Mubasher: Christine Lagarde, managing director of the International Monetary Fund (IMF), urged the UK and EU to work together towards a "smooth transition" to a new economic relationship after the Brexit vote, according to an official statement.

"We strongly support commitments of the Bank of England and the European Central Bank (ECB) to supply liquidity to the banking system and curtail excess financial volatility,” Lagarde noted.

With a turnout of 72.2%, 51.9% voted to sever Britain’s 43-year membership of the EU, 48.1% to stay in, the Financial Times reported.