The results is out! Britain has made an historic decision to vote to leave the European Union.
Leave wins the referendum and the UK will quit the EU
The Leave campaign won the EU referendum with 51.9% of the vote – and Remain had 48.1%. The Turnouts was 72.2%.
The voting took place yesterday (23 June) across the UK and the results, monitored by Eyes And Voice, was announced in the early hours of this morning (24 June) in favour of exit from the EU and has led to David Cameron resigning as Prime Minister.
Although Britain has voted to leave the EU, the exit will likely not formally happened until in 2 years (2018), Eyes And Voice learned.
The result of Brexit has sent the pound tumbling to its lowest level since 1985 – FTSE 100 falls more than 7%.
The effect of UK’s EU referendum was quick and sharp on the market.
With the UK voting to leave the EU the financial world has responded with a plunge in the value of the pound to its lowest point since 1985, wiping £100 billion from the value of FTSE100 companies within minutes of trading beginning.
EUROPEAN MARKETS TANK
- Madrid: 13.8%
- Paris: 10%
- Germany: 9.2%
- Amsterdam: 9.2%
- London: 8%
The UK is no longer the world's fifth largest economy. GBP has dropped so far that France has overtaken us! pic.twitter.com/TPvnCxnPJU
— jordan fish (@jordanfish) June 24, 2016
David Cameron resigns as PM
David Cameron has resigned as British prime minister following the failure of his Remain side to win the referendum on staying in the EU.
This brings an abrupt end to Cameron’s six-year premiership, after the British public took the momentous decision to reject his entreaties and turn their back on the European Union.
“I do not think it would be right for me to be the captain that steers our country to its next destination,” David Cameron said.
Speaking outside 10 Downing Street, he said the British people had made a choice “that needs to be respected” and that all sides, both Remain and Leave have a duty to make the new situation work.
“Now that the decision has been made to leave, we need to find the best way,” he said.
Cameron said it would be best for his successor to negotiate the terms of Britain’s exit – and to trigger article 50 of the Lisbon treaty, which begins the formal process of withdrawal, adding that he had already discussed his intentions with the Queen.
The prime minister will stay on until the autumn, to “steady the ship”; but suggested a new leader should be in place by the start of the Conservative party’s conference in October.
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