G7 finance chiefs to cooperate on market moves after Brexit vote

Finance leaders of the G7 (Group of Seven) countries have expressed confidence in the UK’s economy and financial sector, after Britain voted to leave the European Union. In a statement, they said British officials are well positioned to address the consequences of the referendum. G7 finance chiefs have also vowed to continue to consult closely on market moves. The Brexit vote has triggered 5-10% falls across Europe's biggest bourses and a record plunge for the sterling. London's FTSE dropped almost 5% while Frankfurt and Paris fell 6-8%. Italian and Spanish bank stocks also headed for their sharpest one-day drops ever.