Yet the free movement permitted under European Union rules meant Cameron was no in position to stop the influx from other European Union countries, which accounted for more than half of the 330,000 in net migration to Britain a year ago.
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The Vanguard Group of Valley Forge, Pa., which manages $3.5 trillion, including many the retirement funds of many Americans, said the United Kingdom vote “will have a significant global economic impact”.
“There must be clarity”, Asselborn told reporters. It’s hard to guess over the long-term how exactly the decision will affect the USA economy.
He said he would step down, though he’ll serve as a caretaker until a new prime minister is chosen by his fellow Conservatives. Two Labour Party members, Ann Coffey and Margaret Hodge, submitted a vote of no-confidence that will be considered on Monday.
However, his resignation and the need for a new Prime Minister to take charge of the negotiations has added a bigger question mark to the process ahead.
Companies in the York-Hanover area exported more than $535 million in goods to European Union countries in 2014, according to International Trade Administration data. He tweeted: “David Cameron was quite right”. If “stay” had won, Britain would have remained in the EU.
Mr Cameron will chair a Cabinet meeting on Monday and soon after travel to Brussels to inform the European Council of Britain’s referendum next Tuesday and Wednesday.
Today, his political career is effectively over, the result of another surprise at the ballot box – the United Kingdom’s vote to leave the European Union. But the United States economy may not be harmed at all, and parts of it could benefit as, say, British banks lose business to those in NY and other financial capitals.
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 referendum campaign was unlike an election in that both sides were backed by politicians from many parties.
The British pound fell 11 percent to a 31-year low and Britain’s main stock index, the FTSE 100, nosedived 8.7 percent to 5,790 points shortly after the open Friday.
Johnson and Justice Secretary Michael Gove, another Vote Leave campaigner, had previously said they wanted Cameron to stay on as prime minister in the event of a Brexit vote.
Some of the wrath over the Brexit vote is falling on Labour Party Leader Jeremy Corbyn, criticized by his party for a lackluster effort to stop the exit.
“For the Chinese people, who are at a critical time to learn about globalisation and democracy, they will continue to watch the outcome of Britain’s embracing of a “democratic” referendum”, added the paper.
“This option will take the economic risk out of leaving and avoid most of the economic losses that Remainers warned leaving would entail”.
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Corbyn said “we must talk about immigration. but we will never pander to prejudice”.
