- the european union to be behind us. >> it is important to point out david cameron was trying to calm nerves saying there is no immediate change in circumstances and in daily life. it is one thing to say that and another to feel uncertain about the way things will go from here. i want to bring in joe who is the head of political and sorell research in the middle east and africa. a lot of uncertainty playing out . just your reaction to the news we are getting. are you surprised this he has decided to step down? >> i am not. having placed so much of his legitimacy on this decision to

hold the referendum in the first place to win it it and then not do that meant his position was unuh tenable. i think to try and struggle through the months or perhaps years up until that point is hugely difficult. he has done what was widely expected. >> all of the cameras you can see outside boris johnson's home . they are waiting to hear him speak in response of what is leaving the eu. the big news is coming out of prime minister david cameron saying he will step aside. and boris johnson is someone that was in favor of the uk and leaving the eu. we all know boris johnson right? >> you take it a step farther for us, joe in the sense that there has been so many illusions made here.

margaret thatcher to ronald reagan. is it a fair comparison? you have boris johnson leaving the lead campaign. is that a top figure in the united states? >> in someways yes and someways no. they tap into authoritarian -- it is a term that geeks like me can understand. it is a group of people who are dissatisfied and distrusting and disapproving of the elites in society and institutions and of europe and westminster politics as well. >> we will interrupt you real quick. the governor of the bank of england is speaking out. >> as the prime minister said this morning there will be no initial change in the way our people can travel and in the way our goods can move or the

way our goods and services can be sold. it will take some time to steap relationships with the rest of the world. we are well prepared for this. >> there have been extensive contingency planning and the chancellor and i have remained in close contact including through the night and this morning of the to be clear the bank of england will not hesitate to take additional measures as required as market suggests and as the uk economy moves forward. those economic adjustments will be supported by a financial system. one the bank has con success assistantly straightened over the course of the last seven years. the capital requirements of our largest banks are now 10 times higher than the

financial crisis. the bank of england has stress tested those banks against things our country corruptly faces. there is more than 600 billion pound of high quality liquid assets. so what does this matter? well that substantial capital and huge liquidity gives banks the flexibility they need to continue to lend to uk businesses and households even during the challenging times. moreover as a back thought and to support the functioning to markets they are ready to provide 250 billion pounds of additional funds. the bank of england is also able to provide financial liquidity and northern -- foreign currency. we expect institutions to draw on this funding if and when

appropriate as we see them drawing on their own sources as needed to provide credit and support markets and supply other financial services to the real economy. in the coming weeks the bank will assess economic conditions and we will consider any additional policy responses. a few months ago the bank jumpinged the the referendum was the near term risk. to mitt are -- mitigate them they have put in place contingency plans. the core of our financial system is capitalized and liquid and strong. >> it is backed up by the liquidity facility in sterling and foreign currencieses. it will support short-term

volatile tee. they will consult and cooperate with all relative domestic and international authorities to ensure the uk financial system can absorb stresses and do its job of serving the real economy. that economy will adjust to new trading relationships that will be put in place over time. it is these public and private decision that will determine the long-term economic process. prospect. it is the best contribution we can make to this process is pursue relentlessly our responsibilities for monetary and financial stability. these are unchanged. we have taken all of the necessary steps to prepare for today's event and in the future we will not hesitate to take any additional measures required to meet our responsibility as the united kingdom moves forward.

thank you very much. >> chairman of the bank of england there trying to reassure his own markets as the bottom has fallen out of not only the uk stomacher ket but the german stock market. it is five hours ahead in london and six hours across europe the american financial markets are in for a huge shock. a similar tone of shock that we saw from the governor of the bank of england that we did with prime minister david cameron. it is almost like they can't imagine how this happened now they are having to pick up the pieces. for the most part they thought they would stay with the eu and the uncertainty remains.

