Brexit: United Kingdom Votes To 'Leave' EU In World-Changing Referendum

The United Kingdom has voted to leave the European Union in the world-changing referendum nicknamed ‘Brexit’.

Update: Prime Minister David Cameron has resigned as a result of the vote, and believes there should be a new Prime Minister in place by the next Conservative Party conference in October.

.@David_Cameron has resigned as Prime Minister for Britain #Brexit https://t.co/U3f1Ubh6uT

— Sky News Australia (@SkyNewsAust) June 24, 2016

The original story follows below.

The BBC became the first outlet to make the call on the 'Brexit' result.

As of this writing, more than 13.4 million votes had been counted for 'leave', while 12.5 million voted to remain part of the EU. (You can follow the tally at the BBC.)

But a razor-thin margin will come as little solace to the ‘remain’ camp, not to mention the leading economists and experts who’ve stressed that an exit would result in massive, global ramifications to financial markets.

How Did We Get Here?

The referendum was called by Prime Minister David Cameron, to answer the cries of his party’s more conservative wing. (Considering this is the Conservative Party we’re talking about, that gang is pretty conservative.)

The ‘leave’ movement was driven by former Mayor of London Boris Johnson and Nigel Farage, leader of the right-wing UK Independence Party.

The prospect of leaving the EU - and not having to pay for membership - caught the imagination of those Britons unhappy with Europe’s perceived ‘open-door’ migration policy, in regards to refugees. The idea of ‘free movement’ across Europe (a principle of EU membership) may no longer extend to the UK.

(One of 'leave's' primary arguments against the acceptance of asylum seekers, from Syria and elsewhere, was that they'd wind up on welfare and depress wages. The London School of Economics has debunked that theory, saying: "EU immigrants are more educated, younger, more likely to be in work and less likely to claim benefits than the UK-born.”)

‘Remain’ was widely support by both leaders of the UK’s Conservative and Labour Party, as well as world leaders such as American President Barack Obama, Chinese President Xi Jinping, and, Lindsay Lohan, among others.

#remain 🙏🏻

A photo posted by Lindsay Lohan (@lindsaylohan) on Jun 23, 2016 at 8:15pm PDT

Donald Trump, however, was on the side of ‘leave’.

The campaigning saw its ugliest moment earlier this month, when Labour MP Jo Cox, a ‘remain’ supporter, was gunned down and stabbed by a man who reportedly shouted “Britain first”.

What Happens Next?

Though the referendum is not legally binding, it is highly unlikely Prime Minister Cameron would act against the wishes of his people – that is, if he wants to keep his job. (Though, many expect him to be rolled out of office and replaced with Johnson, now that the extra conservative faction in his party has triumphed.)

After Britain makes their formal notification to exit the EU, they will have a two-year window to negotiate a new treaty in regards to trade, migration and regulation.

The world is uneasy about what might occur during those negotiations, and predictions of an “explosion of volatility” in the stock market came true as ‘leave’ inched ahead in the vote tally. The pound plummeted this morning, and some Asian markets followed suit.

Though EU membership now drops from 28 nations to 27, they might soon see a new member in the near future. In 2014, the United Kingdom held a referendum to offer Scotland independence, ultimately voting for them to remain part of the UK. Scotland has voted overwhelmingly to ‘remain’ in the EU, potentially opening the door for another independence referendum in the near future.

Much uncertainty follows today’s result, and we won’t fully know the ramifications for years to come – for the UK, for Scotland, for Cameron, for EU and indeed for the world.

The markets, however, don’t require nearly as much time to act. The Australian dollar, for instance, sank this morning, as ‘leave’ took the lead.

Watch this space.

If you need more on Brexit, turn to John Oliver, who made his own Brexit to the United States but considers the UK leaving the EU to be “bat**** crazy”.

Language warning, obviously.

Photo: iStock.