ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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UK Spirals into Political Crisis after EU Vote

UK Spirals into Political Crisis after EU Vote

The leave side of the Brexit referendum had no coherent proposal or description of what sort of future relationship the UK would have with the EU. This lack of clarity has led to many banks and other financial organisations looking to move staff and operations elsewhere in the EU.

As the votes in the United Kindom’sEU (European Union) referendumwere counted in the early hours of 24 June, the pound fell vertiginously as “Brexit” became first probable and then the definitive result. The UK had voted 52% to leave the EU, a union it had been a member of for 43 years.

Political crisis followed hard on the heels of the slumping pound and tumbling stock markets. David Cameron resigned as Prime Minister opening up a contest for leadership of the Conservative Party, whose winner will be the UK’s Prime Minister. Meanwhile Nicola Sturgeon—Scotland’s First Minister—put the prospect of a second independence referendum for Scotland on the table, calling it “highly likely,” with 62% of Scottish voters backing staying in the EU, in strong contrast to English and Welsh voters who backed the “leave” campaign.

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