The leader of Merton Council has declared Merton still open for business following the momentous referendum result announced this morning.

Councillor Stephen Alambritis, leader of Labour-run Merton Council, moved to reassure EU residents, workers and potential investors in the borough that “Merton was still open for business.”

He said: “When people are turning on the news and seeing the Prime Minister’s resignation and fears over economic turmoil there is bound to be feats. I want our people to know the council has still got its eye on the ball. This is a business led-council and we want people to know they can still benefit from doing business in Merton.”

The 2011 census of Merton found it was home to 18,690 people born in EU countries, 9.4 per cent of the total population.

Cllr Alambritis said the council would be working to ensure it still fought for people on lower pay, to keep libraries open and represent its residents’ interests, including the 37,000 people who voted leave.

In Merton there was a 73.4 per cent turnout, with 62.9 percent, just over 63,000, voting in favour of remain.

Helen Clark Bell, manager of Love Wimbledon, said: “Wimbledon has a lot of headquarters both international and local and I think they need to understand, from their perspective, what the decision means.

“At this stage I think it’s too early to understand the implications that leaving the EU will have on business”

Conservative MP for Wimbledon Stephen Hammond, who campaigned for Remain, said he would fight to ensure leaving the EU didn’t have a negative impact upon his constituency.

He said: “It’s my job to make sure we get a deal that protects the jobs and the livelihood of my constituents as we leave. We need to think carefully going forward, and the things on my mind are making sure the locals are well-protected in the renegotiations.

"It will affect each and one of us in the next five, ten years ahead. I think we should try to protect the country from going into a recession. There’s a lot of speculation about the economics, but we’re seeing the economic reality. It is key for us to make sure our economy survives and prospers.”

He said he understood the reasons for David Cameron announcing his impending resignation but refused to be drawn on who he would be supporting as his successor.

The news the Britain would be leaving the EU was greeted with delight by former UKIP councillors Richard Hilton and Suzanne Evans.

Ms Evans, who ran as a UKIP candidate in the general election in Shropshire before rising through the party to be considered a genuine leadership rival to Nigel Farage, said the result would strengthen Britain.

She said: “This is a new era of freedom, democracy, and international trade. It is a very happy independence day.”

On the news Mr Cameron will step down, Ms Evans endorsed Andrea Leadsom, Conservative MP for South Northamptonshire as the new prime minister.

She said: “I think he’s made the right decision not to immediately resign but to go in October. During this time, we can put in a great team who believe in Britain’s ability to thrive outside the EU and negotiate our way out. He’s done the right thing.

"George Osborne needs to go too, but he shouldn’t wait. She (Ms Leadsom) has shown herself to be a powerful, calm voice of reason and having a solid economic brain. She would lead the country well going forward.”

Mr Hilton, who backed Boris Johnson to take over the country, said there was no need to rush into any decisions and negotiations have to begin with the EU.

He said: “There is a long, two-year period while negotiations take place, and I’m sure we can reach a positive agreement. It was good to see yesterday heads of German industry saying they want a positive trade relationship. It is businesses that trade, not governments, and they won’t want those [EU-regulated?] tariffs.”