Thursday, 23 June 2016

Brexit: Britain votes to leave EU in historic divorce.


The U.K. voted to leave the European Union in a historic referendum that was met with a mixture of shock, elation and borderline despair

British media reacted with a mix of shock, surprise and, depending on the outlet, elation, after the results of the historic Brexit vote came in, confirming that Britain has chosen to leave the European Union.

 

"We're Out!" screamed the headline of the pro-Brexit Daily Mail, which, like many papers, put a picture of a celebrating Nigel Farage, leader of the U.K. Independence Party, on its front page. "Oop Yours" was the line from the Telegraph, a play on the accents of Northern Britain, whose voters were key in the Brexit success. 

The pro-EU Guardian went for the more plain and sober "Britain Votes for Brexit" but quoted Farage, who called the result "a victory for ordinary people."

Amid the celebrations were warnings, however, as the British media pointed to the economic upheaval that has accompanied the surprise decision.

 

The British Pound tumbled against the dollar and the Euro as results came in, falling to its lowest level in 31 years and investment banks, which had hedged heavily in favor of Britain remaining, quickly switched their positions. The London Stock Exchange is expected to open sharply down on Friday.

Britain will be the first country to leave the EU since its formation — but a leave vote will not immediately mean Britain ceases to be a member of the 28-nation bloc. 

That process could take a minimum of two years, and way not be completed until 2020 — the date of the next scheduled general election. 

Focus in the U.K. is now quickly shifting to the future of Prime Minister David Cameron, who led the unsuccessful Remain campaign and is under pressure to resign.

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