it is on national security and it impacts the entire world. >> it has ram 345u tau locations all over. we should bring back the panel and get their thoughts on this. jessica was with us in the pour advice johnson campaign. she is with us among others. jessica, first to you. from what you've seen over the past four or five weeks is the polling has come out about this referendum. a couple days ago we thought this will be a nothing night and they will vote to stay. the price set in and everybody was ready for a quiet night and a cup of coffee and now we have this. how was the polling so wrong? >> it is difficult to predict. that would bring up something we haven't talked about which

is the tragic murder of the labor mp joe cox. the remain camp will do well and it would end send this shock and horror to the entire system. people are dying over this so i know the motivations are not at all clear at this point. that's something that made the elites and the media that it would be safer whereas the average voter in brit den was thenging something different. we look at demographics and the demographics supporting donald trump is something wea need to be paying attention to. and the turnout level. 72% -- 72% turnout that would be really remarkable. it is a holy different beast of an election with donald trump in there and hillary clinton i believe she will

galvanize the voters and a lot of independents and she is getting support now. donald trump is a polarizing figure and people will turn out one way or into the with him. jay we'll see how it plays out in the months to come. look what happened in the uk and it has been a huge wake up call. david cameron said it was clear the decision they want to take. you have to give him credit because he isnd is aing strong on the fact he wants to stay with the eu and he did everything he thought possible. whether you agree with david cameron or not he said he stood up for what he believed in. now that the country is going in a different direction. i am not the right person for that. you have to give them credit on what he believe believes. >> you are right. the word to describe his tone

was chasenned. he recognized it and is not backing up to his personal views. you couldn't help we were having a discussion about whether the voters were fickle. i would use the word determined. just determined to build a better government and you can produce results. the visual that struck me is on the street next to -- we were watching a video of people literally passing ballots in boxes. it is an assembly line. you can't help think they didn't do the same thing 400 years ago. in this day of federal express they will not accept pony service. >> i think that is a great point and to that i think the big take away other than the news they are leaving the --

it is the power of a vote that we are still living. david cameron said he is proud of the fact that we trust that people in a democracy that their will must be respected. the power of the vote and that it still matters today. >> that's an excellent point and one of the reasons the delete painful -- they were not in fact duly elected. they were turned over to a bureaucracy. >> that was a massive point for the lead campaign and it bore out to be true. that's an accident p po int you made. and a warning shot to the manner countries in the union. whether it is in france or germany or other places where the sentiment -- maybe not germany, but there is

sentiment in the netherlands and in france and there is an unaccountable bureaucracy to those countries and that's something the leader who want to remain in the european union should take into account. >> it is something that politicians and not just in the uk and europe, but all over the world should watch this play out and take it seriously. we might be out of step with what the people we represent want. it is our job to listen to that and to give them what they are looking for. it is for political leaders everywhere will. >> you would have to think that. it was -- someone thought it was possible because for so long david cameron only talked to people like himself. >> you mean like president

obama? >> exactly. it is amazing the echo chamber as you look at the picture of the -- we are waiting for boris johnson the former mayor of london. he is getting ready to speak and we are awaiting his statement. >> amazing how much can change in the matter of 12, 15, 20 hours. they were confident about how things would play out. >> that's the same shirt and tie on. >> he didn't sleep a wink. >> this is boris jackson's -- boris johnson's house where he will come out and give a statement according to sky news sometime shortly on that theme of politicians listening to voters the spanish prime prime minister said he is in need of reform, but his country is staying. no referendum in his country.

if you listen to the head of the uk independence party and he said we have no way to confirm this, but denmark and the netherland if pull out they want to leave. so give us your thoughts. are we seeing a seat change here all of a sudden or will the eu be able to build a fire wall? >> i think that is a great point of conversation. it is not a question of voters being fickle. it is a question of voters being determined. if if you are waking up and you are hillary clinton you have to be concerned. it was supposed to fail by four points. politicians worldwide have to figure out how to produce the best results for people. >> that's a bill dollar question. they depend on all of that

happening. the world financial markets continue to fall. a fox news alert at 4:00 a.m. eastern, 9:00 a.m. in the united kingdom where the united kingdom, it's voters have shaken up world markets. they voted to leave the european union. we can now officially say good morning. >> good morning. i'm abbey huntsman. voters have spoken. they want to leave the 28-nation block, soon to be 27-nation. it is a process that will take at least two years. british prime minister david cameron, says he won't be the one to leave the country during that process. >> in the only way i know how,

which is to say directly and passionately what i think and feel head heart and soul i held nothing back. i was absolutely clear about my belief that britain is stronger safer and better off inside the european union. i made clear the referendum was about this and this alone, not the future of any single politician including myself. the british people have made a very clear decision to take a different path. as such i think the country requires fresh leadership to take it in this direction. i will do everything i can as prime minister to steady the ship over the coming weeks and months but i do not think it would be right for me to try to be the captain that steers our country to its next destination. this is not a decision i've taken lightly but i do believe it is in the national interest to have a period of stability and then the new leadership required. there is no need for a precise

