The leader of Britain's main opposition Labour Party, Jeremy Corbyn, sacked his shadow foreign minister on Sunday, media reported, after he said he would resist any attempt to oust him. Corbyn has been criticized by some of Labour's elected lawmakers who say he did not campaign hard enough in support of EU membership, and had failed to convince millions of voters in the party's heartlands to back "Remain". Hours after the 52 to 48 percent vote in favor of Brexit, or a British exit, which triggered financial and political turmoil across the globe, two lawmakers submitted a motion of no confidence in Corbyn.
BEIJING/TIANJIN, China (Reuters) - China's finance minister and leading economists on Sunday voiced concerns about Britain's vote to leave the European Union, with the policymaker saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. The "Brexit" decision "will cast a shadow over the global economy... The repercussions and fallout will emerge in the next five to 10 years," said Lou Jiwei, China's Minister of Finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Stock markets around the world plunged in the wake of the referendum while the Sterling's value also plummeted.