EU Spells out Conditions on UK for Single Market Access

Local Editor

EU leaders met for the first time without Britain Wednesday less than a week after it voted to leave, delivering a tough message that London can access the bloc's lucrative single market only if it agrees to allow free movement for EU workers.

Last week's shock referendum vote to leave the EU caused global financial market turmoil, sent the pound sterling tumbling and wiped billions off the value of British shares.

Britain's giant financial services sector, roughly 8% of economy, relies crucially on access to the EU market.

For his part, PM David Cameron, who campaigned to stay in the EU and lost, announced his resignation and left it up to his successor to negotiate the terms of Britain's exit.

However, leaders of the victorious Leave campaign did not spell out in detail what sort of relationship they hope to build with Brussels, creating uncertainty about the future for both Britain and the rest of the bloc.

Meanwhile, the political turmoil following Britain's decision to exit the EU has not only triggered a leadership contest in Cameron's ruling Conservative Party, it also caused lawmakers from the opposition Labor Party to turn on their leader, leftist Jeremy Corbyn, accused of leading a half-hearted campaign to stay in.

Source: News Agencies, Edited by website team