Ulster Unionist MEP Jim Nicholson has warned of the challenges now facing the UK following the EU referendum result. MEPs met today in Brussels to discuss the situation.

Mr Nicholson said:

“We have now entered a period of immense uncertainty. Yesterday, the UK lost its final AAA rating. The Pound is at a 31-year low. British stocks have lost £125billion+ since Friday morning - enough for 15 years’ worth of UK contributions to the EU budget. Given that Vote Leave promised that money to farmers, community groups and the NHS, that is extremely worrying.

 “In the aftermath of the result of Thursday’s EU referendum, there were fears from many that the UK Government did not have a proper plan in place to deal with the result.

“Now, today, from Mr Juncker’s words in the European Parliament, it is clear that Europe has no serious plan either. Rushing into invoking Article 50 - as both Juncker and Nigel Farage seem to be keen to do - solves no problems. We must negotiate to get the best deal possible for all our people. Neither the UK nor the EU will benefit from any deal that is rushed and hot-headed.

“The people of the entire United Kingdom have spoken. We must respect that decision. The challenge now is that we work together for the best possible outcome for all the people, and all of the regions, of the UK in the months ahead. I am afraid however that the limited response from the Northern Ireland Executive thus far does not fill me with much hope. They clearly are totally unprepared for this.

 “We need to come together, with cool heads, and get the best result for the entire United Kingdom. This means having our best and brightest within and without the civil service on our negotiating team. We must not allow this result to be exploited by those who want to break up our country, and we must also be prepared for the huge challenges and difficulties that lie ahead.

“As MEP for Northern Ireland, I will fight for the best possible outcome.”