timetable today but in my view we should aim to have a new prime minister in place by the start of the conservative party conference in october. delivering stability will be important. i will continue in post as prime minister with my cabinet for the next three months. the cab nel wit meet on monday. the governor of the bank of england is making a statement about the steps that the bank and the treasury are taking to reassure financial markets. we also continue taking forward the important legislation that we set before parliament in the queen's speech. i've spoken to her majesty the queen this morning to advise her of the steps i've taken. a negotiation with the european union will need to begin under a new prime minister. i think it is right this new prime minister takes the decision about when to trigger article 50 and start the formal and legal process of leaving the eu.

i would attend the european chancel next week to explain the decision the british people having taken and my own decision. the british people have made a choice. that not only needs to be respected by those on the losing side of the argument myself included should help to make it work. >> stunning news. some people calling it statesmanlike. clearly, a surprise the european parliament has just called an imagine session for tomorrow here to try and begin figuring out what they can do about putting the pieces together. world financial markets reacted to what was really surprisin news. everybody thought this was going to go the other way. asian markets sliding. trading in the u.k. has resumed by already down 17%. they suggested the three major indices will open in the red, including the dow jones, which is down about 590 points.

>> it is really stunning. the last time we saw these kind of huge shocks to the financial market was in 2008. we haven't seen these kind of numbers in so long. we saw the head of the bank of england, the chairman come out a little while ago. david cameron did the same thing. in financial speak, the bank of england saying we will pump more foreign currency to provide a little liquidity. the pound is down to 30-year lows. this is serious. >> we just heard from the governor the bank of england, you could see it on his face not something he wanted to happen. the markets don't like uncertainty. that is what is playing out, not just with the u.k. leaving the eu. a lot of questions as to what this means for the global economy and potentially other members of the eu considering leaving because they see this play out and they think, if we have frustrations on our own, there is something to the power

of vote and the power of a democracy. that's something that prime minister david cameron spoke about, saying i can't ignore what the people that i represent are asking for. i respect that. because i don't believe in the direction that its going and i don't believe it is the best direction, i have to step aside. you have to give him credit for that. uncertainly across the board here and a number of question marks that remain. >> certainly, many question marks. perhaps more questions than answers here. as we've been at this for a few hours. steve moore rejoins us now. as the markets have had time to dissect this they seem to like it yes and yes. >> good morning. you are right. there has been a kind of stock market revolt in reaction to this voter revolt that happened last night. as you just said you're seeing the markets fall all over the

world, the u.s. market the japanese market the uk market. everybody is trying to digest this and trying to figure out what does this really mean for the future of the world economy. i happen to think this is not the end of the world. i am one of those people that was in favor of britain leaving the eu. i think in the long-run it will be best for everybody. this is short-term causing incredible turmoil. as you guys have just said i haven't seen this since we saw the obvious stock market crash during the housing crisis in 2008. >> when this happens, we realize how globally connected we really are and how much we rely on each other. the u.s. in particular with the uk. a lot of people waking up bop derring how this impacts us here at home when it comes to the economy, how we should be thinking about this. obviously, folks in the uk are feeling uncertain and unsure of

how it is going to move forward. how should we at home here in the u.s. be thinking about the news with the uk leaving the eu and the prime minister stepping down a long-time friend of president obama and a huge ally for us. >> the word is turmoil. everybody is uncertain about what this means in the near term. so i heard you guys say it throughout the morning that markets hate uncertainty. boy, is this an uncertain situation. i am still trying to digest this myself to figure out why are people so terrified by this event. the big question right now i'm looking at the immediate question is when the stock market opens, the u.s. stock market in a few hours, will there be a cessation of trading. we have what's called these circuit breakers which stop trading when the market falls by too much too quickly. we may hit that point. i'm not saying we will but we are getting close to that point.

