David Cameron announced he will step down as prime minister as his nation voted to leave the EU and reclaim its independence. He did not give an exact departure date, but the new leader is expected to take his place by October. With all voting areas counted early Friday, 51.9% voted to leave the EU and 48.1%,voted to stay. This all but seals the deal that the UK will leave the EU after 43 years. The negotiation process is expected to take a minimum of 2 years.
“The British people have voted to leave the EU and their will must be respected, the will of the British people is an instruction which must be delivered. As such, I think the country requires fresh leadership to take it in this direction.” – Said Cameron as he announced his resignation.
Presumptive republican nominee, Donald Trump weighed in on the matter, saying “we stand together as friends, as allies & as a people w/a shared history.”
So what does this mean for the UK? By leaving the EU they have claimed their right to free trade without having to answer to the EU. They will be free of the ridiculous regulations put in place on everything including their toasters, blowdryers and microwaves. More importantly, this means they can set their own rules on immigration.
“Immigration became a key issue in the debate amid concerns among some Britons that the government seemed unable to reduce the numbers of EU citizens coming to the U.K. Membership in the bloc ensures the free movement of people between member states. The result came despite Mr. Cameron’s persistent warnings of the economic and security risks of leaving—a strategy his opponents dubbed “Project Fear.” The prime minister argued that leaving the EU would trigger a sharp decline in the U.K. economy—what he referred to as the world’s first “DIY recession”—leading to fewer jobs, lower wages and higher prices.” – Wall St Journal
However, their decoupling with the EU has already sent the pound on a roller coaster ride. This means financial companies are in for a huge headache. They will have to redo trade deals etc, but they also have plenty of time to get those done. The economic repercussions were widely predicted as the world reacts to #Brexit.
We will keep a close eye on the impact to the US race for presidency, as Hillary is expected to take a huge blow, and Trump is expected to get a boost in the polls.