THE shock of Brexit continues this morning as Chancellor George Osborne moves to calm the market and two more Labour shadow ministers resign.

Mr Osborne made a speech this morning ahead of the start of financial trading.

He said it would not be plain sailing for Britain but that there are "robust contingency" plans are in place.

He also said would address his future role in the Conservative Party "in the coming days".

An emergency budget to deal with the fallout from the referendum vote to leave the EU looks unlikely to take place until the autumn.

In an early-morning statement at the Treasury designed to calm market anxieties after the pound fell a further two per cent against the US dollar in overnight trading, Mr Osborne insisted that the UK economy is "about as strong as it could be to confront the challenge our country now faces" and said Britain remains "open for business".

The Chancellor said: "It will not be plain sailing in the days ahead. But let me be clear - you should not underestimate our resolve.

"We were prepared for the unexpected and we are equipped for whatever happens.

"And we are determined that, unlike eight years ago, our financial system will help our country deal with any shocks and dampen them, not contribute to those shocks or make them worse."

Meanwhile, Labour leader Jeremy Corbyn was insisting he will not stand down in the face of a rebellion which has so far seen 15  members of the shadow cabinet quit following the sacking of Hilary Benn as shadow foreign secretary.

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The mayhem in Labour ranks continued today, with one former member of Jeremy Corbyn's top team urging him to quit now rather than "drag this out" as frontbenchers continued to quit.

Mr Corbyn lost 12 members of his shadow cabinet on Sunday and further resignations have already taken place on Monday ahead of a crunch meeting of the Parliamentary Labour Party.

Shadow foreign minister Diana Johnson, shadow civil society minister Anna Turley and shadow defence minister Toby Perkins all resigned as the protest against Mr Corbyn's leadership continued.

Chris Matheson has also resigned this morning. 

Former shadow education secretary Lucy Powell, who resigned on Sunday, insisted it was not a "planned coup" against Mr Corbyn but instead a reaction to the "seismic" events which have shaken Westminster in recent days.

Mr Corbyn has vowed to fight on as leader, challenging the rebels to put up a candidate to stand against him.