''We believe the links and ties between our two countries transcends any particular politicians,'' says Deputy White House Press Secretary Eric Schultz, regarding Britain's vote to leave the European Union. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: "We believe the links and ties between our two countries transcends any particular politicians," said the White House's Principal Deputy Press Secretary, Eric Schultz, in regards to Britain's vote to leave the European Union. Brexit sent new shockwaves through financial markets, with the pound falling despite the country's leaders' attempts to ease the political and economic turmoil it has unleashed. Sterling sank to its lowest level against the U.S. currency for 31 years, continuing the slide that began last week when Britons confounded investors' expectations by voting to end 43 years of EU membership. European bank shares had their worst two-day fall on record and world stocks, as measured by MSCI were on track for their worst two-day fall since the aftermath of the collapse of Lehman Brothers in late 2008. With the ruling Conservatives looking for a new leader after Prime Minister David Cameron's resignation on Friday and MPs from the Labour party stepping up a rebellion against their leader, Britain sank deeper into political and economic chaos. Schultz said, "There needs to be a orderly process for which the UK can depart the European Union. So again, there's some sequencing there that needs to be worked out."