Udo Bullmann, leader of the German Social Democrats said that Britain will regret its departure from the Union. He also said that Europe will be weakened by Brexit but for UK burden will be the heaviest. He called for a tough approach to the forthcoming negotiation under Article 50. This negotiation will determine the future relationship of the United Kingdom with the European Union.

Moritz Kraemer, chief rating officer for S&P, told on Friday morning that he expected the political, financial and economic risks associated with the will lead to a credit downgrade in the near future, which means UK will lose its precious AAA credit ratings.

It is the uncertainties surrounding the legal and trade laws that are most concerning. Britain has trade agreements with half the world through the European Union, which basically means he will it will have to renegotiate these rules and most importantly it will have to renegotiate its free trade agreements with the European Union.

Outlook for pound likely to remain clouded over the coming months as Article 50 negotiations begin. The pound is currently trading at 1.349 against the dollar.