sometimes that can even have the panic of people. when you have a circuit breaker, you can't sell your stocks. i should tell people for people hoff the retirement accounts and so on i think people should relax a little bit. i think this is a very short-term reaction. i think in the next couple of days in fact next couple of weeks, there will be a return to normalcy. i don't think people should worry about their retirement accounts or their iras. >> maybe a return to normalcy in the markets. it seems as though the effects of this will go on for years, for decades to come and the uncertainly at least for another couple of years until the uk figures out a way to divorce itself or unscramble the european egg, as it will. steve moore, thanks for being with us. great insights oefver the past few hours. >> he has been with us all night. >> we want to bring the shot outside of boris johnson's

house. he was the mayor of london now, a conservative mp and ran the campaign and is perhaps the most likely candidate to replace david cameron as prime minister awaiting his statement shortly. >> a lot of people saying he could be the winner out of this whole thing. we want to bring in cheryl castoni. you have been covering this all night along wuss. we have been the past couple days leading up to this about how close this is likely to be and the impact it would have but still with the thought it was more likely to stay with the e umt. here we are with the shocking not not just with the uk leaving the eu but with david cameron stepping down. >> all of it a big shot to investors. fox is covering global reaction a huge sell off ya japan, hong kong and singapore. we saw a little bit of a

pullback in the sell offs as the markets continue to trade. there is also a shock from the investment community, the market community, anything that happens, whether it is a terrorism event, a political event as we just saw today. these crises have that instant reaction that gut emotional reaction from investors and traders around the world. that selloff we have been track tracking in europe that selloff, a couple of things first, the announcement from david cameron he is going to be re-signing as prime minister by october, that was, i think, a level of assurance that these investors needed to say, okay there is already an immediate plan. david cameron could have come out of 10 downing street and said i'm going to fight this or i don't know. he was emogul but it was a good-bye of emotion coming from david cameron. u.s. futures, i want to say, they mentioned the circuit

breakers. i don't think we are going to see the circuit breakers enacted. we would have to have more than 1200 points of a selloff on the dow whether the markets open to see that circuit breaker go into place. it is a 1-minute circuit breaker. we put these into place back in the late '80s. 1987. after those colossal events that hurt and scared markets, we have them in place. you are going to see volatility. to the person at home that's watching this steve was right. don't panic. let this play out. don't do anything with your money today. watch these events play out. i do believe when u.s. markets open you are going to see a pop to the down side. emotions come down and we start to calm down. that's when the trading is. >> we want to point out the images of the helicopter landing in scotland. we believe that is donald trump landing in scotland on one of his golf courses.

this of course comes at a time when he has spoken out in favor of the uk leaving the eu. i've no doubt that he will have some remarks about what has played out over the past four or five hours. so we'll wait and hear what he has to say. an interesting time he is landing there in scotland as all this is playing out. >> you doubt that it is a coincidence that donald trump arrives in scotland on what was a long-planned trip the morning of the brexit vote. we can not even talk about this without talking about the parallels between the lead campaign in scotland and donald trump's campaign. focused on immigration, focused on trade, focused on economic mobility for the middle class. all things that trump talks about, all things that the lead campaign talked about extensively. at that same level, the voters who support donald trump demographically are very similar to the voters who support the

lead campaign who just won there in the uk. at the same time so many people compared this 1979 margaret thatcher wins the conservative revolution in the united kingdom. while he comes in in the united states you have to wonder if this is foreshadowing a trump victory. >> there is just something going on not only in this country and other places around the worl where you have people that are wanting something so different from your typical politician. we see donald trump landing here in scotland at the same time that the uk has voted to leave the eu asking for something different, wanting politicians that they feel like are fighting more for them. it just is interesting timing. seems like the sentiment is not just in the uk but also here at home. as we watch donald trump exit

theer he was very much on the opposite of president obama. this was a very controversial trip for him for his golf course. turnberry, they have spent millions of dollars as a company to rebuild and redesign this golf course. this is very important to the trump organization and to mr. trump. many were criticizing him for leaving during a presidential campaign to be in scotland. that was critical for him. you mentioned the issues of immigration, the things that donald trump has said he is most passionate about, the fact of immigration. you still have in europe these potential of syrian refugees being able to enter. they can go anywhere they want. he has grabbed on to that message. remember brussels its regulation. people in britain says that brussels is stagnating them. they are destroying them giving them money, nothing in return. it is an economic story as well as that political immigration

