June 24, 2016

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Brexit fallout, Cameron quits, markets rocked –
Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow since World War Two to the European project of forging greater unity. Global stock markets plunged on Friday, and the British pound saw its biggest one day drop in history, as results from a referendum defied bookmakers’ odds to show a 52-48 percent victory for the campaign to leave the bloc Britain joined more than 40 years ago. The United Kingdom itself could now break apart, with the leader of Scotland, where nearly two-thirds of voters wanted to stay in the EU, saying a new referendum on independence from the rest of Britain was “highly likely”. In an emotional speech on Friday, UK Prime Minister Cameron, who led the campaign to remain in Europe to defeat, after promising the referendum in 2013, said he would leave office by October. Lawmakers from the opposition Labour Party launched a no-confidence motion to topple their leader, leftist Jeremy Corbyn, accused by opponents in the party of campaigning tepidly for its Remain stance. The British pound fell as much as 10 percent against the U.S. dollar on Friday to levels last seen in 1985 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. The euro slid 2.0 percent against the U.S. dollar. [Reuters] In February Cameron secured a deal with the EU to try to avoid an exit vote.
David_CameronDavid Cameron

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Brexit: UK prime minister David Cameron addresses British voters on leaving the EU

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