Brexit is official! With 16,737,273 votes for Leave, Britain has voted to leave the EU, breaking the winning post in the referendum. This exit has plunged the pound against the dollar to its lowest level since 1985 as Britain lurched towards Brexit. Sterling has crashed nearly 10% to $1.34, and by more than 6% against the euro. Gold is up nearly by 6% this morning.
US markets were expected to open down 550 points on Friday morning. Trading in Tokyo was halted after stocks plunged nearly 7 per cent, while South Korea’s Kospi tumbled about 4 per cent.
Crude oil prices also took a hit. As results poured in, a picture emerged of a sharply divided nation: Strong pro-EU votes in the economic and cultural powerhouse of London and semi-autonomous Scotland were countered by sweeping anti-Establishment sentiment for an exit across the rest of England, from southern seaside towns to rust-belt former industrial powerhouses in the north.
Nigel Farage, leader of the UK Independence Party, has declared June 23 Britain’s ‘Independence Day’.
One expert forecast the UK, will plunge back into recession.
Kathleen Brooks, of City Index, predicted shares in big banks would tumble at least 10% when markets open. She said:
“This is bad news for the country, the economy and the UK’s position in the world order. “In other words, for now at least we should batten down the hatches.”
Meanwhile, in Europe, far-right leader Geert Wilders has reportedly called for a Dutch EU Referendum “as soon as possible.”
The Party said: “The United Kingdom is leading the way to the future and liberation. The time is now for a new start, trusting in its own strength and sovereignty. Also in the Netherlands”
Prime Minister David Cameron, who called the referendum and led the ‘remain’ campaign, faces an uncertain future with this result.
Former London Mayor Boris Johnson. If ‘leave’ wins, he may have no choice but to resign.
‘If the prime minister loses this I don’t see how he can survive as prime minister,’ said Scottish National Party lawmaker Alex Salmond.