story. >> we want to bring our panel back in. mark ash, as we are watching this play out, donald trump landing there in scotland. such interesting timing. we have been talking to you throughout the night about how you can't ignore the similarities that are going on in the uk and also here at home with our presidential elections just a few months away. the sentiment of this anti-establishment and changes that people are really wanting to be made right now. >> i think that's exactly right. each of the last two years, they have done a poll and they have said that the number one problem facing america today is government itself. it is clear as we watch it play out overseas and as you are watching it play out here in the united states people are sick of the speeches. they are looking for solutions. if i was an elected official i would not want pictures of me cashing a government paycheck while i was sitting down on the house floor. people are sick of the rhetoric. they are looking for results. >> jessica, i want to bring you

in. you used to work for boris johnson. we are also waiting for him to speak. you can see cameras waiting there on the left screen for him to speak. there is talk about him potentially taking over as prime minister now that david cameron has said that he is going to re-sign. you worked for boris johnson. talk to us about him and the impact he would have at this point in time in the uk given be a vote today. >> well it remains to be seen if he is going to be the top pick to succeed david cameron. in all likelihood it is him. george osborn one of the figures in the cameron government is more of the same. the outsider politician argument is very strong in the uk as well. what's so wonderful about boris johnson as compared to donald trump is that he was at once an outsider and an insider. he is different. he is fun. people want to have a beer with him. he is also great at policy.

he knows how to get things done and how the process works and he is generally liked. he has made a lot of inrhodes within the conservative party. he came back and announced he would not seek to be mayor of london again. he has done everything to be in good position. the labor party is exceptionally week with jermaine corbyn at the head of it. it remains to be seen if he will get the heave ho there as well. he has been criticized for only being half hearted in it for the remain camp. >> he is not in the pockets, leyland, of the establishment. there seems to be a real sentiment out there wanting politicians that really connect with the voters that really understand what their concerns are, not just your typical politician that is wanting to sound perfect and look perfect. it is like people are wanting something opposite of that. >> they are wanting what some

pollsters would call a raw authenticity. you can argue whether people are rawly authentic or scripted. it looks like donald trump is saying something. are we able to hear any audio from that? no awed yaudio coming in. sky news and other british broadcasters are not taking any part of donald trump's arrival. give me your thoughts on this split screen. what an immanlyage. you have the united kingdom getting ready to leave the european union and getting ready to hear boris johnson speak. on the other side you would have donald trump arriving on the turnberry golf course. who would have thought we would be seeing these two things happen. >> as i've been watching this for the last two hours what's interesting to me is that the uk referendum was not a referendum of any one politician. very different from the elections we have here in the united states. this is not a referendum on david cameron's leadership or

jerry corbin's leadership or on boris johnson as jessica pointed out was the most prominent face of the leave campaign. this was a referendum on the european union and those bureaucrats that i referenced earlier in brussels. the united states is very different. in some ways we have referendums on individuals, whether it is hillary clinton or donald trump. the difference here is that pa whatever you saw happening in the uk was a movement but donald trump and hillary clinton will be to not be repudiated as individuals in november. that is a stark difference of what we saw and what we will see this november in the united states. >> an important point. so many people are drawing parallels between the election here in the united states that referendum in the united states.

>> the big takeaway is a win for voters. >> votes matter, elections have consequences. more on those consequences when we come back.

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looking live at boris johnson's home the current member of parliament and a key leader in td leave the leave campaign. he was victorious last night, early this morning today. call it what you will. the united kingdom voting to leave the european union. some are calling it uk independence day. the u.s. stock market tumbling on the news. the value of the uk pound falling or crashing down 10%, 11%. joining us now martin lewis, founder and editor of the money saving expert live from westminster in the united kingdom. to say money savings, i'm not sure any savings going on but a lot of wealth evaporating martin. >> we have market news all the time. they hate uncertainty.

there has never been a better time for uncertainty. we don't know what's going forward. this is the problem through the entire campaign. what are the facts? what will happen if we leave the european union. the answer is i don't know. nobody knows. we have voted for it. now, the plan has to be formulated by those who are going to leave this country whoever that ends up being. in that time of schism and uncertainty and bitterness that has been throughout this campaign it does leave people very wore rid. i talk about personal finance and my twitter and facebook feed says people say, what about my mortgage. are my savings safe? that comes from an eu scheme the amount of deposit protection we have in this country. never mind what rates they are going to get when they go on holiday into the states or europe for the pound. a lot is leaving many people

