Britain votes to leave EU, Cameron quits

Ceewan

Famished
Jul 23, 2008
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This even made the Japanese front headlines but I think a better source for this is Reuters, which is based in London:


Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War Two.

Global financial markets plunged as results from Thursday's referendum showed a near 52-48 percent split for leaving.

The pound fell more than 10 percent against the dollar to levels last seen in 1985, its biggest one-day fall in history, on fears the decision could hit investment in the world's fifth-largest economy, threaten London's role as a global financial capital and usher in months of political uncertainty.

European shares plummeted more than 8 percent, headed for their biggest ever one-day fall. Billions of dollars were wiped off European banks' market value, with Britain's Royal Bank of Scotland, Barclays and Lloyds Banking Group among the biggest fallers.

An emotional Cameron, who led the "Remain" campaign but lost the gamble he took when he called the referendum three years ago, said he would resign as prime minister by October.

"The British people have made the very clear decision to take a different path and as such I think the country requires fresh leadership to take it in this direction," he said in a televised address outside his Downing Street office.

"I do not think it would be right for me to be the captain that steers our country to its next destination."

Quitting the EU could cost Britain access to the EU's trade barrier-free single market and mean it must seek new trade accords with countries around the world. The United Kingdom itself could break apart, with leaders in Scotland -- where nearly two-thirds of voters wanted to stay in the EU -- calling for a new vote on independence.

The EU for its part will be economically and politically damaged, facing the departure not only of its most free-market proponent but also a member with a U.N. Security Council veto and powerful army. In one go, the bloc will lose around a sixth of its economic output. Populist leaders in France and the Netherlands demanded their own referendums to leave.

The vote will initiate at least two years of divorce proceedings with the EU, the first exit by any member state. Cameron, who has been premier for six years, said it would be up to his successor to formally start the exit process.

His Conservative Party rival Boris Johnson, the former London mayor who became the most recognizable face of the "leave" camp, is now widely tipped to seek his job.

INDEPENDENCE DAY

There was euphoria among Britain's eurosceptic forces, claiming a victory over the political establishment, big business and foreign leaders including U.S. President Barack Obama who had urged Britain to stay in.

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

European politicians reacted with shock. "Please tell me I'm still sleeping and this is all just a bad nightmare!" former Finnish Prime Minister Alexander Stubb tweeted.

French National Front leader Marine Le Pen declared "Victory for freedom!". Dutch far right leader Geert Wilders said: “We want be in charge of our own country, our own money, our own borders, and our own immigration policy."

Britain, which joined the then European Economic Community (EEC) in 1973, has always been an ambivalent member. A firm supporter of free trade, tearing down internal economic barriers and expanding the EU to take in ex-communist eastern states, it opted out of joining the euro single currency or the Schengen border-free zone.

Cameron's ruling Conservatives in particular have risked being torn apart by euroscepticism for generations.

World leaders including Obama, Chinese President Xi Jinping, German Chancellor Angela Merkel, NATO and Commonwealth governments had all urged a "Remain" vote, saying Britain would be stronger and more influential in the EU than outside.

The four-month campaign was among the divisive ever waged in Britain, with accusations of lying and scare-mongering on both sides and rows on immigration which critics said at times unleashed overt racism.

It also revealed deeper splits in British society, with the pro-Brexit side drawing support from millions of voters who felt left behind by globalization and believed they saw no benefits from Britain's ethnic diversity and free-market economy.

A pro-EU member of parliament was stabbed and shot to death in the street a week ago by an attacker who later told a court his name was "Death to traitors, freedom for Britain". Older voters backed Brexit; the young mainly wanted to stay in.

But in the end, concerns over uncontrolled immigration, loss of sovereignty and remote rule from Brussels appear to have trumped almost unanimous warnings of the economic perils of going it alone.

EU OFFICIALS GATHER

The Bank of England said it would take all necessary steps to secure monetary and financial stability. Global policymakers also prepared for action to stabilize markets, with Japanese Finance Minister Taro Aso promising to "respond as needed" in the currency market.

EU affairs ministers and ambassadors from member states gather in Luxembourg by 10 a.m. (0800 GMT) for previously-scheduled talks that will provide the first chance for many to react.

Even less clear at this stage is what sort of relationship Britain will seek to negotiate with the EU once it has left.

To retain access to the single market, vital for its giant financial services sector, London would have to adopt all EU regulation without having a say in its shaping, and pay a substantial contribution to Brussels coffers for market access, as Norway and Switzerland do.

EU officials have said UK-based banks and financial firms would lose automatic "passport" access to sell services across Europe if Britain ceased to apply the EU principles of free movement of goods, capital, services and people.

Aside from trade, huge questions now face the millions of British expatriates who live freely elsewhere in the bloc and enjoy equal access to health and other benefits, as well as millions of EU citizens who live and work in Britain.
 

Ceewan

Famished
Jul 23, 2008
9,151
17,033
Now I have quite a few friends from England, some of them from here but I got to say, I saw this coming. I read articles at torrentfreak a lot and I noticed that the European Union laws were not meshing very well with Englands but by term of their contract it was England that was going to end up having to change (just like Denmark had to). I just didn't see it. England has always been a very proud country, someone else dictating terms to them, no matter what the advantages, just doesn't seem to mesh with the England I know. Hey, America is the same way, each and every state (well, some states tend to kiss the federal governments ass but I won't name names). I know the primary issue was immigration but I think that is just the straw that broke the camels back. At least they have the choice to leave the EU, which shows they have greater autonomy than the very States that formed the USA. (Yep, nobody thought to write an escape clause into the constitution, that is a permanent contract).

Would enjoy hearing thoughts from our European visitors. They are on the ground floor of this and it affects them more than me.
 

kharo88

Akiba Citizen
Sep 13, 2015
1,345
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******* traitors, all of them! :oii:

But to be honest, I do understand their decision, I think. I didn't hear anything about what you said there, Ceewan (about the UK having to change a lot and follow the EU's rules), but what I did hear is that Middle-Eastern people have caused a lot of concern. All I heard from my UK friends back in the day was how shocked they were that under sharia law (not sure if that's how you spell it) the immigrants from Middle-Eastern countries were free to sexually mutilate their young women and men for their crimes (which were not severe at all if I remember correctly) and that the police were too afraid to do anything out of fear of being viewed as racist.

Another thing that I heard is that due to the influx of immigrants, house prices skyrocketed, so it has become really hard to get your own house due to a sort of "house shortage".

So no wonder they wanted to leave when they would have probably needed to take in a lot more immigrants from those Middle-Eastern countries. And yeah, I totally understand that, as well. There was talk about every country in the EU sharing a certain % of the immigrants (as in, taking them in permanently) and I'm definitely against that... We have a minority group in my country that is growing pretty steadily and they are, well, not civilised at all, to say the least, and only cause trouble. So we've definitely got enough here.

On a personal note, I'm not for this multicultural thing at all. If anyone wants that stuff, they should go to America. No matter what, there will always be differences. In my country, there is a small Chinese minority who are pretty cool as far as I can tell, and they are constantly made out to be the devil as well. And yeah, I'm biased in their favour, but my point is, no matter who you are or what you do (or don't do), some people will always hate you just because you are different.

But on the other hand, I totally understand that people want better lives for themselves. The UK is so rich, who wouldn't want to live there? Just to give you guys an idea, the minimum wage in the UK equals to what our ministers earn here...

I went a bit off-topic there, but to sum it up, I'm not happy about the Brexit (that is such an awful word), but I do understand it.