The leader of Croydon Council has accused the borough's leading Brexit campaigner of "stunning complacency" for his reaction to economic turmoil in the wake of yesterday's referendum result.

Tony Newman's criticism of comments made by Conservative Croydon councillor Steve O'Connell, who claimed volatile global markets would be calmed by the "certainty" of a Brexit vote, came as the Labour leader tried to offer reassurances about the borough's own economic future.

As it emerged overnight that Britain had voted to leave the European Union, sterling crashed to a thirty-year low against the US dollar and millions of pounds were wiped off the share values of some of Britain's biggest companies.

RELATED: Brexit: Steve Reed warns of economic 'crisis' as Croydon MPs react to historic vote

But speaking to this website this morning, Cllr O'Connell said: "Both sides of the fence knew there was going to be an initial dip....The markets don't like uncertainty - but now the markets kind of do have more certainty."

After hearing of the comments, Cllr Newman said: "I think that's stunning complacency. It's very easy to say when you are paid over £100,000 a year, but many people in Croydon are on a fraction of that salary."

Cllr O'Connell was quick to deny the claims and said Cllr Newman was wrong in his assesment of his yearly earnings.

Speaking on what he described as a "sad day for the country", Croydon's Labour leader admitted that market volatility following yesterday's referendum result could have a short-term impact on investment in the borough.

But he was adamant that plans for a £1bn Westfield shopping mall in the town centre would not be derailed by economic uncertainty in the wake of the Brexit vote.

He said: "It [the referendum result] has the potential to damage growth and potential in Croydon...The global markets are in turmoil.

"[But] life will go on. Croydon is as well positioned as any other London borough."

Croydon North Labour MP Steve Reed this morning said that the referendum result amounted to a "political, economic and constitutional crisis" voted for by the British people, and that the short term priority must be to stabilise the markets.

Shares in housebuilding company Berkeley Group, which has a number of projects in Croydon including the recently completed Saffron Square development, lost more than 25 per cent of their value in morning trading.

When asked about potential risks to Westfield and Hammerson's planned £1bn transformation of the crumbling Whitgift centre, Cllr Newman pointed out that the companies had already pumped "millions into Croydon".

He added: "I think Westfield is in a strong position. It's a great deal for them, and a great deal for Croydon.

"[Westfield] is not overly dependent on Europe...people are still going to want to eat, drink, and have a retail experience."

Like many fellow Remain politicians speaking in the hours following the referendum result, Cllr Newman struggled to hide his disappointment.

He said: "It's a sad day for the country. It's not something that I supported, and I'm just proud that Croydon and London voted to remain.

"I've used the phrase 'modern European city', and I'm glad Croydon voted that way - it's a shame the country didn't."

Cllr O'Connell, who is also the Greater London Assembly member for Croydon and Sutton, was quick to double down on his comments when informed of the council's leader's criticism.

He said: "I'm not complacent about it. Both sides expected if there was a leave vote there would be a dip but it would be very temporary and would be well-managed by the Government and the Bank of England."

Cllr O'Connell - the highest-profile politician in Croydon to campaign for Brexit - said that by "throwing off the shackles" of the European Union there would be more money to spend on Croydon's "groaning" public services, as well as opening up new trading opportunities that could attract "Westfield-equivalents from India and China".

The Croydon Partnership, which represents Westfield and Hammerson's interests in the planned development, has been contacted for comment.

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