wore rid and confused. the problem is. even somebody who does this for a living, we don't have the answers yet. >> that's quite an honest statement at 4:30 in the morning. at some point, this has a compounding effect. if people are wore rid, they don't go to the department store and buy new shirts and ties and go to high street. the economy gets worse, consumer spending goes down. people become more and more nervous. you saw from the bank of england this morning that the chairman is speaking also from david cameron, he said the british economic system is fundamentally strong. is that enough to reassure people. >> that's talking about the macro economy. are the banks safe? we have worse than we had did in 2007 2008. our exports get cheap are, which is good for the economy and

imports get more expensive. there is even more throwing in that people will spend less. i think the reassurance will work. everybody is sitting -- there is so much going on. we are in information overload. this morning we have the shocked results of brexit. we have had a resignation from the prime minister. we have got battling going on as to who is going to be the next party leader. when is that going to happen? that will be before october. i don't think anybody has worked out exactly what's happening right now. most people are -- the problem with this result. it has been a really divided nation. we're either going to have half the country who are very disappointed because they didn't get to leave the european union or the other half who are in shock because we did. we have the half that are in shock, 48.1% if you want to be really accurate who are in shock. they voted and wanted the status quo and who are now sitting there and i won't give you the expletives of asking what is

going on? what on earth do we do? >> we need to say, whatever you voted for, we need to pull together. britain is going to be a different place. we need to be a better britain, whatever you voted, whether you will remain or leave. that's certainly the message i am saying today. >> that is the same message we heard from david cameron as well. we appreciate your insights and brutal honesty. that's part of the big problem here. no one knows what this means. we are in completely uncharted territory. david cameron, the prime minister says i'm out. >> no one has the answers. still so many question marks. the uk has decided to part ways with the european union. will this decision impact the country's economy? our next guest will let us know on the other side of the break. we'll see you there.

we're back with fox news

alert. we have fox business network's adam shapiro live in berlin germany. we have talked so much about the impact in the uk. the impact here at home in the u.s. you are in arguably one of the most important places impacted by what happened in the past few hours with the uk leaving the eu. what is the mood where you are? >> they are surprised in germany. angela merkel the chancellor is going to hold not really a press conference. she is going to issue a statement but not take questions at 12:30 berlin time 6:30 new york time. to give you an idea of the importance of germany to the eu it is the largest economy. they expect that growth would be about 1.8%. now that the uk has voted to leave the union, they expect growth will be just half a percent. to give you an idea of how important germany is to the eu the president of france

hollande is going to -- sghold on. adam shapiro live in berlin. stay with us for one second. give us a sense of the mood if you can of the street there in berlin. are people worried? >> people here are surprised. not worried by surprised. it is all sinking in right now. nobody had, you might say, a plan to deal with the potential exit. they had scheduled meetings with the eu at the parliament in brussels on tuesday to figure out how to go forward regardless of the outcome. now that the outcome is to leave you have people like the president of france who is going to come here to berlin to meet with angela merkel. the two largest economies are germany and france because the uk is leaving. they will then attend a summit with the rest of the leaders of the eu nation to figure outey go forward.

when you look at markets, the german stock index, they call it the dax, it is down almost 10%. it is selling off. the german bonds, the bund it is called has hit record lows. it is not good for the economic growth of germany and the eu. >> we are hearing reports that boris johnson is leaving his home. obviously, the big news apparently he was booed walking out of his home. we will hear from him potentially in a few moments. >> you would have thought he would come out. you would have thought he left in a car. you would have thought he would come out and had some sort of victory speech or something after having won and been so vocally pro-brexit. >> specially after prime minister david cameron says he is re-signing. this is something that you know boris johnson has many opinions about. >> it is rare that boris johnson

doesn't have anything to say. >> i am sure he does. they are telling him to be silent for the moment. i want to bring adam shapiro back in here if you are with us and get your thoughts on immigration. you are in germany where there has been a lot of conversation about the importance of immigration and fighting terrorism. one of the big arguments for people that wanted to leave the eu and the uk was because of the immigration policies and they wanted to have more of a say in how they tackled their own immigration going forward. what is the sense in germany given how much we face with the uncertainty of immigration and terrorism and all these other things that they are no longer going to have the uk as part of that. >> reporter: that's the key question isn't it. immigration? germany has accepted close to 1 million refugees from the middle east and north africa. when you speak to people here in germany, they will tell you that they are not happy about the fact that some of these

