world reacts to Brexit vote as Britain's EU Commissioner Lord Hill announces resignation

Vote Leave chief exec: British banks could retain passporting rights

Matthew Elliott, the chief executive of the Vote Leave campaign, has said the agreement on Britain's exit would include so-called passporting for financial services. "Yes, absolutely," he said. "It would be a full spectrum agreement covering everything to do with our relationship with the EU. "There is no reason why a sensible arrangement couldn't be put in place for passporting to continue." It comes after ECB Governing Council member Francois Villeroy de Galhau this morning said Britain would not be able to keep passporting if Britain leaves the single market.  "There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said. "It would be a bit paradoxical to leave the EU and apply all EU rules but that is one solution if Britain wants to keep access to the single market."