Brexit: EU Plans First Summit Without Britain Next Week
Britain will decide whether or not to end the four-decade long run as a part of the European Union.
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- Final result: Leave - 51.89 percent; Remain - 48.11 percent.
- Pound hits record 31-year low.
- British PM David Cameron steps down, to continue till October.
- Ex-Mayor of London, Boris Johnson, may become the new UK Prime Minister.
- Labour leader Jeremy Corbyn faces a motion of no confidence.
- Scottish First Minister Nicola Sturgeon says a second Scottish referendum ‘highly likely.’
- EU plans to hold its first meeting without the UK next week.
- RBI Governor Raghuram Rajan said India is prepared for Brexit.
- With 46,500,001 recorded votes, the turnout for the referendum was 72.2 percent.
- This is the third nationwide referendum in UK history.
The EU Plans on How to Deal With Brexit
Leaders of the 27 countries remaining in the European Union will on Wednesday hold their first summit meeting on how to deal with Brexit after British Prime Minister David Cameron has left, an EU official said.
Cameron is due to attend the first day of a scheduled two-day EU summit on Tuesday to inform the other 27 of the outcome of Thursday’s British referendum to leave the EU. He will then return to London and the remaining leaders will confer in what will become a regular format on Brexit on Wednesday.
(With inputs from Reuters)
Mayor Sadiq Khan Says Europeans “Are Very Welcome” in London
Mayor Sadiq Khan said that there are people from all over Europe living in London and they contribute a lot in the progress of the city.
Hillary Clinton Reacts to Brexit
Democratic Presidential candidate Hillary Clinton said she respected the United Kingdom’s vote on leaving the European Union and was committed to maintaining America’s relationships with both Britain and European countries.
(With inputs from Reuters)
President Obama Respects Decision of British People
President Barack Obama on Friday said that the United States respects the decision of British people to exit from the European Union and hoped that the United Kingdom and EU will remain “indispensable partners” of America.
Don’t Depose Jeremy Corbyn, Says a Joint Statement
A joint statement put out by the main trade unions affiliated to the Labour party said the MPs should not try to remove Labour leader Jeremy Corbyn from office, reports The Guardian. The statement, according to the report, does not specifically mention Corbyn, but said a row within the party is something the party cannot afford.
The statement has been signed by the General Secretaries of 12 unions, said The Guardian.
Boris Johnson Could Be Britain’s Next Prime Minister
After Prime Minister David Cameron announcing his resignation, Vote Leave figurehead, Boris Johnson is being named as a potential candidate for the UK Prime Minister.
The former mayor of London, Boris’ name has come up quite frequently though there is no confirmation yet.
We Must Stay Calm and Composed: Angela Merkel
German Chancellor Angela Merkel addressed a press conference in Berlin. “We must stay calm and composed”, urged Merkel, according to BBC reports.
Among the highlights of her speech were:
In light of the Referendum, she has invited the French, Italian and other European leaders in the coming week, reports the BBC.
Michael Fuchs, Markel’s ally and a member of her Christian Democratic Union party said the UK “is going to suffer” after Brexit, reports BBC.
On being asked what he thinks of future access to the single market, Fuchs said: “There’s no free lunch … you cannot just step out and continue to have free access to the market like you had before.”
How Does Brexit Affect Us?
India Is Well Prepared: RBI Governor Raghuram Rajan
RBI Governor Raghuram Rajan seems confident that India is well-prepared, in light of the EU Referendum.
In an interview given to ET Now, Rajan said the Brexit cannot be compared to the 2008 economic crisis. He said “India is reasonably well placed.”
Rajan maintained that India is not as exposed to exports as other countries, and with the arrival of the monsoon as predicted, he hopes for domestic demand to be strengthened.
As far as RBI is concerned, Rajan said as long as there are “orderly adjustments,” day-to-day fluctuations should not affect the rupee. He focused on good policies and strong economic fundamentals as the strength of the rupee.
Here’s what the RBI Governor said about Brexit when BloombergQuint spoke with him.
Another Scottish Referendum?
Scottish Leader Nicola Sturgeon reacts to the referendum, and calls it a mistake. Amidst questions of another Scottish Referendum, Sturgeon pretty much cleared the air by saying ‘a second referendum must be on the table, and it is on the table.’
Meanwhile, Scotland’s Conservative leader Ruth Davidson expressed disappointment with the UK’s decision, but said a second referendum for Scotland was not the answer, reports BBC.
