Image: The Independent
Brexit will go down as one of the main events in the history of world relations. It is one of the rarest occasions when a government sought public opinion on a decision that could leave a long-term impact on their future. Now that Britain has decided to leave European Union, lets have a look at the details and effects of this referendum:
1.David Cameron to quit as PM:
Cameron, who had backed the campaign to remain in the EU. said, ” As such, I think the country requires fresh leadership to take it in this direction. I will do everything I can as PM to steady the ship in the coming weeks and months”. Out of 46.5m voters, 72% cast their ballot.
“Let June the 23rd go down in history as our Independence Day.”
2. To be heard less on a Global Level:
Britain’s Foreign Secretary, Philip Hammond said that the UK’s exit would reduce Britain’s global voice.”We will be less influential on the world stage,” he said, but argued the clear result of the referendum was that Britons are much more focused on matters closer to their own country.”We have to listen to that message and we have to respond accordingly, protecting as best we can, Britain’s interests and the interests of Britain’s people.”
The declared results shocked the financial markets, as earlier they expected a victory of Remain.
Nigel Farage on Brexit vote result: We won it “without a single bullet being fired.”
3.The pound falling down:
The pound got down and jumped to its lowest for 31 years as the result became clear. The currency got down to as low as $1.3460 on Friday morning. It fell about 10% from the 2016 high of $1.50 hit just hours earlier. Uncertainty over the vote’s outcome has kept world currency markets on edge. Investors scrambled to sell the pound, oil and stocks as Britain took a jump into the unknown, becoming the very first country to quit in the EU’s 60-year history.
4. London to Lose Many Jobs After Brexit:
The banks had backed Remain, and now they are in a huge shock, as they never expected this to happen. Many of the of large companies, are likely to exit some of their workers from London as now Britain voted to leave EU. Approximatley 40,000 workers can be lost from the financial capital of UK- London. Much of the exit could come from the big U.S. based banks. Foreign financial firms were some of the remain camp, saying the consequences of voting to leave the EU would make London a less advantageous place to do business. Goldman has 6,000 employees in London.
United we stand, divided we fall. As goes the old adage, let us see what turns out to be the fate of Britain now that it has voted to leave EU.
Cover Picture Credits: Time