Obama tells EU leaders to make plans for the UK’s exit

The US president expected the global economy to stay steady in the short term after Brexit, but has warned there could be trouble later down the line. Obama states the priority for Britain and Europe should be to work on a clear plan to reassure nervous populations and businesses dealing with the EU and also warns that Britain would be in the back of the queue for a new trade deal if it left the 28-member bloc.

London will retain its position as a world-leading financial centre despite last week’s Brexit vote according to a poll of global institutional investors however, 67 percent of investors thought it is likely the referendum result will trigger a recession in the next year. Nearly all (98 percent) said they believe the decision to leave the EU will lead to worse economic conditions as soon as the UK officially splits.

According to Nationwide, UK property prices rose by 5.1% in the year to June continuing a yearlong pattern of stable growth. However, the lender believes the EU Referendum result could lead to a cooling in the housing market.