As Main Street businesses opened and workers started their day, Gibraltar was quick to react to what is being regarded locally as a shocking and deeply worrying referendum result which will see the UK and the Rock exit the European Union.

Despite an overwhelming majority of local voters opting to remain (96%), the overall UK result was saw the 'Out' camp lead with 17,410,742 votes (51.9%) with 'In' trailing on 16,141,241 (48.1%).

The UK announcement was followed by David Cameron’s statement outside 10 Downing Street that he would step down as Prime Minister by October.

In the financial uncertainty triggered by the result, YGTV understands that a local Bureau de Change and high street bank were unable to offer an exchange rate for the GBP-EUR following a sharp drop in the pound.

Brexit fears and analysis dominated Gibraltar’s coffee shops throughout the morning as Government Minsters attended a special Cabinet meeting at Number Six at 10am.

The Chief Minister, Fabian Picardo, is set to make a statement to Parliament at 3pm this afternoon and is not offering any interviews until then. YGTV understands that he will meet with the Leader of the Opposition Danny Feetham before that.

One local business told YGTV: “We are massively disappointed with the result of the EU Referendum. Our goal has always been to help new businesses from the UK, Spain and other European cities to grow in an open market. Having said this, every major change is an opportunity for us to grow and we will be making sure we can take advantage of the potentially new possibilities available to us.”