The UK Votes to Leave the European Union

[Xevross]

Brexit after EU referendum: UK to leave EU and David Cameron quits - BBC News

Live reaction at the link.


Huge fallout from this already:

Prime Minister David Cameron says he will resign by October. Next Prime Minister will invoke article 50 and begin negotiations.

The pound fell to its lowest rate against the dollar since 1985 before recovering. It is currently at about $1.39 for a pound.

Global markets have taken big hits. The FTSE 100 is down 4% and the Nikkei closed down 7.92%

Jeremy Corbyn (labour leader) is now facing a vote of no confidence which he is extremely likely to lose.

Scotland will most likely have a second independence referendum and is likely to vote to leave the UK and stay in the EU

[Cute Pikachu]

Well this became a mess

[BananaKing]

people on my facebook are losing their shame about this. i have one Scottish friend who is going crazy.

so can somebody explain to me why people are upset about this, and what the implications will be?

[Xevross]

people on my facebook are losing their shame about this. i have one Scottish friend who is going crazy.

so can somebody explain to me why people are upset about this, and what the implications will be?

Same, so many of my friends are really angry and having breakdowns. They're just absolutely massive over reactions.

For the next few months nothing will change, we will still be a member of the EU. After article 50 is invoked then we have two years as sort of half members to negotiate a deal and after that two year period we leave fully with the deal we have.

Nobody knows what that deal could be, so the actual impact of this is completely unknown. Nothing will change at all for at least a few months thanks to David Cameron being fairly sensible.

[Raven]

people on my facebook are losing their shame about this. i have one Scottish friend who is going crazy.

so can somebody explain to me why people are upset about this, and what the implications will be?

For the UK, short term economic troubles as it takes time to renegotiate trade deals since those done as a member of the EU are no longer valid. It will also take some time to restore confidence in the Pound and the UK market. Don't be surprised if the US offers to help. The UK regains full sovereignty and can now freely decide its policies, including immigration, without unelected EU officials twisting their arm.

For the EU, this is a disaster. They just lost $3 trillion in nominal GDP. Which now puts them well below the US by that measurement. That means a significant reduction in the global power the EU can exercise. With the UK leaving, the burden of keeping economically failing member nations afloat shifts even more towards countries like France and Germany. This is also going to raise questions in other member nations on if they should stay. This also shifts immigration burdens. For a lot of people, Brexit represents what they've insisted for years. That eventually the EU would fail to be satisfactory to its member states and begin breaking apart.

[Xevross]

For the UK, short term economic troubles as it takes time to renegotiate trade deals since those done as a member of the EU are no longer valid. It will also take some time to restore confidence in the Pound and the UK market. Don't be surprised if the US offers to help. The UK regains full sovereignty and can now freely decide its policies, including immigration, without unelected EU officials twisting their arm.

For the EU, this is a disaster. They just lost $3 trillion in nominal GDP. Which now puts them well below the US by that measurement. That means a significant reduction in the global power the EU can exercise. With the UK leaving, the burden of keeping economically failing member nations afloat shifts even more towards countries like France and Germany. This is also going to raise questions in other member nations on if they should stay. This also shifts immigration burdens. For a lot of people, Brexit represents what they've insisted for years. That eventually the EU would fail to be satisfactory to its member states and begin breaking apart.

Yeah good point, the EU suffers a lot from this too. Already there's politicians and parties in Italy, Netherlands, France and Sweden calling for their own referendum.

I expected the EU to fall apart or at least diminish to insignificance at some point in the future but Brexit probably vastly accelerates this.

[Raven]

Yeah good point, the EU suffers a lot from this too. Already there's politicians and parties in Italy, Netherlands, France and Sweden calling for their own referendum.

I expected the EU to fall apart or at least diminish to insignificance at some point in the future but Brexit probably vastly accelerates this.

When a country like Greece can put the entire EU in a crisis, you're doing something wrong. California could go bankrupt tomorrow and it would be a blip on the radar by comparison. You've got nations where nearly a quarter of the population is unemployed. Nations who can't even settle their own economic woes because EU officials rush in and tell them to conform to the master plan or suffer. Nations whose people are being taxed out the dog so other irresponsible nations don't collapse. By 2030, one in four Europeans will be at retirement age and living off of the safety net. None of these things are sustainable.

[Xevross]

When a country like Greece can put the entire EU in a crisis, you're doing something wrong. California could go bankrupt tomorrow and it would be a blip on the radar by comparison. You've got nations where nearly a quarter of the population is unemployed. Nations who can't even settle their own economic woes because EU officials rush in and tell them to conform to the master plan or suffer. Nations whose people are being taxed out the dog so other irresponsible nations don't collapse. By 2030, one in four Europeans will be at retirement age and living off of the safety net. None of these things are sustainable.

This is one of the main reasons I decided to vote leave. The EU just isn't sustainable and is turning into a huge money drain.

[DerNebel]

WATCH: @Nigel_Farage tells @susannareid100 it was a 'mistake' for Leave to claim there'd be £350M a week for NHShttps://t.co/JNkl5k8IlK

— Good Morning Britain (@GMB) June 24, 2016

Off to a great start!!!

[Mmm_fish_tacos]

WATCH: @Nigel_Farage tells @susannareid100 it was a 'mistake' for Leave to claim there'd be £350M a week for NHShttps://t.co/JNkl5k8IlK

— Good Morning Britain (@GMB) June 24, 2016

Off to a great start!!!

Whats the story behind this?

[Xevross]

Whats the story behind this?

The campaigns of both sides were poor and they were both using figures which weren't exactly true.

Anyone with a brain and a bit of time to look at the facts knew these were misleading though.

The leave campaign said that we send £350m to the EU every week and we should fund the NHS instead. This makes it seem like they're saying they can give £350m a week to the NHS if we leave, but that just isn't true. It would be more like half of that or less.

People are over reacting yet again though. The remain campaign did something which I think was much, much worse when they said households would be £4,300 less off after Brexit. When in fact that was their worst possible case scenario drop for GDP, and we all know that has nothing to do with any real life wages/ money. When looked into most estimated that worse case scenario households would be about £900 worse off.

[DD_Bwest]

Whats the story behind this?

it was said that the UK paid the eu like 350m pounds a week, and the leave was saying that money should instead go to NHS

but from what im hearing the UK actually had a reimbursement of most of that money anyways so the actual figure is alot smaller, and even still wont necesarily go to the NHS

[Xevross]

it was said that the UK paid the eu like 350m pounds a week, and the leave was saying that money should instead go to NHS

but from what im hearing the UK actually had a reimbursement of most of that money anyways so the actual figure is alot smaller, and even still wont necesarily go to the NHS

Yeah basically this. The net contribution (after you calculate the reimbursements) is actually about £165m a week. If they said they were going to send £150m a week to the NHS then it'd be fine as they could argue that this is perfectly reasonable, however they stretched the truth.

[Mmm_fish_tacos]

Lots of "experts" in that gaf thread.

[Legend]

Lots of "experts" in that gaf thread.

Here's a link to the thread for people who like torturing themselves: http://www.neogaf.com/forum/showthread.php?t=1238622