Labour Leader Jeremy Corbyn Faces Motion of No Confidence
Two members of Britain’s main opposition Labour Party submitted a motion of no confidence in their leader, Jeremy Corbyn, according to the BBC.
Labour MPs Margaret Hodge and Ann Coffey submitted the motion over his handling of the EU referendum campaign.
EU Reacts to the Referendum
The European leaders “regret but respect” the UK’s decision, reports the BBC.
In a joint statement, the European Council President Donald Tusk, European Parliament President Martin Schulz, EU Commission President Jean-Claude Juncker and others asked the United Kingdom to invoke the Article 50 – which would begin the exit negotiations, BBC reports.
Boris Johnson at the ‘Vote Leave’ Conference
Vote Leave figureheads, Boris Johnson, Gisela Stuart and Michael Gove addressed a press conference.
Johnson, who had been campaigning for weeks against David Cameron’s call for UK to ‘Remain’ in the EU, began his address with paying a tribute to Cameron.
Through this historic decision, Johnson said “the British people have spoken up for democracy.”
He argued that “the EU was a noble idea” but is no longer tenable for the people of the United Kingdom.
David Cameron Meets the Queen
After stepping down, David Cameron is now at the Buckingham Palace for an audience with the Queen, reports the BBC.
Don’t Take Any Rash Decisions: Tony Blair
In an interview given to the BBC, former Prime Minister Tony Blair implored the government not to take any “rash decisions” after this morning’s historic decision of the British Exit.
He agreed with Prime Minister David Cameron, when he opposed invoking Article 50 of the Treaty of Lisbon, which would begin the exit negotiations.
Brexit, Now What Next?
Donald Trump Supports Brexit While Obama Voices Concern
US Republican presidential candidate Donald Trump, in Scotland said Britons “took back control of their country” by voting to leave the European Union.
His comments came in the light of British Prime Minster David Cameron stepping down from his position.
Trump has exchanged insults with British Prime Minister David Cameron, who supported staying in the EU.
Outgoing President Barack Obama had traveled to London in April at the request of Cameron, who he calls a friend, exhorting Britons to stay in the EU.
Unlike Trump, who is in Scotland to reopen a golf resort, Obama’s advice was considered an unusual intervention and denounced by the supporters of Brexit.
Prime Minister David Cameron to Quit
Prime Minister David Cameron has decided to step down from the Prime Minister’s office after the EU referendum voted in favour of Brexit.
He will remain in office for next three months.
Watch his statement here:
Old People Wanted Out of EU
A chart mapping the demographic of the EU referendum voters shows that the people above the age of 65 were in favour of Brexit. As the person who made the chart puts it, “those who must live with result of the EU referendum the longest want to remain”.
It is not just the younger generation which has to has to live through the turmoil, but also the 42 percent of older people who did not want to leave EU.
Industry Giants React to Brexit Vote
“The weeks and months ahead are going to be a nervy time for business leaders,” Simon Walker, director general of British business lobby the Institute of Directors, said on Friday.
Jaguar Land Rover
Scotch Whisky
Nippon Steel & Sumitomo Metal
Wire and Plastic Products (WPP)
AstraZeneca
Watch BloombergQuint report on how the Indian markets reacted to the Brexit result:
This is How the World is Reacting to Brexit
India
Scotland
Russia
Hungary
France
Poland
Finland
Czech
Ukrain
David Cameron to Remain in Office
Foreign Minister Hammond, who said that the UK economy will now face some very big challenges, told the media that David Cameron will remain as the Prime Minister.
Britain’s Foreign Secretary Philip Hammond said the Conservative party leader will continue as Prime Minister despite losing his campaign to keep Britain in the European Union.
EU Referendum Favours Brexit, Now What?
The referendum result, which was fought neck-to-neck by the Remain and Leave camp, raises the obvious question. When and how will UK break away from the European Union?
European Parliament President Martin Schulz expects negotiations over Britain’s departure from the European Union to begin quickly, he said on Friday.
The United Kingdom should leave the European Union within the next two years, the European People’s Party (EPP) group has said in the European Parliament.
Nigel Farage, leader of the Leave campaign, said Prime Minister David Cameron has to step down after his campaign for Britain to stay in the European Union was defeated.
Leave Camp Closer to Victory
BBC has predicted the vote in favour of Leave.
