Results of Referendum Felt Throughout the Globe
Last night’s United Kingdom referendum voted to leave the European Union. The final tally in favor of leaving was 52% to 48%.
The implications of this vote are being felt throughout the world with the global markets being hit and Prime Minister David Cameron announcing his resignation.
David Cameron Announces Resignation
Outside of 10 Downing Street, Cameron informs the nation that the people have spoken. He announced his resignation as of October 2016 after the UK voted to leave the European Union. Cameron felt that the UK needed fresh leadership.
The Prime Minister had originally urged the country to vote “remain”, yet was defeated despite London, Scotland and Northern Ireland supporting his voice to remain in.
UKIP leader, Nigel Farage called the decision UK’s “independence day”. Meanwhile Boris Johnson said the results would not mean “pulling up the drawbridge”.
Nicola Sturgeon, the Scottish First Minister, said she is determined to keep Scotland in the EU, so a second Scottish independence referendum has now become a high probability.
German chancellor, Angela Merkel voiced her regret at the referendum’s outcome, and EU chiefs sense that the UK will begin to make negotiations to leave as soon as possible.
However, Boris Johnson who was the ex-London mayor and the voice behind “Vote Leave” finds himself the front-runner for the next Prime Minister. He said that there is “no need for haste” about severing ties with the EU.
Johnson commented that voters have voiced their opinion, and now the UK has an opportunity to pass its own laws, set its own taxes, and control their own borders.
Labour’s Gisela Stuart also supported the “leave” vote. She said that the UK will be a “good neighbor” when it exits the EU.
At 8:15 BST, Cameron announced his departure after he had informed the Queen of his resignation. He agreed to remain in the position short-term and hand it over in October.
His goal would be to navigate through the upcoming changes so that the transition between the new Prime Ministers would flow smoothly in terms of negotiations with the EU. Article 50 of the Lisbon Treaty would give the UK two years to negotiate its withdrawal.
“The British people have voted to leave the European Union and their will must be respected,” Cameron said. “The will of the British people is an instruction that must be delivered.”The European Parliament is set to hold an emergency session on Tuesday to discuss the result.
The Global Outcome
Today, U.S. stocks declined at the open as investors who were shocked by the UK’s referendum results and Cameron’s resignation sent global markets into a tailspin.
There is now a swirling uncertainty over the implications of “Brexit”. The Dow Jones Industrial Average fell 462 points as of 9:42 a.m. EST which was a 2.6% drop. The S&P experienced the same percentage, and Nasdaq experienced a 2.7% drop.
Oxford Economics projects that the United Kingdom’s GDP will fall by 1.3 percentage points over the next two years.
The results of yesterday’s vote shocked investors who were watching early polls as a predictor of the outcome. Early polls indicated a strong support for remaining in the EU. Thursday’s early trading sent the Dow 230 points higher, and the S&P’s 500 index to within 1% of a new record. Investors believed that “Brexit” would be off the table.
Investors apparently received a false sense of security that voters would indeed reject “Brexit”.
The Reaction from Other Countries
Now, the world is watching as to whether other members of the EU will hold similar referendums. Graphiq posts the results:[graphiq id=”ezwMILlUtoN” title=”Poll: Would you vote to leave the European Union?” width=”600″ height=”400″ url=”https://w.graphiq.com/w/ezwMILlUtoN” link_text=”Poll: Would you vote to leave the European Union? | Graphiq” link=”https://www.graphiq.com/wlp/ezwMILlUtoN”] Click here for reuse options!
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