Prime Minister David Cameron urged the country to vote ‘Remain’ EU Referendum. But 52% voted to leave the European Union despiteLondon, Scotland and Northern Ireland backing to stay in.The outcome has both shocked and prompted celebration across the global economy. Following the results, the pound fell to its lowest level against the dollar since 1985.David Cameron has resigned as Prime Minister of Britain saying “fresh leadership” was needed.
“The British people have voted to leave the European Union, and their will must be respected,” said Mr. Cameron. “The will of the British people is an instruction that must be delivered. The new PM should be in place by October. Cameron told the next Prime Minister when to decide when Article 50 should be triggered, for the first time in the history of the union.
With Britain leaving the EU, new trade agreements with the rest of the world will have to be made.Before the referendum, it was believed that Brexit would not hit Britain’s economy. Britain will no longerhave to contribute billions of pounds a year towards the European Union’s budget.
Britain became the first country to leave the EU since its formation and choose to take a route to a free land.On Saturday, the foreign ministers of the founding six member states – France, Germany, the Netherlands, Luxembourg, Italy, and Belgium – will meet to discuss the implications of the British vote.
Following Brexit: What Happen Now
How Long will it take for UK to leave the EU?
A minimum of two years. And during this time, Britain will be abiding the EU treaties; however the country will not take part in decision making.
What will happen during this time?
UK’s terms of departures will be listed. Some of the issues include trade tariffs,movement rights of EU citizens and UK nationals and financial regulations that’ll still apply to the City of London.
How is Brexit going to impact the EU?
Some believe the Brexit will encourage other countries to exit the EU or demand referendums or tailor-made deals for their countries.