“The Islamic Republic of Iran as a democratic government fully respects the votes of British people on leaving the European Union and deems it consistent with the will of the majority of Britain’s people in determining their own foreign relations”, read Iran’s Foreign Ministry’s statement.
Advertisement
Prime Minister David Cameron today announced his resignation in the wake of defeat in the crucial referendum after Britain voted to leave European Union in a deadly blow to the 28-nation bloc that triggered a panic reaction in world markets and raised questions over immigration and other issues in the United Kingdom after the divorce. She also called for swift but fair breakup negotiations with London that maintain Germany’s partnership with “as closely as possible”.
Let us hope for the sake of Britain’s 2.5-trillion-dollar economy that this comes true but there seem far more reasons to conclude that the island nation has just shot itself in the foot with its insular vote.
This means even if the British government invokes the Article 50 now, the earliest exit of Britain will take place after two years. “I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states trading together, being friends together, cooperating together”, Nigel Farage, the leader of the UK Independence Party, declared in the early hours of the morning.
The British pound fell as much as 10 percent against the USA dollar on Friday to levels last seen in 1985 on fears the decision could hit investment in the world’s fifth-largest economy, threaten London’s role as a global financial capital, and usher in months of political uncertainty. “I do not think it would be right for me to be the captain that steers our country to its next destination”.
Earlier this week, President Recep Tayyip Erdogan said Turkey could hold its own referendum on whether or not to continue its European Union accession process.
French Foreign Minister Jean-Marc Ayrault said Europe will continue in the wake of Britain’s decision but it was “urgent” for Europe to “react and regain the trust of the people”.
European Commission chief Jean-Claude Juncker said he was “very sad” that Britain had voted to leave, but repeated that there would be “no renegotiation” of Britain’s membership.
Ayrault also expressed “sadness for the United Kingdom”.
The foreign ministers of the founding six member nations – Germany, France, Belgium, Italy, the Netherlands and Luxembourg – are behind closed doors in Berlin, discussing how to make Britain’s departure as smooth and swift as possible.
Juncker transferred Hill’s portfolio of overseeing financial services to Latvian commissioner Valdis Dombrovskis – costing Britain a key voice in a sector that is hugely important to London, whose status as Europe’s financial capital is threatened by Britain’s European Union exit.
World leaders including Obama, Merkel and Chinese President Xi Jinping, as well as North Atlantic Treaty Organisation and Commonwealth governments, had all urged a “Remain” vote, saying Britain would be more influential in the EU. “The people have spoken and we need to implement this decision”.
The referendum was set up as an advisory vote that was legally nonbinding. Cameron, in office since 2010, said it would be up to his successor to formally start the exit process.
Yesterday, he said he would leave it to his successor as Conservative party leader and premier to trigger Article 50 of the European Union treaty, which sets out a two-year process to quit the bloc.
London’s FTSE 100 index recovered to close down 3.2 per cent. “I would reassure those markets and investors that Britain’s economy is fundamentally strong and I would also reassure Britons living in European countries and European citizens living here, that there will be no immediate changes in your circumstances”.
“It’s impossible to separate this negotiation from the question of Britain’s future”, said Jeff Rathke, a former USA foreign service officer and senior fellow at the Center for Strategic and International Studies.
Advertisement
“The market will now question the validity of the European project and the existence of the euro”, said Trevor Charsley at the global trading house AFEX.
