'Brexit': Cameron calls for close ties with EU

LONDON — British Prime Minister David Cameron laid out the first steps toward "Brexit" Monday and ruled out a second referendum, as global anxiety heightened over the implications of the United Kingdom's stunning vote to split from the European Union.

World markets shuddered again Monday in the second day of negative reaction to Thursday's vote. The British pound has fallen to its lowest value in decades, and the U.K. was stripped of its perfect AAA credit as S&P Ratings took it down two notches to AA.

The vote was a "seminal event, and will lead to a less predictable, stable and effective policy framework in the U.K.," the S&P report says.

Cameron said the U.K. would seek to retain the "strongest possible" economic ties with the EU.

"Britain is leaving the European Union, but we must not turn our back on Europe or the rest of the world," Cameron said in a speech to Parliament.

Cameron reiterated his position that details of the Brexit terms should be worked out by his successor. He had planned to stay as prime minister until October, but his Conservative Party unveiled an expedited plan to replace him, calling for nominations to open Wednesday, a timetable that would put a new leader in place by Sept. 2.

Cameron said he was forming a special commission of civil servants to prepare for the transition out of the EU. He said he did not expect the status of workers from other countries to change, and he condemned a flare-up in hate crimes targeting Muslims, Poles and other immigrants.

Cameron said that, although the result of Thursday's vote had stunned the world, banks and other institutions already had prepared "robust contingency plans."

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"We are well placed for the challenges ahead," he said. "I believe we should hold fast to a vision of Britain that wants to be respected abroad, tolerant at home, engaged in the world and working with international partners to advance the prosperity and security of our nation for generations to come."

Secretary of State John Kerry, in visits with EU leaders in Brussels and British Foreign Secretary Philip Hammond in London, called for calm.

"I think it is absolutely essential that we stay focused on how, in this transitional period, nobody loses their head, nobody goes off half-cocked, people don’t start ginning up scatterbrained or revengeful premises," Kerry said in Brussels.

Earlier Monday, British Finance Minister George Osborne attempted to allay market fears while "leave" campaign leader and potential prime minister candidate Boris Johnson urged Britons to "build bridges" following the controversial vote.

“It will not be plain sailing in the days ahead,” Osborne said in his first public appearance since the iconic vote. “You should not underestimate our resolve. Our economy is about as strong as it could be to confront the challenge our country now faces."

Johnson has been under pressure to further justify his backing for Brexit amid the deepening concerns about its impact.

"It is clear that some have feelings of dismay, and of loss, and confusion," Johnson wrote in an opinion piece for the Telegraph newspaper Monday. He blamed a "climate of apprehension," adding: "At home and abroad, the negative consequences are being wildly overdone, and the upside is being ignored."

In Berlin, German Chancellor Angela Merkel met with French President Francois Hollande and Italian Prime Minister Matteo Renzi. Only the U.K. can invoke Article 50 of the EU treaty, which triggers the exit process. The leaders agreed that no talks could be held until that happens but also called for a quick resolution of the separation.

"There is nothing worse than uncertainty," Hollande said.

The crisis engulfing Britain's opposition Labour Party worsened Monday as more of its senior members resigned in a growing revolt against party leader Jeremy Corbyn's handling of the EU referendum. More than half of the party's "shadow cabinet" — opposition leaders who form an alternative cabinet to "shadow" government Cabinet members — have resigned.

Corbyn faces a no-confidence vote, accused of failing to vigorously back the "remain" side. Corbyn says he won't resign and "betray the trust" of those who elected him Labour leader.

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Threats of migrant abuse and hate crimes surfaced Monday. London Mayor Sadiq Khan put police on heightened alert, vowing there would be "zero tolerance" for such acts.

"I'm calling on all Londoners to pull together and rally behind this great city. While I'm Mayor, addressing hate crimes will be a priority," Khan said in a statement.

The mayor also said it was important not to demonize the "1.5 million Londoners who voted for 'Brexit.' "

An online petition seeking a second referendum on EU membership has been signed by more than 3 million people. Parliament is obligated to respond to any petition that attracts more than 10,000 signatures, but it carries no legal weight. Cameron has rejected requests for another vote.

"It was not the result I wanted nor the outcome I think is best for Britain," Cameron said of the vote. "We have to accept the result, we have to get on and deliver it."

Wales, Scotland and Northern Ireland are bound by the overall Brexit vote. Wales voted along with England to leave. Northern Ireland and Scotland voted to remain with the EU.

Northern Ireland's leader, First Minister Arlene Foster, a "leave" supporter, said her country was ready to transition out of the EU. Scotland's leader, Nicola Sturgeon, said she was exploring possible ways to remain. Scottish voters rejected independence from the U.K. in 2014.

"As we go through this process it may very well be that the only way to protect our position in Europe is to consider independence," she said.

Bacon reported from McLean, Va.