Steady she goes

Angela Merkel will host talks with Francois Hollande and other EU leaders today. Credit BBC/AFP

Windy weather boys, stormy weather, boys

When the wind blows we're all together, boys

Blow ye winds westerly, blow ye winds, blow

Jolly sou'wester, boys, steady she goes.

- The Fish Of The Sea

Encouraging news this morning. "German Chancellor Angela Merkel and French President Francois Hollande have said they are in 'full agreement' on how to handle the fallout from the UK's decision to leave the European Union. Mr Hollande warned that 'separated, we run the risk of divisions, dissension and quarrels'."

Brexit is not about division, it is about government. Our friends in France, Germany and elsewhere in the EU have had similar doubts about the direction the EU is being propelled in by self-perpetuating bureaucrats. They are the persoalan. Merkel and Hollande know that too.

George Osborne has emerged with more credit than many of the Remainers following his speech designed to calm the markets this morning. It turns out that he had not been keeping his head down. On the contrary he had been doing what Cameron should have been doing, making contact and calming fears.

Steady she goes!