- Results – Britain votes to leave the European Union
51.9% (17,410, 742) voted Leave the EU
48.1% (16,141,241) voted Remain a member of the EU
England voted to leave by 53.4%
Wales voted to leave by 52.5%
Scotland voted to remain by 62%
Northern Ireland voted to remain by 55.8%
- David Cameron has resigned shortly after 8:00am – new Prime Minister in place by October
David Cameron said, “The British people have voted to leave the European Union and their will must be respected.” “The will of the British people is an instruction that must be delivered.”
Full speech here: http://www.itv.com/news/2016-06-24/david-cameron-to-resign-as-prime-minister-after-eu-referendum/
The FTSE 100 index today began by falling more than 8%. Banks such as Barclays and RBS’s shares were down by more than 30%.
The Pound fell dramatically as the result was confirmed, at one stage it fell by more than 10% which hasn’t been seen since 1985.
The Bank of England would “take all necessary steps” to support monetary stability.
- Article 50 of the Lisbon Treaty
David Cameron said he would not trigger Article 50 immediately, this task will be left to the new Prime Minister. Article 50 of the Lisbon Treaty is the official method whereby Britain can begin the process of leaving the EU. Once Article 50 has been activated, the European Council would be notified of its intention to leave and negotiations with other member states for its withdrawal would begin. Britain will then have 2 years to complete all negotiations over its terms of exit. Once Article 50 is activated, Britain could only re-enter the EU through Article 49, if all other member states give their consent.
* President of the European Council, Donald Tusk said, “we wanted a different outcome of yesterday’s referendum.”
* Jean-Claude Juncker, the European Commission President said, “we regret this decision but respect it.”
* Boris Johnson payed tribute to David Cameron and said, “there is no need for haste, nothing will change in the short term, there is no need to invoke article 50.” He also said, “we cannot turn our backs on Europe.”
* Michael Gove also paid tribute to David Cameron saying he should be remembered as a “great prime minister”.
* Jeremy Corbyn said, “Article 50 needs to be invoked now. Many communities are fed up with cuts and are very angry”
* Nigel Farage said, “This is a victory for ordinary people, for good people, for decent people. The people who’ve had enough of the merchant bankers.”
* Nicola sturgeon says, second Scottish independence vote is ‘highly likely’. She said, “my priority will be to act in the best interest of Scotland.”
* Angela Merkel, Germany’s chancellor said, “this is a blow to Europe.”
Map showing how the UK voted
Key: Leave, Remain