Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity forged after World War II.
The decision launches what will be years of negotiations over trade, business and political links with the E.U., which will shrink to a 27-nation bloc.
Official results released early Friday show the ‘Leave’ side prevailed 52 per cent to 48 per cent in Thursday’s vote, which had a turnout of 72 per cent.
The U.K. is the first major country to decide to leave the bloc, which evolved from the ashes of the war as the region’s leaders sought to build links and avert future hostility.
Financial authorities around the world have warned that a British exit will reverberate through a delicate global economy.
Live updates (time in IST):
4:55 p.m.: Slovenia’s prime minister says Britain’s exit from the European Union will eventually help consolidate the bloc.
Miro Cerar said that the British vote to leave the EU will cause “a short period of relative uncertainty of international markets.”
Cerar added that after that it will lead to “further consolidation of the EU and encouragement to its renewal.”
“It is time to refocus seriously on our common future, in particular on those concrete elements to the benefit of our citizens which bond us and make us stronger,” Cerar says.
4:53 p.m.: Dutch Foreign Minister Bert Koenders said that “what we have to do here is not business as usual, but look at the real concerns of citizens.”
Mr. Koenders warned of two short-term dangers — “those who want to take Europe apart, and the others saying we have to all at once go to even more Brussels, even more integration.”
4:50 p.m.: Austria’s chancellor says Britain’s decision to leave the EU shows the necessity for reforms, particularly in boosting European economies, stemming unemployment and improving working conditions.
Christian Kern says the EU needs “a reform process with a clear direction” that will be supported by citizens of member countries.
Rising disenchantment with the EU in Austria contributed to the strong showing last month of a euroskeptic populist candidate who came within a few percentage points of winning presidential elections.
4:45 pm: Scottish leader Nicola Sturgeon says a new Scottish referendum on independence is “highly likely” because of Britain’s vote to leave the European Union.
4:15 p.m: No need for haste on pulling Britain out of EU: Leave campaign leader Boris Johnson
4:00 p.m.: German Chancellor Merkel voices “great regret” at British decision to leave EU
Ms. Merkel says Europe shouldn’t draw “quick and simple conclusions” that would create further division.
3:50 p.m: Presumptive Republican nominee Donald Trump, visiting Scotland the day after the United Kingdom voted to leave the European Union, hailed the move, saying voters “took back their country.”
3:45 p.m.: Slovak Prime Minister Robert Fico says the EU will have to react quickly to Britain’s decision to leave.
Fico, whose country is taking over the rotating EU presidency in July, says the bloc’s key policies have to change.
In a Friday statement Fico says- “Huge numbers of people in the EU reject the EU’s immigration policy, there’s big disappointment with the economic policy.”
3:30 p.m.: The European Central Bank says it is “closely monitoring financial markets” in the wake of the British vote to leave the European Union.
The chief monetary authority for the 19 countries that use the euro currency says that it “stands ready” to provide additional credit to financial institutions if they need it to do business.
It also said it was staying in close contact with other central banks.
1.32 p.m.: European Parliament calls special session on Tuesday.
1.31 p.m.: Bank of England chief Mark Carney says bank can provide liquidity in foreign currency if needed.
1.14 p.m.: The British government has a "democratic imperative” to call a referendum on whether Northern Ireland should leave the United Kingdom and unite with the Irish Republic, the Province's Irish nationalist Deputy First Minister says.
“The British government now has no democratic mandate to represent the views of the North in any future negotiations with the European Union and I do believe that there is a democratic imperative for a 'border poll' to be held,” Sinn Fein's Martin McGuinness told national Irish broadcaster RTE.
“We are now in unchartered waters, nobody really knows what is going to happen. The implications for all of us on the island of Ireland are absolutely massive. This could have very profound implications for our economy
1.06 p.m.: Matteo Salvini, Italy's most prominent far-right politician, also hails the Brexit vote as an example his country should follow. "Cheers to the bravery of free citizens," the leader of the anti-immigration, anti-E.U. Northern League wrote on Twitter. "Heart, head and pride beat lies, threats and blackmail. THANKS UK, now it is our turn #Brexit".
12.55 p.m.: “The cabinet will meet on Monday, the governor of the Bank of England is making a statement about the steps it is taking.”
12.54 p.m.: “There is no need for a precise timetable today, but we should aim to have a new prime minister in place by the start of Conservative conference in October,” Mr. Cameron says choking back tears.
