Britain Stuns World With Vote to Leave EU; Cameron Plans to Resign and Markets Fall

The United Kingdom voted to leave the European Union, 52 to 48 percent. A decision in the world’s fifth largest economy that the world’s largest political and economic union is beyond repair has roiled global financial markets. British Prime Minister announced he will resign in October, adding political uncertainty. Voters opposed to immigration and open borders for trade ended any hopes of Britain influencing the EU. Scotland voted to stick with the EU, 62 to 38 percent, and is expected to seek independence from the UK. The first minister suggested “it would be ‘democratically unacceptable’ for Scotland to be pushed out of the European Union when a majority of Scots want to stay in,” reports Steven Erlanger for the New York Times. Likewise, 60 percent of voters in London support staying with the EU. Transitions could be rocky and mean. Voters removed any leverage the UK might have to negotiate new deals with Europe or the rest of the world. Already, Cameron and other leaders are backtracking on how quickly to exit the EU. “The withdrawal process is expected to be complex and contentious, though under the bloc’s governing treaty it is effectively limited to two years. – YaleGlobal