The final results are in and Britain has decided to leave the European Union.
The result was extremely unexpected, and finished up with 52% voting out.
All 32 areas of Scotland voted to stay along with Northern Ireland, but Wales voting for Brexit. Britain’s 52% equates to more than 16.5 million people.
Not a lot will change straight away, but the ripple effect will be huge. The referendum is not binding and will have to be voted on by the government and prime minister.
British Prime Minister David Cameron voted Remain which could put his leadership in danger. He himself called the election and led the Remain campaign, so he may face calls to step down.
Throughout the day as the votes were being counted, exchange rates have skyrocketed and plummeted, with the pound being the lowest it’s ever been since 1985.
The Australian dollar could weaken, and markets of all sorts — stocks, futures, oil, butter – could be thrown into disarray.
In terms of trade, Britain is only a minor player, as our focus is the Asia-Pacific region and giants such as China, Japan, South Korea and India.
This Brexit vote could also have an impact on the outcome of the July 2 federal election.
Malcolm Turnbull told reporters the vote showed the need for strong leadership. “It is a reminder that there are always going to be challenges in the global economy and that is why you need to have strong and stable government here in Australia.”
Prominent commentators took to Twitter to say their opinion:
