Barack Obama said that the special relationship between the USA and the United Kingdom would endure despite Britain’s decision to leave the European Union. The value of the pound has also fallen dramatically.
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Prime Minister David Cameron, who announced his resignation Friday, said his successor, to be chosen by October, should start the process.
EU rules guarantee that EU citizens of one country can live and work in any other EU country.
Britons absorbed the overwhelming realization that their antiestablishment vote has pushed the British economy into treacherous and uncertain territory and sparked a profound crisis for a bloc founded to unify Europe after the devastation of World War II.
‘I will do everything I can as Prime Minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination.
There was also much talk behind the scenes about how quickly the split could be achieved, with some member states reportedly wanting to remove Britain as soon as possible and before incumbent British Prime Minister David Cameron is replaced.
The European Parliament plans to hold an emergency session on Tuesday to address the decision.
Supporters of the so-called “Brexit” said it was the only way for the United Kingdom to control immigration and restore power to its parliament.
Political scientist Tim Bale at Queen Mary, University of London, said Johnson is the favorite because of the “huge momentum” generated by the result of the European Union referendum.
Scotland, in contrast, is in no mood to wait and is seeking immediate talks with the European Union to make sure it can remain in the bloc.
A second referendum isn’t in the cards for now, but experts say it isn’t out of the question if those who back a British exit begin suffering from buyer’s remorse.
Mr Hollande said the Brexit vote was a “grave test for Europe”, adding that the bloc “must show solidity and strength in its response to the economic and financial risks”. “It even dwarfs the sterling crash on Black Wednesday in 1992, when Britain left the ERM (European Exchange Rate Mechanism)”. Stock markets plummeted Friday, with the Dow Jones industrial average dropping 611 points, or 3.4 percent, its biggest fall since August. “But after the British decision, we mustn’t lapse into depression and inactivity”. Invoking Article 50 triggers a two-year period of negotiations after which Britain is automatically out unless the European Union votes to extend the negotiations.
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Sterling fell to decades-long lows against the U.S. dollar as a Brexit grew likelier, having rallied initially as the last polls suggested a narrow lead for remain and kick-starting what is expected to be a highly volatile day on the financial markets.
