Britain’s exit will affect the British economy, immigration policy, and much more. However, it will take years for the full consequences to become clear.
Following the news the value of the British pound plummeted.
The euro also slumped against the dollar on concerns that the outcome would do wider economic and political damage to what would become a 27-member union. Investors poured into safe haven assets including gold, and the yen surged.
“Dare to dream that the dawn is breaking on an independent United Kingdom,” Nigel Farage, the leader of the U.K. Independence Party, said.
Nigel Farage, the leader of the U.K. Independence Party ibtimes
However, a Brexit vote is not legally binding, and there are a few ways it could theoretically be blocked or overturned.
British PM David Cameroon dailysignal
Britain’s exit will also severely impact the credibility of a bloc already under pressure from slow growth, high unemployment, the migrant crisis, Greece’s debt woes and the conflict in Ukraine.
With existing trade and immigration rules remaining in place, the withdrawal process is expected to be complex and contentious.
Britain is the second-largest economy after Germany in the European Union, a nuclear power with a seat on the United Nations Security Council, an advocate of free-market economics and a close ally of the United States.