ANGELA Merkel will today host an emergency summit with EU counterparts to discuss the Brexit vote as Berlin urged Britain's politicians to “reconsider” the repercussions.

The German chancellor is preparing for talks with France’s Francois Hollande and Italy’s Matteo Renzi as well as Donald Tusk, the president of the European Council.

READ MORE: Scotland will become an independent country after shock Brexit result, warns Alex Salmond

Her chief of staff Peter Altmaier, said: “Politicians in London should have the possibility to reconsider the consequences of an exit.”

He was quoted as saying a UK withdrawal would be “a difficult watershed with many consequences,” before adding that Britain could rejoin at a later date “but that would take a long time”.

The Berlin meeting comes just 24 hours before David Cameron heads off to Brussels for a regular EU summit when he will have to explain to his counterparts the background to the Brexit vote.

With pressure from some European allies for Britain’s divorce from the EU to be implemented quickly, Philip Hammond, the Foreign Secretary, signalled that Britain would resist any such pressure from Brussels and other EU capitals.

READ MORE: Scotland will become an independent country after shock Brexit result, warns Alex Salmond

Despite a demand from Jean-Claude Juncker, the European Commission president, backed by the foreign ministers of France and Germany, for the process to begin “immediately”, Mr Hammond made clear “nothing is going to happen at the moment”.

The timing of the formal notification of intention to leave the EU, set out in Article 50 of the Lisbon Treaty, was in Britain’s hands, he explained, adding that talks would not start until a new prime minister was chosen to replace David Cameron. This is not due to take place until early October.

“Our European Union partners would like us to do it quickly and we’re already under some pressure. But the Prime Minister is clear that the correct way to do this is for the new prime minister to make the decision. There is no imperative upon us to serve the notice at any particular time,” Mr Hammond told ITV’s Peston on Sunday.

READ MORE: Scotland will become an independent country after shock Brexit result, warns Alex Salmond

Foreign direct investment into the UK had already “all but dried up” as companies waited to see the consequences of the Brexit vote, the secretary of state said.

His comments came as Washington confirmed that Secretary of State John Kerry would arrive in London today for talks with Mr Hammond as part of a frantic round of diplomacy as the US grapples with the fallout from Thursday’s referendum.

Meantime, the Foreign Secretary, also warned that Britain would be less able to protect Gibraltar’s interests from outwith the EU.

The colony took part in Thursday’s referendum, as a British overseas territory within the EU, and delivered the most emphatic support of any area for continued membership, with 19,322 votes for Remain against just 823 for Leave.

A Spanish government call for “co-sovereignty” in the wake of the dramatic result was firmly rejected by First Minister Fabian Picardo, who said: “Gibraltar will never be Spanish, in whole, in part or at all.”

The Foreign Office has stated that the UK will “continue to stand beside Gibraltar” and will never enter into sovereignty negotiations against the wishes of its people.

But Mr Hammond said: “Gibraltar depends on thousands and thousands of Spanish workers crossing that border every day and any disruption to that flow will be extremely damaging to the Gibraltar economy and we saw that reflected in the huge vote to remain in Gibraltar.”

In a separate development, Xavier Bertrand, head of the Hauts-de-France region, which includes the migrant camp at Calais, known as The Jungle, has insisted the 2003 Le Touquet Treaty, which authorises British border controls on French soil, must now be scrapped in light of the referendum result.

“The British people have chosen to take back their freedom; they must take back their borders,” said Mr Bertrand.

On a global stage, finance leaders warned of the economic fall-out of the Brexit vote.

China's finance minister Lou Jiwei said it would "cast a shadow over the global economy", with the full "repercussions and fallout" emerging over the next five to 10 years.

Meanwhile, Australia’s prime minister used his official campaign launch to warn against a change of government in the aftermath of Britain's vote.

Polls are projecting a win for Malcolm Turnbull’s conservative coalition next Saturday for a second three-year term with a reduced majority.

Mr Turnbull said on Sunday at the Sydney launch that his government was better placed to strike vital new trade deals with the EU and Britain after the separation forced by a British referendum.

Mr Turnbull said: “The shockwaves of the past 48 hours from Britain’s vote to leave the European Union are a sharp reminder of the volatility in the global economy. Always expect the unexpected.

“Our clear economic plan is more essential than ever as we enter this period of uncertainty in global markets following the British vote to leave the European Union.”