Voters have voted finally in favor of Brexit: British exit from the European Union. That means that in the coming months, British and European leaders will begin negotiating the terms of Britain’s departure.
Britain’s exit will affect the British economy, immigration policy, and lots more. It will take years for the full consequences to become clear.
As the Brexit vote was tallied, Scotland’s First Minister Nicola Sturgeon said Scotland “sees its future as part of the EU.” While the U.K. overall favored cutting ties with the bloc in Thursday’s vote, Scotland had cast an “unequivocal” vote to stay, she said.
The poll results certainly bare that out. Scottish voters favored staying in the EU by a 62.2% to 38.8% margin, whereas 54.6% of English voters and 55.5% of Welsh voters favored leaving. Voters in Northern Ireland voted to remain by 55.7% to 45.3%.
Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.
In a statement outside Downing Street, he said he would attempt to “steady the ship” over the coming weeks and months but that “fresh leadership” was needed.
The PM had urged the country to vote Remain but but was defeated by 52% to 48% despite London, Scotland and Northern Ireland backing staying in.
UKIP leader Nigel Farage hailed it as the UK’s “independence day”.
The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results.
US presidential hopeful Donald Trump has said it is a “great thing” that the people of the UK have “taken back their country”.
He made the remarks as he touched down at his Trump Turnberry golf resort in Scotland. Interesting timing.
With Scotland voting to remain and a second independence referendum now on the cards, it is clear that the UK cannot continue in its current form. Wales, its economy and its communities will soon be at the full mercy of the Westminster elite and robust action must be taken to mitigate the impact of this.
What will be the status of the British Military Bases in Cyprus?
For Reuters,Britain would no longer be subject to EU budget rules, which limit a government’s budget deficit to 3 percent of gross domestic product and public debt to 60 percent of GDP.
It could therefore run whatever budget shortfall it wants without admonishment from the European Commission and other EU ministers. It would also be free from the Commission’s monitoring and advice on future actions.
Financial services firms based in Britain, from banks to clearing houses and funds, could lose their money-spinning EU “passports”, which allows them to sell services across the 28-nation bloc with low costs and a single set of rules.
The passporting system has contributed to making London one of the world’s most important financial centers.
Some American, Japanese and other non-European banks that have European headquarters in London have said they would consider moving parts of their business inside the European Union, in the event of a Brexit.
The rest of the EU has a trade surplus in goods of about 100 billion euros ($110 billion) with Britain, while Britain exports some 20 billion euros in services than it imports, principally due to financial services.
Gibraltar voted overwhelmingly in favour of Britain remaining in the European Union on a large turnout in the first result of the EU referendum vote count on Thursday evening.
Spain will seek co-sovereignty on Gibraltar following Britain’s vote to leave the European Union, acting foreign minister Jose Manuel Garcia-Margallo said on Friday, saying the vote completely changed the outlook on the future of the peninsula.
The small peninsula off the south coast of Spain, a British Overseas Territory since 1713 and known to its 30,000 residents as “the Rock”, is a major point of contention in Anglo-Spanish relations.