British Prime Minister David Cameron, Chancellor George Osborne and leading Brexiteer Boris Johnson came out with reassuring statements yesterday in a bid to calm markets reeling in the wake of the vote to leave the EU. The sharp market declines of Friday wiped more than $2-trillion from global stock values in the worst trading day since the credit crunch in 2007 - and the rot looked set to continue yesterday.Cameron, who resigned after the Brexit vote but who will stay in office to oversee a leadership transition, announced the establishment of a unit of public servants to help negotiate the departure of the UK from the EU. Writing his regular column in The Daily Telegraph, Johnson - the favourite to succeed Cameron - said the "climate of apprehension" was caused by exaggerated warnings during the campaign."The negative consequences are being wildly overdone and the upside is being ignored," he said.He emphasised Britain remained "part of Europe" and exchange of ideas, technology and goods would continue. Speaking before the markets opened, Osborne said the UK had entered the uncertainty from a "position of strength" and was "open for business".This was initially successful. The FTSE 100 recovered from an opening fall of close to 1% to a slide of 0.3% within the first hour. The pound also regained ground.However, the "Osborne effect didn't last very long", said the Financial Times. Sterling quickly resumed its slide against the dollar and was soon down nearer to Friday's 30-year low. The FTSE index dropped 2%. Among the latest developments:There is no clear picture on who might step forward to lead the Conservatives - and the country;The Labour Party is tearing itself apart, with more than two dozen shadow cabinet members resigning in an attempt to force leader Jeremy Corbyn to go;Leave campaigners suggested single market access was on the table;Investment banks are reportedly planning to move thousands of jobs overseas; andThe Institute of Directors has warned a quarter of its members might begin a hiring freeze.Many observers saw Osborne's speech as an attempt to shore up his own position. He agreed with senior Leave figures there was no need to trigger immediately the UK's formal exit process from the EU. ..