Brexit Vote – Shares and the Australian Dollar Plunge
In a historic vote yesterday on June 23, 2016 the United Kingdom voted 52%-48% in favor of the referendum for the nation to leave the European Union, abandoning the common borders, market, and foreign policy that the multistate organization provides its members in Europe. Tory leader and U.K. Prime Minister David Cameron is expected to resign.
Overwhelming early wins for “Leave” signalled the direction of the vote as the night progressed, including upset victories in areas considered “safe” for the “Remain” camp. The vote to “remain” in the European Union was very strong in London and Scotland, while the “Leave” vote was strongest in rural areas of England. After losing much of northern England, such as Birmingham and Southampton, analysts say a victory for “Remain” became impossible. As a result of today’s vote, currency markets are already showing the British Pound Sterling down to a 31-year low against the US Dollar.
The Daily Mail: It’s BREXIT! EU referendum delivers a resounding Leave vote as Nigel Farage hails a ‘victory for real people’ – but Pound slumps to 31 YEAR low and stocks tumble as markets panic