12.54 p.m.: “I will do everything I can as prime minister to steady the ship in coming months, but I do not think it would be right for me to captain that ship.”
12.53 p.m.: “This is not a decision I've taken lightly but I do believe it is in the national interest to have a period of stability and then the new leadership required,” he said.
12.53 p.m.: Cameron announces resignation.
12.52 p.m.: I fought this campaign with head, heart and soul, says Cameron.
12.51 p.m.: We must prepare for full negoatiations with E.U. with the involvement the Scottish, Weslsh and Irish, says Cameron.
12.50 p.m.: David Cameron says, “We trust the people with big decisions.”
12:40 p.m: Labour Party leader Jeremy Corbyn says British Prime Minister David Cameron must move urgently to stabilize the pound, which was trading around $1.3706 Friday morning after plummeting to a 31—year low.
Mr. Corbyn also says Britain’s main opposition party will oppose any emergency budget or expansion of Britain’s austerity program resulting from the Thursday vote to leave the European Union.
The Bank of England says it’s ready to take “all necessary steps” to help keep Britain stable after voters chose to leave the 28—nation bloc.
Mr. Corbyn says British manufacturing depends on trade with the EU and called for careful steps to preserve British trade. He and other senior Labour figures had urged voters to remain in the EU.
12:35 p.m: "Today on behalf of the 27 leaders, I can say that we are determined to keep our unity as 27," says European Union president Donald Tusk.
12:26 p.m.: Dutch parliamentary party leader Geert Weilders calls for Netherlands to hold referendum on its EU membership
12.07 p.m.: UKIP leader Nigel Farage says the European Union is dying after Britain votes to leave.
12.01 p.m.: U.K. Opposition Leader Jeremy Corbyn says Britons feel very angry at way marginalised by successive governments
11.55 a.m.: U.K. Electoral Commission declares Britain has voted to leave European Union.
11.45 a.m.: Official results show the ‘Leave’ won by 12,69, 501 votes (52 per cent).
11.40 a.m.: RBI watching all markets, including currencies, and will provide liquidity wherever necessary: RBI Governor Raghuram Rajan on Brexit impact.
11.40 a.m.: Top European Union officials are hunkering down in Brussels trying to work out what to do next after the shock decision by British voters to leave the bloc.
European Commission President Jean-Claude Juncker is hosting talks on Friday with the leaders of the European Council and Parliament, along with Dutch Prime Minister Mark Rutte, whose country holds the E.U.’s rotating presidency.
The four will try to agree on a European position on the vote, which could see a member country leave the bloc for the first time ever, ahead of a summit of E.U. leaders in Brussels starting on Tuesday.
Parliamentary leaders were meeting separately, and European commissioners the E.U.’s executive body could hold separate talks later.
11.30 a.m.: French far-right leader Marine Le Pen says there should be a similar referendum about E.U. membership in France after Britons voted to leave the 28-nation bloc.
“A victory for Freedom,” Ms. Le Pen tweeted. “We now need the same referendum in France and in EU nations.”
11.20 a.m.: India well prepared to deal with short and medium-term consequences of Brexit, says Finance Minister Arun Jaitley.
“Aim will be to smoothen volatility and minimise Brexit impact on the economy in the short-term, the FM says.
11.05 a.m.: Now that voters have chosen exit, will more referendums follow suit? Social media averse on this:
10.56 a.m.: Tally by the BBC shows Britain has voted to leave the 28-nation European Union.
10.40 p.m.: Germany's Foreign Minister Frank-Walter Steinmeier says he regrets Britain's decision to leave the E.U., calls it a "sad day for Europe".
"The early morning news from #GreatBritain are truly sobering. It looks like a sad day for #Europe +the #UnitedKingdom," Mr. Steinmeier tweeted.
10:36 a.m.: Voters in Wales and the English shires have backed Britan’s exit in large numbers.
10:35 a.m.: London and Scotland voted strongly to stay in the EU but the remain vote has been undermined by poor results in the north of England.
10.30 a.m.: Dutch anti-immigration leader Geert Wilders has called for a referendum on the Netherlands' membership in the European Union after Britain voted to leave the 28-member bloc.
“We want be in charge of our own country, our own money, our own borders, and our own immigration policy,” he said in a statement.
Source: http://www.thehindu.com