Indian Markets React to Brexit Vote
Reacting to the Brexit vote,the rupee saw its steepest fall since November 2015. Sensex opened 940 points down as polls show ‘Leave’ camp ahead in Brexit referendum. Nifty tanked by 281.50 points.
Sensex plunged 634 points in pre-open session.
The Rupee fell 74 paise against US dollar to 67.99 in early trade, as leads show ‘Leave’ camp ahead in ‘Brexit’ referendum vote.
Leave Leader Seeks Cameron’s Resignation
Leave camp leader Nigel Farage says “immediately” when asked if British Prime Minister David Cameron should quit now that Brexit has taken lead.
Leave Takes Steady Lead
The fight is neck-to-neck with the fluctuation seen only in the decimal points after crossing the half mark in 382 areas. While Remain stands at 48.5 percent, Leave stands at 51.5 percent.
Remain stands at 8.392 million votes, and Leave at 8.811 million after more than 17 million votes counted.
The trend pulled Pound Sterling to the lowest point in the past 31-years as Nigel Farage, one of Leave camp leader, said “23 June will go down in our history as our independence day.”
All Eyes on David Cameron
Hilary Benn, the shadow foreign secretary trains guns on British Prime Minister David Cameron. Says Cameron will have to resign if the UK votes to leave the European Union, reports The Guardian.
After the vote from half of the 382 areas are counted, Remain stands at 48.7 percent, Leave at 51.3 percent.
The markets swindled violently as both the camps took lead alternatively.
Pound Reaches Record Low
Pound has reached a record low as it reaches $1.3876. The British currency slid by 6 percent, reports The Guardian.
Sterling was last down a huge 5.8 percent at $1.4063, having carved out a range of $1.3969 to $1.5022.
The fall was even larger than during the global financial crisis and the currency was moving one or two cents in the blink of an eye.
Brexit Takes Slight Lead Again
The vote for Remain stand at 48.9 percent, and Leave on 51.1 percent after vote from 150 of 382 areas counted, according to Reuters.
Too Close to Call
The Guardian
Telegraph
Bloomberg
Pound Recovers As “Remain” Takes Lead
With initial lead of Leave vote, Pound had a steep fall. However, as Remain managed a lead, although with a thin margin, Pound has recovered.
Pound Slid at the First Sign of Brexit
Pound dropped as early trends favored Brexit. Pound was predicted to have been headed for the steepest fall.
However, as counting is progressing, the Remain vote is taking a lead, although with a thin margin.
Polling Closes, Counting Begins
At 10 pm (BST), polling on the EU referendum closed on Thursday. According to a survey carried out with 5,000 participants by YouGov, the figures stand at 52 percent for Remain and 48 percent for Leave.
Unlike a classic exit poll, it was based on online responses by a pre-selected sample of people rather than a survey of voters as they left polling stations.
Additionally, Boris Johnson, former Mayor of London, and 84 MPs have signed a letter saying that David Cameron should remain Prime Minister irrespective of the referendum results, reported BBC.
Early Results Encouraging for Remain
Remain won a landslide victory in Gibraltar with a whopping 95 percent votes in its favour. The total number of voters from this tiny country within Great Britain who voted for Remain were 19,322, while for Leave they were a meagre 823.
If Britain were to leave EU, it would mean trouble for Gibraltar nationals over crossing the border into Spain, something which many Gibraltarians do every day.
Newcastle, Clackmannanshire and Orkney have also declared their results in favour of ‘Remain’. Of the first few results, Sunderland is the only place to have voted for ‘Leave’.
A total of 15 out of 382 results have been declared. Even though 10, including London, are in favour of ‘Remain’, ‘Leave’ has a lead in the overall percentage with a 51.5 percent as opposed to the 48.5 percent for ‘Remain’.
The United Kingdom (Britain) on 23 June voted to decide whether to ‘leave’ or ‘remain’ in the European Union (EU).
With the vote, Britain will rest a four-decade long debate over its place in Europe and ties with Brussels.
British Prime Minister David Cameron called for the referendum after courting conservative and anti-EU voters during the last election.
It was his electoral promise to hold a referendum on the UK’s membership in the 28-nation bloc by the end of 2017.
Watch the video to know how Britain’s exit from the European Union will affect India:
Also Read: Why Should India Care About ‘Brexit’?