refugees these immigrants are not assimilating. they are not adapting. as one man we spoke to two days ago we said they are not adapting the german way of life. the issues that resonate in the united states resonate too here in germany. the politicians say something else. angela merkel had an open door policy. when public reaction here in germany lashed out against that she cracked down and the doors started to close quite a bit. it really depends who you ask. we spoke to different people who are german citizens and what they will tell you is we welcome refugees if they accept the german way of life and assimilate. there seems to be a problem in the view of the germans we have spoken to with people doing that who are come hearing as new citizens or potential new citizens. >> adam shapiro, so fascinating to get your insight there in germany. thanks for being with us this morning. we appreciate it. arguably the biggest economic shock since the

economic collapse in 2008. it happened shockingly overnight. i don't think anything expected this. maria bar maria maria joins us live on the phone. dare to say, this is a busy morning. >> this is going to be an extraordinary day. we have already seen the futures tell the story in terms of the stock market p performance. we are expecting a sharper opening and a sharper lower day in terms of stock prices. the next question to ask is what happens with the finance services sector. are we going to see the major banks take people out of london and move to ireland? how many jobs are at stake? we know they will have to redo trade deals and regulatory reforms. what does that look like on a practical level in terms of the financial company moving out of the uk and moving to continental

europe. we are looking at a very ugly day for stock prices today. >> the lloyds of london bank way down scotland way down. maria, when you think about sort of an ugly day, one day happening, is that it or does this have sort of a cascading effect over weeks and months p? >> well there is a cascading effect to the extent that others start looking at doing the referendum. that's certainly true. at some point, for the u.s. stock market people will look at this and say, this is a buying opportunity. is it down 500? is it down 1,000 points? i don't know where that point is. at some point, this will be major buying opportunity for investors, certainly in the united states. there is a lot of wood to chop at this point. now, we need certainty. we need to hear from the uk in terms of the next step and their regulatory reform.

we need to see how many banks pick up their operations and move to continental europe. they are talking about ireland and germany and france. you are going to see job losses in the uk. no doubt about it. >> it is hard to have certainty when david cameron says it will be a couple of months until i possibly re-sign. we are going to have a new prime minister. they will figure out how they want to move forward. we are going to listen to the people's will. it could be a long time. >> that's right. the good news is that the uk has two years, two years to renegotiate some of these deals. the trade deals as well as in terms of the trade deals. the uncertainty is about tariffs. it is about where the trade deals are struck. we do not know what any trade deals look like. remember the european union is the number one customer. britain is the largest trading partner with the eu and the number two partner is the u.s. so all of these things need to be clear-cut in order for the

markets to have certainty again. we are looking at total uncertainty. >> this has been a huge wakeup call for a lot of people including the political leaders like prime minister david cameron, who is now saying he is re-signing. we talk a lot over the past few hours comparing it to what we are seeing play out here at home with our own politics and the presidential election just a few months away. do you think this will have an impact on how people are thinking about things about democracy and the power of a vote and the impact that can have as it relates to maybe donald trump who has a similar message to people wanting to leave the eu on immigration, on the economy, on this anti-establishment movement? >> no doubt about it abbey. i saw a headline earlier that said britain votes with trump and against hillary and against bernie sanders. this is what this is. this is trumpism. this is as much about domination of the uk by the eu as it is about domination of the eu by china and other large nations.

the uk does not want to be governed by brussels does not want to be governed by the eu who they believe is being governed by china. they want their independence and their sovereignty. it is a very similar story line that's playing out in the u.s. a lot more dramatic given that the uk is vote thg way.ing this way. this is about immigration. this is where the up settling mentality comes from. they do not like this open border policy throughout the euro zone. they do not like the situation around refugees. this is as much about immigration as the u.s. is about immigration. very similar story line. >> it is something donald trump has run on from the very beginning. maria bartiromo, i have no doubt that mornings with marie is going to be a very busy few hours. thanks maria. >> a few extra pots of coffee for her this morning.

>> 4:40 in the morning eastern. 9:40 in london. what a historic morning it has been. more on the impact of this and how it parallels the u.s. election coming up.

