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UK votes to leave the European Union

June 24, 2016

The UK has voted by 52 percent to 48 percent to leave the European Union in a historic referendum.uk-map

The vote, which took place yesterday, has already seen UK Prime Minister David Cameron announce he will stand down in October, with a new Prime Minister to handle negotiations on leaving the European Union after that. After the vote results were announced, the BBC reported that the London stock market fell more than eight percent, while the value of the pound fell to $1.3305 (€1.203), the biggest fall since 1985 of over 10 percent.

The Bank of England said that it was “monitoring developments closely” and would take “all necessary steps” to stabilise the nation’s economy, with Dennis de Jong, Managing Director of UFX.com, pointing out that “this is simply unprecedented, the pound has fallen off a cliff and the FTSE is now following suit. Britain’s EU referendum has been a cloud hanging over the global economy for the past few months and that cloud has got very dark this morning.

“The markets despise uncertainty, yet that is exactly what they’re faced with this morning. The shockwaves are likely to reverberate for some time and the warning lights are flashing brighter now than ever”. Oil prices also fell by 5.2 percent in the wake of the announcement. The Recycler reported earlier this year that it had received questions from UK companies concerning what might happen if it leaves the EU, and Promax Imaging’s Sales and Technical Manager Tim Parsons, also Legal Consultant for UK association UKCRA, shared his perspectives on the implications.

We also reported on another legal expert’s views on what would happen to environmental law should the UK vote to leave the EU, while earlier this week we shared the possible impact the decision to leave might have on intellectual property law.

What’s your view on the referendum decision? Let us know at [email protected], or comment below.

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