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By Michael Holden and Elizabeth Piper LONDON/BRUSSELS (Reuters) - European leaders told Britain on Tuesday to act quickly to resolve the political and economic chaos unleashed by its vote to leave the European Union, a move the IMF said could put pressure on global growth. Financial markets recovered slightly after the result of Thursday's referendum wiped a record $3 trillion (£2.25 trillion) off global shares and sterling fell to its lowest level in 31 years against the dollar, but trading was volatile and policymakers said they would take all necessary measures to protect their economies. Chancellor George Osborne, whose attempt to calm markets had fallen on deaf ears on Monday, said the country would have to cut spending and raise taxes to stabilise the economy after a third credit ratings agency downgraded its debt.
Volkswagen has agreed to a record $15 billion US payout over its emissions-cheating diesel cars, pledging to buy back or fix vehicles that tricked pollution tests, and pay each owner up to $10,000. The German auto giant agreed in a settlement filed in federal court Tuesday to pay some $14.7 billion to American consumers and US authorities, and announced a separate deal to pay $603 million to settle consumer protection claims from US states. The huge settlement, the largest US payout in an air pollution probe, only partly resolves claims against the automaker, embroiled in a months-long scandal that has roiled the industry and tarnished the reputation of the company and its "green" initiatives.