Former UK Prime Minister Tony Blair has warned that the future of the EU is under threat by a massive rise in "insurgent populism".
Speaking in the wake of the decision by over 17 million British voters to quit the EU, Blair said that with the pound plunging on world markets, the impact of the vote was "already being felt".
Blair, who was British Prime Minister for 10 years, conceded he was "concerned" about the future of the EU and warned of an upsurge of "insurgent" and "populist" movements in "virtually every EU member state."
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Unless these were stemmed, he cautioned, they could lead to the eventual breakup of the EU. "At the moment these insurgent movements have got the power," he declared.
He told CNN that he and other Remain campaigners had lost the debate and that there would now be a "lot of soul searching and reflection."
Blair, who said the result, where 52 per cent voted to quit, would have "vast consequences" adding that the leaving negotiations will be a "very complex process".
He was also critical of the Labour leadership for failing to spell out the full impact of the risk of quitting the EU.
The current Labour leader Jeremy Corbyn has been strongly criticised for his lacklustre performance during the campaign and is next week facing a no confidence motion from some of his own MPs.
Blair's comments were countered by Donald Trump who, on a visit to Scotland, hailed "this great result."
Trump said, "I could see this coming and the British have now taken back control of their own country.
He was particularly scathing of President Obama who, in a recent visit to the UK, urged Britons to vote Remain.
Trump said, "What surprised me was Obama telling the Brits what to do. He goes around the world dictating what people should do but he got this terribly wrong. If he had not done that I think the result could have been different."
"His intervention was totally inappropriate. It could have caused the Remain side to fail. I do not know why he did it."
Trump said the result could echo the current American presidential campaign, adding, "Yes, there are similarities. People want to take their country back. This is an example of what is happening in America."
Elsewhere, Hungarian foreign minister Peter Szijjarto called the outcome "very bad news, both politically and economically," and launched a blistering attack on the "hypocrisy" of the EU, saying, "It has got to change its hypocritical policies into honest ones."
Next Wednesday, EU leaders will meet in Brussels to decide next steps.
An EU insider said, "They will have to decide if there is a price for the UK to pay - if it will be a quiet divorce or a long and painful one in order to deter other countries doing the same thing."
Under the Lisbon treat, the UK will have two years to negotiate its withdrawal once it triggers Article 50 of the EU treaty which governs a country's exit from the bloc. During this period it will have to work out the terms of withdrawal and future trade relations with the EU.