... we are back with a very busy few hours that have taken place in the united kingdom voting to leave the european union. prime minister david cameron, saying he is going to re-sign in mate ter of months. he wants someone else to leave the charge. what does this mean for the uk the markets, the global economy. what does this mean for you as an individual? we want to bring in fbn anchor, cheryl custoni.

what does this mean? >> you and i have been talking about this. you have got this currency issue. what does that mean for the american traveler? if you are on your way to europe or you have a vacation or you want to book something to europe europe just got cheap, very cheap. we saw the pound crash at a 31-year low. they never went over to the euro. the euro also had that huge drop today. getting on par with the u.s. dollar. basically, it means every dollar this you spent is $1.50 of a euro. we haven't seen this since the 1990s, the early 1990s. back in the day, you had marps americans going over to paris and buying apartments. there is that angle. there is about 100,000 workers for american companies that are actually in europe right now. this could have a negative effect on them. as maria was talking these businesses are going to

have to re-evaluate whether you want to be in london or england. >> abbey is putting together a shopping list. >> i was just googling italy. >> a little time in rome. >> we are going to take a break while they put together their shopping list. a little bit more on the political implications and certainly how the lead campaign in the uk that won parallels to donald trump's campaign here in the united states. more on that when we come back.

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>>. >> fox news alert. the bottom has fallen in europe. the dow and s&p, all read by triple digits as we are experiencing the first couple hours of what will be years of the fallout from the brexit which has happened. the united kingdom voting to leave the european union. >> we knew this was a possibility. we talked about this. we saw the polling. still, though i think everyone whether or not you were in favor of this or not, is waking up in shock this morning, that this actually happened. now, we have prime minister david cameron, saying he is going to re-sign in a matter of

months and let someone else take the lead moving the uk in this new direction. so much has played out over the past few hours. what it means for the u.s. what it means for the global economy and for politics and national security. a lot of question marks remain. we want to bring our panel in. mark you have been with us all night. i want to thank julie and jessica, you have been such good sports. the takeaway of what's played out over the past few hours. what do you think the big takeaway is? >> i think the biggest piece i take away, we have talked most of the night about the uncertainty associated with all of this. as americans wake up there are a bunch of things they are certain of. they are certain that we have a government that is $20 trillion in debt. they are certain that we have a government that spends 30% more money than it takes in. they are certain there is a 1 in

5 chance that their child's school bus is going to cross a bridge rated as deficient. i think what we are seeing play out, people are saying i would rather take the uncertainty than the certainty of what i have. i think we're going to see it play out in november p. do we want an elected official that has spent her entire adult life building this government that americans are clearly not satisfied with? or are we going to go outside of it and do something different? i'm going to coin a new phrase. i wonder how we will see the ameriexit play out in november. >> you heard it here first, 4:53 a.m. mark you have already come up with a new term. >> it is already trending on twitter. >> hashtag. >> are people going to choose a new path rather than the one they have picked for the last couple hundred years? are we going to ameriexit.

>> the parallels between the leave campaign and the donald trump campaign. >> so many parallels. >> about immigration, trade and wages. jessica, we saw margaret thatcher come in on much of the same kind of platform that you saw the leave campaign come in on. you don't ever have history repeat itself but it does often rhyme as mark twain would say. you had 1980. then you had ronald reagan. are we seeing this sort of unbelievable populous movement overtake and sweep through not only the united kingdom but the united states? >> i think there is unbelievable there is such strong support for donald trump out there generally. i believe there are key differences between what's going on here and what's going on in the uk. if nigel ferage had been the ultimate face of the leave movement i'm not sure it would have been as popular. there were a lot of traditional politicians that were backing

this. we have been talking about boris johnson and a lot of very well-respected long-term establishment politicians that thought this was the right way to go. i think that's important. i also think it is critical we have a discussion about identity. i think what's going on is that people all across the world are shifting their definition of what makes up their identity. >> i want to get julie in here. another big takeaway we talked about earlier is just power of the vote, julie, the power of a democracy here. >> that's certainly true. i would echo what jessica said and add one more thing. let's see what the economic impli okayings ofim implications are. if these are as dire the united states may not want to follow in a similar direction. the united states may take direction on what's going on with britain and what is happening with the falling of the pound and the potential of london falling as a place to do business

business. i would caution about taking any lesson from this. >> that's the panel. that's us. great being with you. "fox & friends" starts next.

oh >> it is friday june 24th. david cameron stepping down after britain's vote to leave the european union. >> i don't think it would be right for me to try to be the captain that steers our country to the next destination. >> the historic referendum sending shock waves to appealing the global market. >> donald trump just landing in scotland. the presumptive nominee weighing in on the vote a speech one hour from now. >> why lebron james is