Everything You Need To Know
THE OPPOSING CLAIMS
Campaigns by conservatives and anti-EU voters pushing to leave the European Union (EU) claim that the EU has evolved into an undemocratic entity far removed from its original purpose as a trading bloc that Britain joined in 1973. They claim that a British exit – or Brexit – is the only way to restore sovereignty and help curb immigration.
On the other hand, those campaigning to remain as part of the EU argue that this union of European countries ensures peace and prosperity for more than 500 million people from Portugal to Finland and the benefits far outweigh the costs.
WHO CAN VOTE?
British and Irish citizens 18 and over who reside in the United Kingdom, as well as UK residents of Commonwealth countries who have the right to live in the country, can vote. UK nationals who live outside the country but were registered to vote in parliamentary elections in the past 15 years, and Irish citizens overseas who were born or registered to vote in Northern Ireland in the same period, can also vote.
In addition, some citizens of Gibraltar, a British enclave on the south coast of Spain and members of the House of Lords, who cannot normally vote in general elections, have been given permission to participate in the referendum.
The Electoral Commission revealed a record number of 46,499,537 voters were registered for the referendum by Tuesday.
WHAT’S ON THE BALLOT PAPER?
Voters are asked to answer one question: “Should the United Kingdom remain a member of the European Union or leave the European Union?” The options are: “Remain a member of the European Union” and “Leave the European Union.”
WHAT HAPPENS ON THE DAY OF THE REFERENDUM?
Polling stations open at 7 am in Britain (11:30 am IST). Many votes will have been cast in advance by postal ballot. Election officials in 382 areas will begin counting the votes immediately after polls close.
IS THERE CAMPAIGNING ON VOTING DAY?
The law doesn’t prohibit campaigning on voting day, but by convention, political parties refrain from doing so. Publishing exit polls prior to the end of voting at 10 pm in Britain (2:30 am IST, Friday) is, however, a criminal offense.
WHEN AND HOW WILL THE RESULT BE ANNOUNCED?
Regional counting offices will send their results to Manchester, where the chair of the UK Electoral Commission is expected to announce the official outcome at about 7 am (11:30 am IST) Friday. However, the result may well be known as early as 4 am on Thursday as media tally the local results.
WOULD THERE BE A RECOUNT IF THE VOTE IS CLOSE?
The rules don’t allow for a national recount, but courts can order recounts at the local level. The overall outcome can be challenged by judicial review filed within six weeks.
IS THE REFERENDUM BINDING?
No. The Parliament isn’t legally required to abide by the vote, but there would be strong political pressure to do so, especially if the result of the referendum is clear-cut.
Why Should India Care?
The UK is the third largest source of foreign direct investment (FDI) in India. Indian companies are the third-largest source of FDI for the UK, the British government says.
There are over 800 Indian companies in the UK employing over 110,000 people, according to a Grant Thornton report.
Many of these companies might need to do some serious contingency planning id Britain choses exit the EU.
Britain’s Indian-Origin Voters
Britain’s biggest ethnic majority-group, the Indian-origin voters at 1.2 million are expected to cast their votes in large numbers. A majority of them may vote against Brexit, surveys suggest.
However, one of the biggest campaigning features for ‘Leave’ was a focus on the ‘curry clash’.
A Poll of Polls
Britain Elects conducts a blanket poll of all the polls so far. It looks like it’s neck-and-neck for ‘Remain’ and ‘Leave’.
Referendum’s Unexpected Effect on British Economy
Economists suggested that if Britain does indeed choose to leave the European Union, the British economy would be severely hit.
Irrespective of these speculations, prior to the results of the referendum, British pound rose above $1.50, up almost 1 percent in a single day.
However this was soon followed by Sterling extending losses to $1.4804 after Newcastle vote count, which showed victory for Remain.
Dogs at Polling Stations
The Brexit voters brought their pet dogs to the polling stations. The hashtag #DogsAtPollingStations has taken Twitter by storm.
For instance this:
Voters Divided Over Using Pen or Pencil
Amidst rumours that the EU Referendum may be rigged, panic-stricken voters have been voting with pens in the fear that the MI5 (the British intelligence agency) may change their vote.
Many of the ‘Leave’ camp supporters suspect that the secret services might try to sway the vote pro-EU.
The #usepens hashtag has been trending on Twitter, as voters post updates of how they casted their votes.
Party Leaders Make Last Ditch Efforts for ‘Remain’ and ‘Leave’
UK Independence Party Leader Nigel Farage makes a final appeal to ‘Leave’.
