Europe

The Latest: Farage resigns as head of UK Independence Party

  • FILE - A Tuesday, June 28, 2016 image from files showing the leader of the United Kingdom Independene Party, Nigel Farage, sitting next to a British flag during a special session of European Parliament in Brussels. Farage announced Monday, July 4, 2016 that he is resigning as leader of the party. (AP Photo/Geert Vanden Wijngaert, File)

    FILE - A Tuesday, June 28, 2016 image from files showing the leader of the United Kingdom Independene Party, Nigel Farage, sitting next to a British flag during a special session of European Parliament in Brussels. Farage announced Monday, July 4, 2016 that he is resigning as leader of the party. (AP Photo/Geert Vanden Wijngaert, File)  (The Associated Press)

  • FILE - In this Wednesday, June 22, 2016, file photo, a European, right, and Union flag are displayed outside Europe House, the European Parliament's British offices, in London. One week after Britain’s vote to quit the EU sent markets into a tailspin, investors seem to be taking a more sanguine view of its eventual economic repercussions. (AP Photo/Matt Dunham, File)

    FILE - In this Wednesday, June 22, 2016, file photo, a European, right, and Union flag are displayed outside Europe House, the European Parliament's British offices, in London. One week after Britain’s vote to quit the EU sent markets into a tailspin, investors seem to be taking a more sanguine view of its eventual economic repercussions. (AP Photo/Matt Dunham, File)  (The Associated Press)

  • British ruling Conservative Party Member of Parliament, Andrea Leadsom, launches her campaign in London, Monday, July 4, 2016. British Prime Minister David Cameron resigned on June 24, after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)

    British ruling Conservative Party Member of Parliament, Andrea Leadsom, launches her campaign in London, Monday, July 4, 2016. British Prime Minister David Cameron resigned on June 24, after Britain voted to leave the European Union in a referendum. (AP Photo/Matt Dunham)  (The Associated Press)

The Latest following Britain's vote to leave the European Union (all times local):

10:20 a.m.

UK Independence Party leader Nigel Farage says he is resigning as the head of the party, arguing his political ambition to have Britain leave the European Union has now been achieved.

It is the second time Farage resigns as the leader of the party, but he says this time it is definite.

Farage said Monday he will retain his seat in the European Parliament to see out the negotiations for Britain's exit from the EU following the country's June 23 vote to leave the bloc.

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9:45 a.m.

Britain's Treasury chief plans to cut U.K. corporation tax to less than 15 percent to encourage companies to invest and ease business concerns about the country's vote to leave the European Union.

Treasury chief George Osborne says the cut is meant to underscore that Britain is "still open for business," despite the referendum results. A cut of about 5 percentage points brings Britain in line with Ireland's 12.5 percent rate.

Osborne told the Financial Times it was time to "make the most of the hand we've been dealt." He is urging the Bank of England to use its powers to avoid "a contraction of credit in the economy."

Some businesses based in London are considering leaving for other cities like Dublin, Amsterdam, Frankfurt and Paris to benefit from the large EU common market.