Brexit: UK Votes Leave

The votes are in and Great Britain is leaving the European Union, to the great shock of many who didn’t believe this would happen. Reuters reports that this result has forced “the resignation of Prime Minister David Cameron,” and dealt “the biggest blow since World War Two to the European project of forging greater unity.” Former London mayor Boris Johnson, the face of the Brexit movement, is now being considered the favorite to succeed Cameron as Prime Minister.

It also dealt a big blow to global financial markets. A drop in the value of the pound of at least 10% has produced fears of an imminent recession in the UK. World stocks and banks suffered alarming drops following the results.

Proponent of the referendum hailed the results, declaring it a historic vote for British independence while others feared that the UK will now split apart as a call for a new referendum on Scottish independence went out. The majority of Scottish voters wanted to stay in the EU. In this video, EU Commissioner G√ľnther Oettinger discusses the effect on the rest of Europe.

Reaction continues to pour in on Twitter, as well in worldwide reports.

Fortune: These Are the Winners and Losers of Britain’s Historic Vote to Leave the EU
BBC: Reaction from World Leaders

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7 Responses

  1. jacob ska says:

    Good coverage vj. I don’t think Apple will be selling too many iPhones in the UK, going forward, with the value of the Sterling Pound sinking like it has. The Brexit can hurt sales of other U.S. exports to that region of the world. Terrible move. It has devalued the currency in the UK. However, if you want to go on a vacation there now is the time.

  2. jacob ska says:

    I’ve been watching the BBC voting results on leaving the European Union. It appears Britain has voted to leave the EU. People around the world will feel the ramifications. If they didn’t know, or care, they will when they wake up tomorrow. The financial markets around the globe are in turmoil. No country is immune.

    • jacob ska says:

      I hope the media is wrong about this Brexit when I wake up in the morning. If not, the question becomes what EU member country will be the next to leave?

      • rhonda says:

        I was shocked when I woke up this morning and heard the news. PM Cameron is resigning, too, this certainly doesn’t bode well.

    • Mathwiz100 says:

      I don’t think anyone was expecting the UK to leave… the final vote ended up being 52% to 48%.
      And apparently the stock market just went down a few hundred points, so this is not boding well for the U.S., either.

      • jacob ska says:

        @Mathwiz100, not boding well for the world financial markets either. Brexit caught everyone off guard.