Britain Decides to LEAVE EU- Brexit Referendum

The results of the historic EU referendum are finally out and they have left everybody equally surprised! The vote count did not unfold as it was expected. Britain has voted to leave the European Union!

Britain Decides to LEAVE EU- Brexit Referendum

Britain Decides to LEAVE EU- Brexit Referendum

That is right. The majority of the Brits have voted to leave EU. The referendum Brexit was held to get to know what the Brits wanted. The referendum asked the voters if they wanted to ‘Leave’ or they wanted to ‘Remain’ in EU. Experts were sure the Brits could not possibly want to leave EU as badly. However, when the results finally came out, 51.9% of the voters voted to leave EU which left the experts and the government officials in mere shock.

Before midnight, the results were in favor of “Remain” as a result of which the stocks soared and the value of British pound rallied as the voters headed to the polls. The early results of the referendum reflected a lead for the “remain” vote which was what most of the experts had expected. A little after midnight, the game changed. The “leave” vote won in the district of Sunderland by a wide margin that left everyone shocked. As more and more votes were tallied, more districts confirmed that the voters intended to make their Brexit. As soon as these results were announced, the British pound crumbled to a 31-year-low. The stock market futures plunged. At present, the global markets are tumbling.

The stocks got hammered during the panicked mood. The shares in London got off to a brutal start before they finally recovered some ground to trade at a value which was around 4% lower. A broad gauge of European blue-chip stocks index sank by more than 8%. Bank stocks took a heavy hit as multiple lenders al across Europe nosedived more than 15%.

The outcome of the referendum was a jolt to many investors as they had been betting on the Brits choosing to stay. The surprise that come caused immediate political shock waves that prompted the Prime Minister David Cameron to announce his resignation.

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Updated: June 24, 2016 — 12:18 pm
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