How Brexit sent financial markets plunging
As long as the notice hasn’t been sent, Britain can still change its mind about leaving the union.
Britain’s decision to leave the EU, the world’s largest trading bloc, is the biggest blow since World War Two to the European project of forging greater unity.
Since the shock vote on Thursday, won 52-48 percent by the Leave camp in defiance of polls and the bulk of the British establishment, there have been calls in Britain for the result to be reviewed or for parliament to ignore the referendum.
“(We will) explore possible options to protect Scotland’s place in the European Union”, she said after meeting with her Cabinet in Edinburgh, adding that a new referendum on Scottish independence from the United Kingdom is “very much on the table”.
Britain’s representative on the European Union executive in Brussels, Financial Services Commissioner Jonathan Hill, said yesterday he was resigning following the referendum vote for Brexit which he had campaigned against.
Seven major automakers-VW Group, Toyota, GM, Ford, Nissan, Honda, and BMW-have design, engineering, or manufacturing plants in the U.K. According to figures released by the U.K. automotive industry body, the Society of Motor Manufacturers and Traders, total production of British-made vehicles last year reached nearly 1.6 million units, a 10-year high and a 3.9 percent increase on 2014.
Cameron said it would be up to his successor to formally start the exit process.
Labour Party leader Jeremy Corbyn gave a post-Brexit speech in central London on Saturday, in which he said some parts of the United Kingdom may have a “lesser level of understanding of diversity” than the rest of the country.
London’s benchmark FTSE-100 index plummeted 7.5 percent after opening but recovered some of the losses as the news sank in and British Prime Minister David Cameron announced his resignation.
“There must be clarity”, Mr Asselborn said.
The sterling took the brunt of Britain’s decision to quit the European Union and the markets lost billions. Manfred Weber said: “The start of the waiting game in London is unacceptable” and stated that he wanted to see Brexit completed “within the planned period of two years, or even better within one year”.
Bank of England governor Mark Carney moved soon after to also issue a strong statement to try and calm the turmoil unleashed on the world markets. They have access to the single market while staying out of the EU.
“Leave” campaigners hailed the result as a victory for British democracy against the bureaucratic behemoth of the EU. “The U.K.is an indispensable ally of the United States, and that special relationship is unaffected by this vote”.
“We clearly need somebody who the public think of as an alternative prime minister”, Field told BBC radio. It seems to many that the woes of the British are just beginning.