gi first to lionel barber in london. tell me what happened today that we should take note of in this amazing story. >> well, today you had the financial market reckoning. a further dive in the value of sterling against the dollar and the yen and euro. you also also a big selloff in equities. the banks being hammered. and then just right after market closed, the u.k. loses its triple a sovereign top notch grade rating s&p downgrades. this is the beginning and it's what a lot of people predicted but i'm afraid many others who voted leave and campaigned for leave the european union said the people are fed up with the experts. >> rose: is there any effort on the part of those in london that believe they can revote? z. >> there's lots. we have more than three million people signed a petition saying they want a second referendum. we have some of the leading advocates who voted leave and campaigned for leave saying they have now got buyers remorse. but david cameron in his statement to the house of commons made it clear there i

. >> with us now is lionel barber. good morning. . >> european state drafts have gone into reverse. >> in the short term we have a constitutional crisis in britain that is one of the most stable countries in europe if not the world. the people voted against the european union membership decisively. the prime minister announced his resignation. we don't know what the shape of the new government will be or what new deal this government will want from brussels. so there is a big, big gap. then, of course there will be economic consequences, investors will have no certainty about whether or not britain will continue to have access to the single market of 500 million people. the pound has slumped, and bond yields have decompressed. this will go on for weeks if not months, and i think the earliest that we'll know whether or not we have a new prime minister will be early fall. >> who is likely to be the next prime minister? >> charlie, if i knew that i would be taking it up myself. i could make up the fact that the blond bombshell, the pied piper of london, boris johnson, he is a favorite.

. >> with us from london is lionel barber, editor of "the financial times."al times" says this morning 60 years of european state craft has gone into reverse. how long does that last for? what is the short-term impact today? what's the long-term impact? >> in the short term, we have a constitutional crisis in britain which is, as you know, regarded as one of the most stable world. the people have voted against european union membership decisively. the prime minister has announced his resignation. we don't know what the shape of the new government will be, nor do we know what new deal this government will want from brussels. so there's a big, big gap. then, of course, there will be economic consequences. investors will have no certainty about whether britain will continue to have access to the single market, the 500 million people. the pound has slumped, and bond yields have compressed. this will go on for weeks, if not months. and i think the earliest that we'll know whether we have a new prime minister will be the early fall. >> who's likely to be the next p