Britain parts ways with EU in historic referendum

Britain has cast its vote in the referendum, deciding to part ways with the European Union (EU) and set off an on uncertain path. Thursday’s landmark referendum showed that Britain does not want to remain with the EU, making this the biggest setback to European efforts to forge greater unity since World War Two.

The referendum results showed that a 51.7/48.3 percent split existed, tilting the results in favor of those who want Britain to remain separate from the EU. Due to this move, the Sterling has suffered its biggest one-day fall of more than 9 percent against the dollar. This marks its lowest level in three decades and the reason is that there are market fears that this decision will hit investments badly in the world’s fifth largest economy.

Now that the vote has been cast, it will take at least two years of divorce proceedings with the EU to see this process to the finish line. This move will also put a huge amount of pressure on Britain’s current Prime Minister, David Cameron to resign, although he pledged during campaign to stay on whatever the results may be.

In response to ‘Brexit’, the Euro also crashed around 3.5 percent against the dollar. There are concerns that becoming a 27-member union will do economic and political damage to the union.

Meanwhile proponents of an independent Britain are ecstatic over the results.

“Dare to dream that the dawn is breaking on an independent United Kingdom,” said Nigel Farage, leader of the eurosceptic UK Independence Party.

“If the predictions are right, this will be a victory for real people, a victory for ordinary people, a victory for decent people…Let June 23 go down in our history as our independence day.”

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Posted by fatimaarshad on Jun 24 2016. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.