The U.K. has voted to quit the European Union in a shock referendum result that has thrown the markets into turmoil and triggered the resignation of British Prime Minister David Cameron.
After four months of campaigning and a huge 72 percent turnout in yesterday’s vote, the British people decided to end more than 40 years of partnership with the world’s biggest and richest trading bloc.
CCTV’s Richard Bestic reports from London.
Brexit: What is the aftermath following the historic vote?The U.K. has voted to quit the European Union in a shock referendum result that has thrown the markets into turmoil and triggered the resignation of British Prime Minister David Cameron. CCTV’s Richard Bestic reports from London.
Within hours of the result, U.K. Prime Minister David Cameron had told the Queen he was resigning.
The idea for a referendum had been his and the outcome fell to his leadership.
In the most difficult speech of his political career, he said he could no longer do the job when his vision for the country was so at odds with that of the people.
“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,” Cameron said in a statement. “I will do everything I can as prime minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination.”
The man who may replace Cameron is the former Mayor of London, Boris Johnson, who was a vocal campaigner against the EU during the four-month campaign.
“In voting to leave the EU, it is vital to stress that there is now no need for haste and, indeed, as the prime minister has just said, nothing will change over the short-term except that work will have to begin on how to give effect to the will of the people and to extricate this country from the super-national system,” Boris Johnson, anti-EU campaigner, said.
The sterling took the brunt of Britain’s decision to quit the EU and the markets lost billions.
Analysts also warn of European contagion.
“The level of unpredictability is going to get greater yet, and if Europe thinks it is going to simply walk away from what has just happened in Britain, it has got another think coming,” Mike Ingram, BGC Market strategist, said.
With Cameron’s resignation, Britain has been thrown into a political void at a time when the markets are in turmoil. As the governor of the Bank of England, Mark Carney, put it, “The weeks and months ahead are going to volatile and uncertain.”
Chris Bovis on the economic impact of the Brexit
CCTV America’s Nathan King spoke with Chris Bovis, professor of business law at the University of Hull Business School, about the sterling, how the Brexit will affect business in the U.K. and the global markets.
Zoe Thorogood on the Brexit aftermath
For more, CCTV’s Elaine Reyes spoke to Zoe Thorogood, former press secretary for Prime Minister David Cameron, about Cameron’s resignation, what will happen to the U.K. government and the impact on the EU.