The United Kingdom has voted in favor of Brexit to leave the European Union after months of intense campaigning on both camps. The final result had sent the sterling pound into a plummeting freefall. A tearful David Cameron has announced his intention for resignation with the hope of a new Tory leader being put in place by October.
The LEAVE campaign managed to win with a lead of one million votes with a margin of 51.9% to 48.1% resulting in the pound falling to its 31 year low and at the same time, 8% or equivalent of £122bn was wiped off the FTSE 100 minutes upon its opening. Bank of England governor Mark Carney had claimed that the United Kingdom is “well prepared” for fallout resulted from the vote result in favor of the LEAVE camp and he would “not hesitate to implement any additional measures much needed” to maintain and ensure stability in the financial market.
Mr Cameron, in his statement outside Number 10, said that he would remain in place for the time being to “steady the ship” in the coming weeks or even months. He had made such statements in the effort to reassure the market.
With regards to Article 50 of the Lisbon Treaty, Mr David Cameron said that he would leave it to whoever his successor will be to invoke such Article kicking off the two years of negotiation process for a new trade relationship with United Kingdom former partners.
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