Prime Minister David Cameron announced his resignation at 8 am this morning after England voted to become the first country to leave the European Union. British leaders have called to evoke Article 50 of the Treaty of the European Union, which will likely be handled by Cameron’s successor. The change has raised questions and led to instability in the stock market.
An estimated 30 million people voted in a 51.9 % majority for Brexit, which has become slang for British exit from the EU despite Scotland and Northern Ireland voting to remain. Britain will become the first country to ever leave the EU since its formation in 1993. The news has raised many questions for both Britons and other individuals who work in Britain.
Shortly following the announcement, Prime Minister Cameron announced that he would be resigning from his position as Prime Minster. Cameron, a conservative party leader, became Prime Minister in 2011 and has just announced that he would be resigning in favor of “fresh leadership”. UKIP leader, Nigel Firage, was happy with the decision while Scotland’s First Minister, Nicola Sturgeon, said that she was determined to keep Scotland in the EU
Leaving the EU means evoking Article 50 of the Treaty of the European Union, or the Lisbon treaty, which outlines the procedure if a country decides to leave the Union. The article has yet to be evoked as Britain is the first to ever vote to leave the union.
The change has sparked uncertainty, both politically and economically. Major banks, including the Swiss bank and Bank of Japan have offered to step in and stabilize the stock market if necessary.
Published by Irina Yakubin