|Brexit: British Exit|
Last night British voters chose “leave” over “remain” in the country’s EU referendum which plunges Britain into an uncertain future with both serious and immediate political and economic ramifications.
The U.K. will now enter into a two-year or longer negotiation with the EU on how its exit will be handled. The country is now bracing for market turmoil and a potential large devaluation of the British pound.
Prime Minister David Cameron, who urged Britons to “remain” is likely to resign following last night's result.
The “remain,” side argued that the U.K. would be far better off as a member of the EU. They largely focused on the economic benefits of staying in the world’s largest trading bloc and warned of the potential market turmoil if the country left.
The argument for the “leave” side focused heavily on immigration and gaining sovereignty from the bureaucracy of the EU. Buoyed by the anti-refugee sentiment and eurozone crises in recent years, this anti-EU rallying cry resonated among many Britons.
Proving just how divided the two sides of the debate had become ahead of the vote, pro-EU Labour Party MP Jo Cox was murdered on the street in the town of Birstall. The man, prosecutors say, yelled nationalist slogans including “keep Britain independent” as he committed the murder making clear that the Brexit debate had become highly toxic.
Many believe the results of tonight's Brexit vote might signal the end of the European Union.