British brace for economic repercussions of EU exit decision

The pound plunged to its lowest level in over 30 years on Friday, raising concerns about price inflation, and shares in the U.K.'s biggest banks and real estate builders posted double-digit declines as economists predicted the country would fall into recession.

With the vote result confirmed, the "remain" camp sought to shift away from warnings and into damage control: trying to maintain confidence in the business community and among households.

The City of London Corporation, which represents the financial services industry, a big maker of money and jobs for the country, sought to downplay the impact of the vote on the City, the square mile that is the heart of London's financial hub.

A lower rating could mean higher borrowing costs for the government — and in the longer term, less money to spend on schools, hospitals and roads.

At First Property Group, a London-based real estate investment firm, Chief Executive Ben Habib, who backed leaving the EU, said the vote means Britain will now be able to drive a better deal with the rest of Europe.

Supporters of the "leave" campaign had accepted that there was a potential economic cost to leaving the EU, but have claimed it is a short-term price to pay in exchange for greater control of policies like immigration and borders.