Brexit wins as Britain votes to leave European Union

Britain votes to leave the European Union

Pound crashes to 1985 low as sterling falls below $1.35

David Cameron will be stepping down.

Scotland could leave the UK to remain with the EU

The Economist explains that this departure will take two years or more

Britain has voted for Brexit. What happens now? Nothing immediate is the answer for EU nationals living in Britain and Britons living elsewhere in the EU, as well as for businesses on both sides of the Channel. It will all depend on negotiations that could take years—and no one is sure quite how many years, since the only precedent is Greenland, with a population today of around 50,000, which voted to leave in 1982. The first aim of David Cameron, the prime minister, will be to calm the markets. In Asia they have already responded to the news. The pound plunged by 9% against the dollar and as much as 13% against the yen, traditionally a bolthole for anxious investors. Japan’s main stockmarket tumbled by almost 8%. London’s stock market opens at 8am, and the FTSE 100 is likely to dive. Some experts warn that sterling could fall as much as 20% overall. The chancellor of the exchequer, George Osborne, must now decide whether to issue an emergency “Brexit budget” as he controversially promised before the poll.

Mr Cameron has promised that Britain would immediately invoke article 50 of the Lisbon treaty, which sets a two-year timetable to agree the terms of departure.

Source – UK Telegraph, Economist