A trader from BGC, a global brokerage company in London’s Canary Wharf financial centre reacts during trading after Britain voted to leave the European Union.
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There was an unanimous call from ministers attending the specially convened General Affairs Council meeting in Luxembourg for Britain to “move quickly” after the country voted to leave the EU.
What were the main points of contention?
Opposition Labour leader Jeremy Corbyn is facing calls to resign over a perceived lacklustre campaign to stay in the European Union, which resulted in many Labour voters choosing to leave.
The victorious “leave” campaigners in Thursday’s referendum have said there is no rush to trigger Article 50 of the EU’s Lisbon treaty, which will begin a two-year exit process to renegotiate trade, business and political links between the United Kingdom and what will become a 27-nation bloc. The latter has triumphantly referred to the result as Britain’s “independence day”, possibly an allusion to a rousing speech in the Hollywood Sci-Fi film of the same name that featured very scary aliens.
Citing reports suggesting the “remain” vote was largely championed by a younger demographic, she lamented the fact that a potentially life-altering decision was made by those who may not be around to watch the scenario play out in full. The nations of Eastern Europe now find themselves betwixt an European Union consumed by its biggest political crisis in the last half century and an aggressive Kremlin determined to regain its political and diplomatic clout in the “near overseas”, the former Soviet republics and satellite states in Eastern Europe.
Many Labour lawmakers were strongly pro-“remain” and accuse the socialist Corbyn, a longtime critic of the European Union, of failing to rally Labour supporters behind staying in the bloc. At some point, possibly before long, it is possible more than a few Brexit voters may come down with a severe case of buyer’s remorse, or Bregret as it is already being called.
What does the vote mean for Britain?
The main ways in which the change would be felt are on trade – Britain would lose automatic access to the European single market – and on immigration, with Britain no longer bound to allow any EU citizen to live and work in the country.
The referendum, however, will have immediate and significant consequences both in Great Britain and around the world.
In Britain, the ruling Conservative Party and the country are perhaps irreparably divided.
The pound hit a new 31-year record low, dropping another 2.9 per cent to $1.3277. The ratings agency Standard and Poor’s removed Britain’s AAA economic rating, meaning it will have to pay higher borrowing costs, because it could slow the nation’s economy. “The UK is an indispensable ally of the United States, and that special relationship is unaffected by this vote”.
The shock outcome of Thursday’s historic referendum threatens to lead to the break-up of the United Kingdom after Scotland raised the prospect of another independence vote, and could have a knock-on effect on other eurosceptic member states. It can only be a matter of time before a movement calling for a northern Irish referendum takes off. European leaders, eager to deter other member states from following suit, may be in no mood to offer the United Kingdom terms – particularly concerning access to Europe’s single market – that would soften the pain of leaving.
The so-called Brexit vote may seem far removed for most US citizens, but the impact of Britain’s exit from the European Union could affect Americans in more ways than one. The EU could face more departures from other countries, throwing the future of the economic union into doubt. European Council President Donald Tusk and Dutch Prime Minister Mark Rutte are believed to be more flexible, while legally it appears to be in Britain’s gift when to trigger the Article given that the referendum result is technically not legally binding. “There’s no way around it: Today is a watershed for Europe and the European unity process”, said Germany’s Angela Merkel.
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“Leave” campaigners hailed the result as a victory for British democracy against the bureaucratic behemoth of the EU.
