Jeremy Corbyn has called for ‘proper funding of local authorities' in the wake of the EU referendum results.

Speaking on BBC News this morning, the Labour leader warned ‘many communities are fed up with cuts' and ‘feel very angry at the way they have been betrayed and marginalised by successive governments in very poor areas of the country'.

‘My point throughout the campaign was that we have to have an alternative to austerity. We have to have greater resources going into areas where they have been huge changes.

‘I strongly called for an introduction of a migrant impact fund, as well as proper funding of local authorities.

Mr Corbyn has also called on the Government to invoke Article 50 of the Treaty of Lisbon and begin immediate negotiations to leave the EU.

Labour's shadow chancellor, John McDonnell, has also called on the Government to take immediate steps to help stabilise the economy following today's announcement.

‘People will be waking up this morning to turmoil in the markets and the pound crashing, and fearing the emergency budget the Chancellor threatened to hike their taxes and cut public services,' said Mr McDonnell.

'The Government must now take steps to stabilise the economy, and to protect jobs, pensions and wages. Labour will not allow any instability to be paid for by the working people of this country.'