Referendum: Britain Votes to Leave European Union

Cameron Resignation Seen Likely, Despite Calls From Allies to Remain

by Jason Ditz

After hours of counting in a razor-tight race, the results of the British referendum are in, and the kingdom will be leaving the European Union. Final numbers are still coming in, but British outlets have called the race in favor of the “Brexit” movement, with the margin expected to be around one million votes. The race was called around 11:40 PM eastern.

Voting saw overwhelming support to remain in the EU in Scotland and Northern Ireland, as well as Gibraltar, along with the area around London. The rest of England, however, was strongly in favor of leaving, and that was ultimately the difference.

UKIP Leader Nigel Farage declared it a victory for “real people.” The results were something of a surprise, as financial markets were trading heavilytoward the “remain” vote. The British pound beganslumping at the news,  quickly touching a 30-year low. A reversal of the FTSE 100 threatens to wipe out upwards of 100 billion pounds in the days to come. Asian markets were also strongly down on the news, with investors fearing uncertainty.

Politically, this is expected to fuel further calls for Prime Minister David Cameron to resign, though Conservative Euroskeptics had issued a statement ahead of the vote urging him to stay regardless of the outcome. Either way, the result is seen likely to dramatically change British politics, and Cameron is virtually obliged to set the table for a new election.

The overwhelming majority of Scotland being in favor of “remain” is likely to loom large in the future as well, likely to fuel a new push for them to withdraw from Britain and declare independence themselves. A previous Scotland independence vote narrowly failed.

Financial analysts were predicting the European Union to take several harsh measures against Britain in the wake of the Brexit, trying to make their departure as financially painful as possible in the hope of deterring any other nations from following them to the exit.

The exact mechanics of the departure from the EU are still unclear, as the union has never had a member decide to leave before.

http://news.antiwar.com/2016/06/23/referendum-britain-votes-to-leave-european-union/