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What Brexit means for UK — Commercial Times

“The notification of Article 50 is a formal act and has to be done by the British government to the European Council”, the spokesman said.

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He said there are a number of “disaffected, disenchanted voters” in England, and added that it is clear Scotland is moving in a different direction given its overwhelming vote in favour of remaining in the EU. Scotland failed to win independence in a 2014 vote among Scots.

Cameron said there will be “no immediate change in circumstances” for British citizens living in other European Union countries and European Union nationals living in Britain.

The referendum result sent shock waves through worldwide markets, bringing warnings of investment cuts, job losses and global recession.

More than 2.4 million Britons signed a petition on parliament’s website, posted before the vote, calling for a second European Union referendum if the outcome was close on a turnout of less than 75 percent – three points above Thursday’s figure.

He had traveled to London at the request of Cameron, whom he calls a friend, exhorting Britons to stay in the EU.

Carl Bildt, former prime minister of Sweden, said: ‘I would classify this as a nightmare.

Juncker said the split was “not an amicable divorce” – but noted it was never “a tight love affair anyway”.

Russia, after biting into Ukraine, is meanwhile watching triumphantly on the sidelines after the Brexit vote. Elder, less educated people and rural populations were more likely to back Brexit.

“There is urgency. There is no time to lose”, said French Foreign Minister Jean-Marc Ayrault.

Tusk told reporters that Britain’s 27 partners were “determined to keep our unity”.

He said the creation of a “hard border with the Republic of Ireland which in many ways goes against the strengths that have actually helped make the peace process stick” could be “a really big issue” for Northern Ireland.

German Foreign Minister Frank-Walter Steinmeier says it is critical to see the vote as a wakeup call.

Over 90 percent of the results have been declared and the leave campaign is still leading 51 percent to 48 percent.

Johnson and Justice Secretary Michael Gove, Conservative Party leaders of the official “leave” campaign, paid tribute to Cameron after his resignation. “New PM will need to analyze options and have informal talks”.

The British vote will stoke fears of a domino-effect of exit votes in Euroskeptic member states that could imperil the integrity of the bloc. Leaders of the bloc will hold a summit in Brussels next week, and the second day, Wednesday, will take place for the first time without Britain.

Nearly alone in continental Europe, Merkel tried to slow the rush to get Britain out of the European Union door.

US President Barack Obama, who publicly threw his weight behind British EU membership during a visit to London in April, insisted the “special relationship” between the two countries was “enduring”.

The referendum has already triggered financial turmoil around the world.

If investors start pulling money out of the United Kingdom, further pressuring the pound, “this would raise questions over the funding of the U.K.’s large current account deficit… and more fundamentally over the role of [the pound] as one of the few global reserve currencies”, Moody’s warned. The Conservatives are facing a leadership battle to replace Cameron, and some members of the opposition Labour Party also hope to oust their leader, Jeremy Corbyn.

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Mr Johnson, the lead campaigner for a “Brexit” said it would allow us to individually discuss future trade and immigration between our countries.

Brexit reaction