And ratings agency Standard & Poor's, following the move made days ago by Moody's, has stripped the United Kingdom of its top credit rating, from AAA to AA.
Markets continue to be volatile and there is an atmosphere of uncertainty.
British Prime Minister David Cameron says the country will not be rushed into negotiations to withdraw from the European Union.
In his first address to MPs since his resignation following the referendum to leave the EU, Mr Cameron said it would be for his successor to decide when to begin the formal exit process.
He said Britain needs to decide what kind of new relationship it wants before it triggers Article 50 of the Lisbon Treaty, to leave the EU.
But what does this mean to the global market? More importantly, how does the Brexit impact us here in Australia?
We spoke to Dr Harminder Singh of Deakin University, to understand what impact is / could be felt Down Under.
