« BackCabinet meeting underway ahead of EU leaders’ summit in Brussels

A cabinet meeting is underway to discuss the implications of the Brexit vote for Ireland.

It’s been held early today to give the Taoiseach time to get to Brussels for a meeting of EU leaders.

All 28 leaders in the EU are meeting in Brussels this afternoon to discuss the fallout from the Brexit referendum.

David Cameron will address his 27 EU counterparts at a summit later this afternoon, where he is expected to advise other European governments to heed the warnings from the UK’s vote.

European Parliament Strasbourg

A strong consensus among EU member states for the UK to advise on its formal decision to withdraw from the union as soon as possible has emerged, however David Cameron is unlikely to trigger article 50 in the Lisbon Treaty, and instead will pass this responsibility on to his successor who will take over from him in October.

Meanwhile, the economic impact of the vote continues to be felt in Britain, as the UK’s credit rating receives another downgrade.

International ratings agency Fitch has lowered the UK’s financial prospects by a notch to double-A from double-A plus.

Standard and Poor’s had already taken away its triple-A status.