In case there was any shred of hope left, David Cameron told the House of Commons that the UK’s decision to leave the EU was final, writes the FT. Sinking global risk appetite caused the GBP to sink to a new three-decade low against the USD with US and European equity markets still reeling from losses, according to the FT (paywall). Barclays and Royal Bank of Scotland Group had their shares halted as they plunged to lows not seen since the financial crisis.

Standard & Poor’s cut (paywall) the UK’s rating on Monday to AA from AAA, warning more cuts could be on the horizon, with Fitch Ratings also lowering its rating to AA with a negative outlook. Goldman Sachs, UBS, Deutsche Bank, and HSBC, City of London economists and a host of other financial houses are warning clients that the UK is “entering a period of slower growth and higher inflation,” according to the FT (paywall).

But Brexit is also causing global ripples. Bill Gross, manager of the Janus Global Unconstrained Bond Fund, says the vote has pushed the odds of a US recession to as high as 50%. “This is the end of globalization as we know it,” Gross said.