After a period of reflection and political and economic turmoil, and the Prime Minister, David Cameron stepping down in October, the United Kingdom will have to invoke the relevant article of Europe’s Lisbon Treaty and embark on an unclear two-year process of withdrawal, renegotiation, and instability.
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Juncker added that the separation was “not an amicable divorce” and that the EU’s relationship with the United Kingdom “was not exactly a tight love affair anyway”.
After a vitriolic campaign and the tragic murder of one member of Parliament, a hugely divided Britain decided by 52 percent to 48 percent that it would stand alone and, as it were, reset its relationship not just with Europe but with the whole world.
Cameron had been pushing for the United Kingdom to remain with the 28-nation EU.
As soon as Britain formally notifies the European Union of its intention to leave – a step that might not happen for months – it will enter into a two-year negotiating period in which the remaining European Union states dictate the terms of their future relationship with Britain.
In a statement, Scotland’s First Minister Nicola Sturgeon said the decision to exit was “democratically unacceptable” and added it would be “highly likely” that Scotland would seek independence to remain in the EU. London and Scotland supported the European Union, but wide swathes of middle England, which have not shared in the capital’s prosperity, voted to leave.
To begin the withdrawal process, Britain must invoke Article 50 of the Lisbon treaty, which has never been used before.
British Prime Minister David Cameron announced Friday that he will resign before the Conservative Party’s conference in the fall.
Among the possible contenders are former London Mayor Boris Johnson and Justice Secretary Michael Gove, who both helped lead the “leave” campaign, and Home Secretary Theresa May.
“It’s impossible to separate this negotiation from the question of Britain’s future”, said Jeff Rathke, a former US foreign service officer and senior fellow at the Center for Strategic and International Studies.
“I do not think it would be right for me to try to be the captain that steers our country to its next destination”, he said as sterling, global stocks and oil prices plummeted.
French Economy Minister Emmanuel Macron expressed the frustrations that many European Union politicians feel, accusing Britain of taking the European Union “hostage” with a referendum called to solve a domestic political problem: challenges to Cameron from right-wing euroskeptics.
“The failure of the British government” has opened up “the possibility of the crumbling of Europe”, Macron said at a debate in Paris. “There is no doubt that this is a blow to Europe and to the European unification process”, Merkel told reporters in Berlin. “The people have spoken and we need to implement this decision”.
Britain’s “leave” campaigners have been accused of lacking a plan for the aftermath of a victory.
“I feel angry. Those who voted leave, they’re not going to fight the future”, said Mary Treinen, 23, a technological consultant from London’s trendy Shoreditch district. “New PM will need to analyze options and have informal talks”. Leaders of the bloc will hold a summit in Brussels next week, and the second day, Wednesday, will take place for the first time without Britain.
European Commission chief Jean-Claude Juncker said Britain’s planned departure from the European Union was “not an amicable divorce” but called for it to be quick.
US socks plummeted nearly 500 points Friday morning for their biggest drop in 10 months, a concrete reflection of how politics on one side of the Atlantic can profoundly affect the other. It’s not clear what will happen in the markets on Monday, the next trading day.
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Credit rating agency Moody’s downgraded the U.K.’s economic outlook from stable to negative, saying Britain faces “a prolonged period of uncertainty. with negative implications for the country’s medium-term growth outlook”. The Conservatives are facing a leadership battle to replace Cameron, and some members of the opposition Labour Party also hope to oust their leader, Jeremy Corbyn.
