Talks on Britain leaving the European Union must be carried out quickly to limit uncertainty, ECB Governing Council member Francois Villeroy de Galhau said on Saturday, adding London's financial centre was at risk of losing its prized "EU passport". Banks based in London rely on a so-called EU passport to operate across the bloc's capital market unhindered. Some banks have said they would shift operations to the euro zone if Britain left the EU.
British finance minister George Osborne's chances of succeeding Prime Minister David Cameron have been "much weakened" by the country's decision to quit the European Union, senior Conservative Party member Alan Duncan said on Saturday. "Remain" campaigner Osborne, Cameron's political ally and Chancellor since 2010, had been seen as the frontrunner to become the party's next leader. Chief Brexit campaigner Boris Johnson is now favourite to become prime minister in a leadership contest which will be concluded by October.