The UK has voted by 52 per cent to 48 per cent to leave the European Union following a historic referendum.

Turnout was 72 per cent with more than 30 million people voting, the highest number since the General Election in 1992.

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Wales and the majority of England outside London voted in large numbers to leave. Scotland was heavily in favour of remaining in the EU.

The majority of Kent, along with South Coast cities and towns including Southampton, Portsmouth, Fareham and Eastleigh, voted to leave, while Winchester, East Hampshire, West Berkshire, Oxfordshire and large parts of Surrey and Sussex voted to remain.

Following the result, which was officially declared just after 6am this morning (24 June 2016), the pound fell to its lowest level against the dollar since 1985. The FTSE100 fell by more than 8 per cent within minutes of markets opening as panic gripped trading floors.

Business leaders across the UK have been giving their initial reactions to the Brexit vote.

Simon Walker, director general of the Institute of Directors, said it was "imperative" that political leaders manage the transition as smoothly as possible.

"The weeks and months ahead are going to be a nervy time for business leaders, so they have to know that the government is focussed on maintaining stability while a new relationship with the EU is established," he said.

"British businesses are resilient and, with their characteristic ingenuity, they will weather this storm. It is now beholden on politicians to negotiate a deal with European leaders which preserves the ability of British firms to trade easily with the remaining member states."

Dr Adam Marshall, British Chambers of Commerce's acting director general, agreed that "stability and political clarity" has to be the focus.

He said: "All companies will expect swift, decisive, and coordinated action from the government and the Bank of England to stabilise markets if trading conditions or the availability of capital change dramatically.

"Firms across the UK want an immediate and unambiguous statement from the Prime Minister on next steps, along with a clear timeline for the UK's exit from the European Union."

Carolyn Fairbairn, CBI Director-General, said: "The urgent priority now is to reassure the markets. We need strong and calm leadership from the government, working with the Bank of England, to shore up confidence and stability in the economy.

"The choices we make over the coming months will affect generations to come. This is not a time for rushed decisions."

Credit: Insider Media