She points to calm from business leaders, global politicians and denials by JP Morgan over claims it is moving 2,000 jobs to the EU

Commenting on the fightback, Ukip's Suzanne Evans says it 'wasn't a bad first day of freedom'

A leading Ukip figure brushed off fears of economic turmoil after the stock market staged a dramatic fight-back, the pound rallied and a major bank denied reports it was planning to move 2,000 jobs abroad following the dramatic Brexit vote.

Summing up yesterday's events, Suzanne Evans, a prominent Vote Leave campaigner and Ukip spokesperson, wrote on her Facebook: 'If this was the predicted apocalypse, well, it was a very British one. It was all over by teatime. Not a bad first day of freedom.'

The about-turn in the markets was sparked by the Bank of England pledging to do whatever it takes to prevent a full-blown financial crisis.

In the hours after the Brexit vote, the pound plunged to a 31-year low, and the FTSE 100 index sank 550 points or 8.7 per cent in a matter of minutes yesterday morning.

But the stock market clawed back more than half its losses as the day wore on, before closing down 3.2 per cent or 199.41 points at 6138.69.

The blue-chip index of leading British companies finished the week 2 per cent higher than it started, despite warnings of catastrophe following Brexit.

Business groups, many of which had campaigned for a Remain vote, said the British economy was flexible enough to adapt to the Brexit vote and resilient enough to stave off economic shocks.

The Confederation of British Industry (CBI) and the Institute of Directors warned politicians not to rush into decisions that will 'affect generations to come'.

Fears over international isolationism were also short-lived as President Obama said the 'special relationship' between the US and Britain was still intact.

Donald Tusk, the President of the European Council, said negotiations with Britain would be conducted in an 'orderly way' to avoid 'prolonged uncertainty'.

Summing up yesterday's events, Suzanne Evans, a prominent Vote Leave campaigner and Ukip spokesperson, wrote: 'If this was the predicted apocalypse, well, it was a very British one. It was all over by teatime. Not a bad first day of freedom'

Drop: The FTSE 100 fell off a cliff on Friday morning - down almost 8% - as Britain's vote for Brexit became clear - but hours later it rallied towards the levels of last week

Claims by the mayor of Calais that the city's migrant camps would transfer to England were also dismissed by the French President Francois Hollande.

Fears of mass job losses were also quickly quashed after the American investment bank Morgan Stanley denied initial speculation that it was considering shifting 2,000 jobs to Dublin and Frankfurt.

POUND RALLIES AFTER CRASHING TO LOWEST LEVEL IN 30 YEARS The pound recovered to 1.36 US dollars after slumping to 1.33 as the EU referendum results came through The pound rallied last night after crashing to its lowest level in 30 years following Britain's dramatic decision to quit the EU. Sterling plunged 10 per cent against the dollar overnight to 1.33 US dollars, a low not seen since 1985, as the Leave campaign clinched victory. The fall, which settled at 9 per cent in afternoon trading, represents one of the biggest daily falls on record for a major currency. Sterling recovered to 1.36 US dollars later in the afternoon. British fund manager Neil Woodford, who looks after more than £14billion of savers' cash, played down fears over the impact of Brexit – and said the fall in the pound would result in a 'windfall' for exporters. David Buik, an analyst at stockbroker Panmure Gordon, blamed the initial economic turbulence following the Brexit vote on the 'apocalyptic hysteria whipped up by the Establishment' prior to the referendum. 'They are responsible for a large portion of the fall in the value of the pound and share prices,' he said. Advertisement

A spokesman for the bank said there were no immediate plans to make changes and said it would wait until Britain had secured a new relationship with Europe before deciding on long-term restructuring.

'The UK's vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time,' the spokesman said.

'There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment.

'Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees,' the spokesman added.

British fund manager Neil Woodford, who looks after more than £14billion of savers' cash, played down fears over the impact of Brexit – and said the fall in the pound would result in a 'windfall' for exporters.

Stock markets in Europe fared far worse than the FTSE with Frankfurt down 6.8 per cent, Paris 8 per cent and Milan and Madrid more than 12 per cent. Sterling stabilised after early trading falls. At one point, the pound was down more than 10 per cent to a 31-year low of $1.3232. But it was later trading at around $1.37, down 8 per cent.

As fears over the economy wiped more than £20billion off the value of Britain's biggest banks, David Buik, an analyst at stockbroker Panmure Gordon, said: 'We are seeing the results of the apocalyptic hysteria whipped up by the Establishment.

'They are responsible for a large portion of the fall in the value of the pound and share prices.'

Bank of England governor Mark Carney pledged to pump an extra £250billion of emergency funds into the financial system. In a sign the central bank could cut interest rates in coming months, he said: 'The Bank will not hesitate to take additional measures as required as markets adjust and the UK economy moves forward.'

Analysts said the Bank could cut rates to zero in the coming months having frozen them at 0.5 per cent since March 2009. Mr Carney warned that 'market and economic volatility can be expected' but said the financial system remains 'resilient'.

But households, businesses and investors were warned of further volatility next week as the fallout of the vote continued.

Drama: A TV shows the resignation of Britain's Prime Minister David Cameron as traders in London's Canary Wharf react to the news

Night that triggered frenzy in the City

A hedge fund tycoon made more than £220 million for himself and his investors yesterday after betting on Brexit.

As many in the City nursed heavy losses, staunch Leave supporter Crispin Odey declared: 'I think I may be the winner.'

He is one of a handful of hedge fund bosses to have hit the jackpot after taking big 'short' positions on company stocks and sterling, betting on their value falling in the aftermath of a vote to Leave.

The 57-year-old, who manages more than £8 billion and has an estimated personal fortune of £900 million, revealed that in the run-up to the vote he had invested heavily in gold, a safe haven amid market turmoil, and bet on the pound falling against the dollar.

Confidence: As many in the City nursed heavy losses, staunch Leave supporter Crispin Odey declared: 'I think I may be the winner.'

The tactic paid off handsomely yesterday as investors rushed to buy gold, pushing its price to a two-year high as both the pound and the 100 fell sharply.

Mr Odey revealed his trading position had left him in line for huge losses if financial markets had risen and he had lost his gamble. He had bet against housebuilder Berkeley Group, which fell in value by more than a fifth yesterday and stocks including Lloyds, which dropped 21 per cent and ITV, down more than 20 per cent.

He said he expected funds running around £1.5 billion to have gained 15 per cent in value – a windfall of more than £220million.

Mr Odey had commissioned a private poll ahead of the referendum to steal a march on the financial markets. In a statement shortly after the result was announced, he said 'ordinary people have spoken', adding: 'We must remember how close it was but also how brave a decision it was!'

Panic: Traders from BGC, a global brokerage company in London's Canary Wharf, react with fear and trepidation as the FTSE fell off a cliff on Friday morning

Plummeting: The pound dived by 3 per cent as the result in Sunderland was announced and revealed a huge win for the Leave campaign

Taipei, Taiwan: The benchmark TAIEX index lost 199.69 points, or 2.3 per cent, to finish at 8,476.99 points over fears that Briexit will hurt Taiwan's economy

London: A trader sits in front of his screens, one which displays the rate of the British pound which drops against the US dollar

Sea of red: A trader in Beijing watches as the markets fell downwards as Britain's exit from the EU became clear

Kuala Lumpur: A trader takes a nap before electronic boards showing stock movements at the Malaysia Stock Exchange dropping

Cashing in: A vendor counts the British pound at a money changer booth in Singapore as the pound slumped