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As Financial Leaders Heed Economic Repercussions of Brexit, Supporters Deem It a Short-Term Price for Greater Policy Control

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"The real question now is how badly the EU will punish the U.K. for this decision."

LONDON (AP) — The British were warned for weeks that a vote to leave the European Union would result in economic pain. Now they'll find out whether it will.

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. 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.

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