Until the process is completed and Britain withdraws, any EU agencies on British territory could remain there, British EU lawmakers would still work in the parliament, and the United Kingdom would still have a say in other negotiations, such as trade talks with other countries.
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Prime Minister David Cameron announced his resignation following the UK’s vote to leave the European Union, saying a new Prime Minister should be in place by October as it would not be right for him to try to be “the captain that steers the country” to its next destination.
“I’m confident that Britain is committed to an orderly transition out of the EU”, Obama said at Stanford University in Palo Alto, California.
President Barack Obama tried to reassure Britons Friday that the special relationship between Washington and London would withstand an impending and likely messy divorce from Europe, as his administration scrambled to assess the fallout.
Global markets were in turmoil over the so-called Brexit. Utility stocks were the only one of the 10 sectors in the S&P 500 index to rise on Friday. “And as investors shift into dollar-denominated assets, the dollar will gain strength against the euro and the pound”. Many of you are catalyzing it and accelerating it. It promises to bring extraordinary benefits. “And it also evokes concerns and fears”.
Paris and Berlin will present their partners with “concrete solutions” to make the European Union “more effective”, Ayrault told AFP.
American voters in November will likely be choosing between Democrat Hillary Clinton, who largely embraces Obama’s worldview, and Republican Donald Trump, who cheered Britain’s decision and predicted other European countries would follow suite.
Solberg whose country is not an European Union member, said Friday they are “anti-establishment, anti-globalization, anti-EU forces (…) that can be pretty extreme”. It should join the Remain campaign in pressing for a second Brexit vote. British officials have said privately that nobody knows how long this would take, but some ministers say it would clog up parliament for years. “Because the British Pound is so weak, you’re going to have a lot more buying power”.
Back in London, anti-EU firebrand campaigner Nigel Farage, leader of the UK Independence Party, said June 23 should “go down in our history as our independence day”.
In this context, it is important to keep two things in mind.
House Speaker Paul Ryan said that markets “will eventually stabilize” and that the United Kingdom remains “an indispensable ally”.
French far-right leader Marine Le Pen said the British result was a “victory for freedom”, while Dutch anti-Islam MP Geert Wilders said “the Dutch people deserve a referendum as well”. Following the negative campaign threatening higher taxes and spending cuts in the event of Brexit, Chancellor of the Exchequer George Osborne could well be forced to resign, say political observers. Britain has been a major military player in U.S.-led campaigns against Islamic State militants in Syria and Iraq, an active ally on the ground in Afghanistan and a strong supporter of sanctions against Russian Federation over its role in Ukraine’s separatist conflict.
Obama raised the risks of declining British influence in sharp terms during his London visit. Canada will no longer have someone to defend its interests related to free trade agreements. “That’ll have an impact on our collective security”.
The full scale of the task facing Whitehall will become clear.
“One could imagine the blowback that might happen if the president hadn’t taken that opportunity to speak out”, he said.
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Pedro Antunes, deputy chief economist of the Conference Board of Canada, said one of the things he will be watching for is how these market jitters affect consumer confidence in Canada and business investment. If it’s determined they should move to another European financial hub, such as Frankfurt or Dublin, the effect would be disruptive, he said. “As to when that would happen, I have no idea, but I could see that being a logical next step”. During this period, Britain will remain part of the European Union and is expected to abide by its obligations as such, but it will be excluded from the other member states’ discussions about the exit. “We will help them to the extent that we can”.
