Dennis Skinner shows Labour rebels what he thinks of them

Jeremy Corbyn faced shouts of "Resign!" from Labour MPs as he spoke in the wake of Britain's vote to leave the EU

Tuesday 28 June 2016 07:31 BST

Dennis Skinner appears to flick the V at former Labour front benchers

Dennis Skinner has expressed his disdain for Labour's former Shadow Cabinet following their resignations in protest at Jeremy Corbyn's leadership.

The Beast of Bolsover shook hands with Labour leader Jeremy Corbyn as he took his seat in the House of Commons, before flicking the V-sign towards the backbenches.

Mr Corbyn faced shouts of "Resign!" from Labour MPs as he spoke in the wake of Britain's vote to leave the European Union.

Although 23 ministers have resigned from the Shadow Cabinet, along with a similar number of junior ministers, the Labour leader remains adament he will not be forced to resign.

6 ways Britain leaving the EU will affect you

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1/66 ways Britain leaving the EU will affect you

6 ways Britain leaving the EU will affect you

More expensive foreign holidays

The first practical effect of a vote to Leave is that the pound will be worth less abroad, meaning foreign holidays will cost us more

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6 ways Britain leaving the EU will affect you

No immediate change in immigration status

The Prime Minister will have to address other immediate concerns. He is likely to reassure nationals of other EU countries living in the UK that their status is unchanged. That is what the Leave campaign has said, so, even after the Brexit negotiations are complete, those who are already in the UK would be allowed to stay

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6 ways Britain leaving the EU will affect you

Higher inflation

A lower pound means that imports would become more expensive. This is likely to mean the return of inflation – a phenomenon with which many of us are unfamiliar because prices have been stable for so long, rising at no more than about 2 per cent a year. The effect may probably not be particularly noticeable in the first few months. At first price rises would be confined to imported goods – food and clothes being the most obvious – but inflation has a tendency to spread and to gain its own momentum

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6 ways Britain leaving the EU will affect you

Interest rates might rise

The trouble with inflation is that the Bank of England has a legal obligation to keep it as close to 2 per cent a year as possible. If a fall in the pound threatens to push prices up faster than this, the Bank will raise interest rates. This acts against inflation in three ways. First, it makes the pound more attractive, because deposits in pounds will earn higher interest. Second, it reduces demand by putting up the cost of borrowing, and especially by taking larger mortgage payments out of the economy. Third, it makes it more expensive for businesses to borrow to expand output

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6 ways Britain leaving the EU will affect you

Did somebody say recession?

Mr Carney, the Treasury and a range of international economists have warned about this. Many Leave voters appear not to have believed them, or to think that they are exaggerating small, long-term effects. But there is no doubt that the Leave vote is a negative shock to the economy. This is because it changes expectations about the economy’s future performance. Even though Britain is not actually be leaving the EU for at least two years, companies and investors will start to move money out of Britain, or to scale back plans for expansion, because they are less confident about what would happen after 2018

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6 ways Britain leaving the EU will affect you

And we wouldn’t even get our money back

All this will be happening while the Prime Minister, whoever he or she is, is negotiating the terms of our future access to the EU single market. In the meantime, our trade with the EU would be unaffected, except that companies elsewhere in the EU may be less interested in buying from us or selling to us, expecting tariff barriers to go up in two years’ time. Whoever the Chancellor is, he or she may feel the need to bring in a new Budget

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"As political leaders, we have a duty to calm our language and our tone, especially after the shocking events of 10 days ago [Jo Cox's death]," Mr Corbyn said.

"Our country is divided, and the country will thank neither the benches in front of me nor the benches behind for indulging in internal factional manoeuvring at this time."

MPs interrupted him, some talking about him sacking Hilary Benn and others shouting "Resign!".

Prime Minister David Cameron began his speech to the Commons by congratulating the new Labour MP Rosena Allin-Khan, who had been sworn in moments before.

"Let me welcome the new honourable member for Tooting," he said, before joking: "I advise her to keep her mobile phone turned on – she might be in the Shadow Cabinet by the end of the day."

“Lots of vacancies coming up!” someone shouted.

“And I thought I was having a bad day,” Mr Cameron added, to renewed laughter.

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Dennis Skinner shows Labour rebels what he thinks of them

Jeremy Corbyn faced shouts of "Resign!" from Labour MPs as he spoke in the wake of Britain's vote to leave the EU

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6 ways Britain leaving the EU will affect you

6 ways Britain leaving the EU will affect you

More expensive foreign holidays

6 ways Britain leaving the EU will affect you

No immediate change in immigration status

6 ways Britain leaving the EU will affect you

Higher inflation

6 ways Britain leaving the EU will affect you

Interest rates might rise

6 ways Britain leaving the EU will affect you

Did somebody say recession?

6 ways Britain leaving the EU will affect you

And we wouldn’t even get our money back

Join our commenting forum