Brexit Breakdown: What You Need to Know About Britain Leaving the EU

‘The British people have voted to leave the European Union and their will must be respected, ‘ Mr Cameron said.

“The people of the United Kingdom have spoken, and we respect their decision”, Barack Obama said.

That said, the UK will now have to navigate through complexities of leaving the EU even as it tweaks diplomatic and trade relations with other countries.

Those in favor of a British withdrawal from the EU argued that outside the bloc, London would be better positioned to conduct its own trade negotiations, better able to control immigration, and free from what they believe to be excessive EU regulations and bureaucracy.

“The UK and the EU will remain indispensable partners of the US even as they begin negotiating their ongoing relationship to ensure continued stability, security, and prosperity for Europe, Great Britain and Northern Ireland, and the world”, Obama said.

“We the undersigned call upon HM Government to implement a rule that if the remain or leave vote is less than 60 per cent based (on) a turnout less than 75 per cent, there should be another referendum”, says the petition.

Bishop, who was in Sydney on Sunday for the Coalition election launch, said the UK foreign minister, Philip Hammond, had promised a comprehensive briefing on the ramifications of the Brexit vote. However Janet Yellen, the chair of the U.S. Federal Reserve, said Wednesday, before the referendum, that she did not plan any special meetings to respond to the result.

England’s population of 53 million overwhelms the rest of the nations in the United Kingdom, which have just 10 million between the three of them.

In the Thursday referendum, some 51.90 percent of British voters opted to leave the EU, while roughly 48.10 percent of people voted to stay in the union.

Leading Brexit campaigner Boris Johnson, who is favourite to succeed Mr Cameron as Prime Minister, yesterday said there is no need to act immediately to quit the EU. The Bank of England – the U.K.’s central bank – said it was monitoring developments closely and “has undertaken extensive contingency planning”.

The country was stronger and safer as part of something bigger, he said.

This is a political earthquake that will send shockwaves across Europe and across the Atlantic. Will he still visit the country?

But now that Brexit is a reality, the laws inplace to protect it face an uncertain future.