The British economy could also find it more costly to raise money. The British were warned for weeks that a vote to leave the European Union would result in economic pain. U.K. financial leaders are scrambling to reassure households, businesses and investors that they can contain the doom and gloom they had predicted in case of a British exit, or Brexit. 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 real question now is how badly the EU will punish the U.K. for this decision," said Megan Greene, chief economist at Manulife Asset Management.

Source: ABC News June 25, 2016 07:36 UTC