UK to leave EU after 43 years of membership
The UK public has voted to leave the European Union following 43 years of membership.
As the final results came in early this morning (June 24), the Leave camp was found to have won by 51.9% against Remain’s 48.1%.
Immediately after the results were announced, the pound plunged by 3% and went on to hit its lowest level since 1985 as markets around the world reacted. Against the euro, it fell by as much as 6.5%.
John McDonnell, Labour’s Shadow chancellor, said he believes the Bank of England might have to intervene to bolster the tumbling pound.
While most of England and Wales voted in favour of leaving the EU, London, Scotland and Northern Ireland mostly voted for the UK to retain its membership.
The majority of voters in all 32 local authorities in Scotland opted to remain. In London, the ratio was around 60% to 40% in favour of remaining in the EU.
In total, over 30m people turned out to vote. At 71.8%, the figure represents the highest turnout since 1992.
Now, Britain will become the first country to leave the European Union since it was formed decades ago, but the leave vote will not see the UK immediately cease to be a member. According to reports, the withdrawal process could take two years or longer.
Some Leave campaigners have suggested that the UK’s full withdrawal should not happen until 2020, which is the year of the next general election.
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →