In a historic decision, Britain voted to leave the European Union. This decision not only completely changed the nation’s place but also it rattled the political environment as well.
David Cameron the Prime Minister who favored Britain staying in the European Union soon after the tally was complete, appeared in front of his residence at 10 Downing Street and said that he planned to step down in October. The reason he gave for stepping down was that he wanted the British to have a leader who would carry out what the British wanted.
As a result of this announcement, the financial markets plummeted and so did the stock prices and the British pound as well.
The ‘leave’ campaign won the votes by 52 percent to 48. There were over 17.4 million people who voted that they should leave the European Union and 16.1 million decided to remain.
David Cameron stated that he would steady the ship so to speak for the next few months but then would step down as he did not feel that this was the way the British people should have voted. The reasons are that the largest trading zone will have to be pulled out from and there would be millions who would be affected due to the labor, goods, capital and services which are now enjoying free movement. In fact, there is a lot of implications even to do with the legal system, and everything from digital privacy to safety of products and the economy will all be affected.
The trading hub which was London due to the euro dominated securities will now perhaps move to Paris and Frankfurt.
Britain is the first country which will leave the block of 28 members, and this will have a huge impact all around. In fact, regulators and central banks already started taking steps to help do damage control.
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