Social Democratic and Labour Party leader Colum Eastwood implores people to vote ‘Remain’.
Heavy Rains, Many Stranded at Waterloo, but Voting Goes on
Thunderstorms in parts of London and south-east England affected a few referendum voters. But polling carried on as enthusiastic voters waded through the waterlogged streets.
In fact, a rather generous man lent his wellington boots to voters arriving near his polling station in Chessington, reports the BBC.
Thousands of voters were also stranded at Waterloo station as it came to a stand-still owing to the heavy rains.
Ipsos Calls It 52-48 for ‘Remain’
Ipsos MORI a market research organisation in the United Kingdom spoke to the public about the referendum. Here’s what they found:
UKIP Leader Nigel Farage Casts His Vote
UK Independence Party leader Nigel Farage cast his vote in the referendum. Farage is one of the proponents of the “Leave” camp.
While speaking to the media outside his home in Kent, Farage told The Press Association:
The Press Association’s Helpful Guide to the Referendum
What Google Trends Are Telling Us
Google Trends tried to trace what UK searchers have been looking for, in relation to Brexit. The top searches included Agriculture, Economy and Education. Immigration (marked in red) too remained an important criteria.
Brexit Will Affect Game of Thrones
The production of Hollywood Box Office’s (HBO) Game of Thrones may get directly affected if UK decides to leave EU.
Thanks to Northern Ireland, the main production base, the expensive production uses funds from the EU European Regional Development Fund and Brexit will mean no money from EU.
Impact on Indian Markets
If Britain does decide to leave EU, the Indian markets will suffer a shock, reports Bloomberg | Quint.
However, the Indian markets will suffer less than other emerging markets, officials from Kotak Securities and Religare Capital Markets have said.
China Joins ‘Remain’ Camp
Hua Chunying, spokesperson of the Chinese Foreign Ministry expressed support for the Remain camp, shedding light on China’s stance on the matter.
China and Britain have historically looked horn over human rights and the future of the former British colony of Hong Kong.
However, diplomats say that the export-reliant China values Britain as a strong advocate for free trade within the EU and the bloc as an important counterweight to the United States.
David Cameron Votes
British Prime Minister David Cameron and his wife Samantha arrived at the polling booth in London to cast their vote in the European Referendum.
He has declared his support for the Remain camp, urging others to vote in favor of the Remain camp too.
Daniel Craig, JK Rowling Want UK to Remain in EU
James Bond star Daniel Craig and author of Harry Potter series JK Rowling want UK to remain in the European Union.
British Prime Minister David Cameron also tweeted Craig’s picture wearing this:
JK Rowling tweeted her support for the four-decade old membership of UK in the EU.
Close to 250 artists wrote an open letter in support of the Remain camp, according to The Guardian. The letter read:
According to an online portal named Britain Stringer in Europe, which first published the open letter, following artists have supported the Remain camp:
- Anoushka Shankar, Musician
- Benedict Cumberbatch, CBE Actor
- Danny Boyle, Director
- Ian McEwan, Novelist and screenwriter
- Jude Law, Actor
- Katie Moore, Actor
- Keira Knightley, Actor
- Nitin Sawhney, Musician
- Sir Patrick Stewart, Actor and activist
- Wolfgang Tillmans, RA Artist
Read the open letter.
Harry Potter star Bonnie Wright has urged the people of UK to cast their vote, although she has not picked a side.
Polling Booths
Cameron Urges UK to Remain
As the voting begins, Prime Minister David Cameron tweeted urging the voters to choose the European Union.
Where Does the Term ‘Brexit’ Come From?
This is a shorthand term for a British Exit from the EU.
It first popped up four years ago, after all the agonising about Grexit, the possibility of Greece leaving the Eurozone.
And there’s more – other variations include Fixit, as Finland debated earlier this year whether it should hold its own referendum.
Early Effects of Brexit Referendum
India:
China:
News Publications Divided Over Brexit
Three days earlier the country’s newspapers publicly took sides, hoping to influence the debate as polls paint a picture of an evenly split electorate.
Also Read: Britain’s Newspapers Are Divided on the Brexit Referendum
The publications which support Britain’s exit are:
- The Sun: Leave
- The Sunday Times: Leave
- The Sunday Telegraph: Leave
Publications which do not wish to exit EU:
- The Times: Remain
- The Mail on Sunday: Remain
- The Observer: Remain
Amul India, although not a news publication, also has a stance on the issue.
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