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RCO





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PostPosted: Fri Jun 24, 2016 7:24 am    Post subject: UK votes to leave the European Union Reply with quote

( the results are in and the UK is out , maybe a surprise vote not really sure )


Pound plunges as U.K. votes for an EU exit
Pound plunged as Brexit side wins


Danica Kirka and Jill Lawless, THE ASSOCIATED PRESS

First posted: Thursday, June 23, 2016 08:54 PM EDT | Updated: Friday, June 24, 2016 07:19 AM EDT


LONDON -- Britain voted to leave the European Union after a bitterly divisive referendum campaign, toppling the government Friday, sending global markets plunging and shattering the stability of a project in continental unity designed half a century ago to prevent World War III.

The decision launches a yearslong process to renegotiate trade, business and political links between the United Kingdom and what will become a 27-nation bloc, an unprecedented divorce that could take decades to complete.

"The dawn is breaking on an independent United Kingdom," said Nigel Farage, leader of the U.K. Independence Party. "Let June 23 go down in our history as our independence day!"

Prime Minister David Cameron, who had led the campaign to keep Britain in the EU, said he would resign by October and left it to his successor to decide when to invoke Article 50, which triggers a departure from European Union.

"I will do everything I can as prime minister to steady the ship over the coming weeks and months," he said, "but I do not think it would be right for me to try to be the captain that steers the country to its next destination."

The electoral commission said 52% of voters opted to leave the EU. Turnout was high: 72% of the more than 46 million registered voters cast ballots.

Polls ahead of the vote had shown a close race, but the momentum had increasingly appeared to be on the "remain" side over the last week. The result shocked investors, and stock markets plummeted around the world, with key indexes dropping 10% in Germany and about 8% in Japan and Britain.

The euro fell against the dollar and the pound dropped to its lowest level since 1985, plunging more than 10% from about $1.50 to $1.35 before a slight recovery, on concerns that severing ties with the single market will hurt the U.K. economy and undermine London's position as a global financial centre. Bank of England Gov. Mark Carney sought to reassure the markets.

"We are well prepared for this," Carney said. "The Treasury and the Bank of England have engaged in extensive contingency planning. ... We have taken all the necessary steps to prepare for today's events."

The U.K. would be the first major country to leave the EU, which was born from the ashes of the Second World War as European leaders sought to build links and avert future hostility. With no precedent, the impact on the single market of 500 million people -- the world's largest economy -- is unclear.

Germany called top diplomats from the EU's six founding nations to a meeting Saturday, and the president of the European Council, Donald Tusk, said the bloc will meet without Britain at a summit next week to assess its future. Tusk vowed not to let the vote derail the European project.

"What doesn't kill you, makes you stronger," he said.

But already, far-right leaders in France and the Netherlands were calling for a similar anti-EU vote.

The referendum showed Britain to be a sharply divided nation: Strong pro-EU votes in the economic and cultural powerhouse of London and semi-autonomous Scotland were countered by sweeping anti-Establishment sentiment for an exit across the rest of England, from southern seaside towns to rust-belt former industrial powerhouses in the north.

"It's a vindication of 1,000 years of British democracy," commuter Jonathan Campbell James declared at the train station in Richmond, southwest London. "From Magna Carta all the way through to now we've had a slow evolution of democracy, and this vote has vindicated the maturity and depth of the democracy in our country."

Others expressed anger and frustration. Olivia Sangster-Bullers, 24, called the result "absolutely disgusting."

"Good luck to all of us, I say, especially those trying to build a future with our children," she said.

Cameron called the referendum largely to silence voices to his right, then staked his reputation on keeping Britain in the EU. Former London Mayor Boris Johnson, who is from the same party, was the most prominent supporter of the "leave" campaign and now becomes a leading contender to replace Cameron. The vote also dealt a blow to the main opposition Labour Party, which threw its weight behind the "remain" campaign.

"A lot of people's grievances are coming out and we have got to start listening to them," said deputy Labour Party leader John McDonnell.

Indeed, the vote constituted a rebellion against the political, economic and social Establishment. All manner of groups -- CEOs, scientists, soldiers -- had written open letters warning of the consequences of an exit. Farage called the result "a victory for ordinary people against the big banks, big business and big politics."

After winning a majority in Parliament in the last election, Cameron negotiated a package of reforms that he said would protect Britain's sovereignty and prevent EU migrants from moving to the U.K. to claim generous public benefits.

Critics charged that those reforms were hollow, leaving Britain at the mercy of bureaucrats in Brussels and doing nothing to stem the tide of European immigrants who have come to the U.K. since the EU expanded eastward in 2004. The "leave" campaign accuses the immigrants of taxing Britain's housing market, public services and employment rolls.

Those concerns were magnified by the refugee crisis of the past year that saw more than 1 million people from the Middle East and Africa flood into the EU as the continent's leaders struggled to come up with a unified response.

Cameron's efforts to find a slogan to counter the "leave" campaign's emotive "take back control" settled on "Brits don't quit." But the appeal to a Churchillian bulldog spirit and stoicism proved too little, too late.

The slaying of pro-Europe lawmaker Jo Cox a week before the vote brought a shocked pause to both campaigns and appeared to shift momentum away from the "leave" camp. While it isn't clear whether her killer was influenced by the EU debate, her death aroused fears that the referendum had stirred demons it would be difficult to subdue.

The result triggers a new series of negotiations that is expected to last two years or more as Britain and the EU search for a way to separate economies that have become intertwined since the U.K. joined the bloc on Jan. 1, 1973. Until those talks are completed, Britain will remain a member of the EU.

Exiting the EU involves taking the unprecedented step of invoking Article 50 of the EU's governing treaty. While Greenland left an earlier, more limited version of the bloc in 1985, no country has ever invoked Article 50, so there is no roadmap for how the process will work.

Authorities ranging from the International Monetary Fund to the U.S. Federal Reserve and the Bank of England have warned that a British exit will reverberate through a world economy that is only slowly recovering from the global economic crisis. The European Union is the world's biggest economy and the U.K.'s most important trading partner, accounting for 45% of exports and 53% of imports.

In addition, the complex nature of Britain's integration with the EU means that breaking up will be hard to do. The negotiations will go far beyond tariffs, including issues such as cross-border security, foreign policy co-operation and a common fisheries policy.

It will also affect the ability of professionals such as investment managers, accountants and lawyers to work in the EU, threatening London's position as one of the world's pre-eminent financial centres. The U.K. hosts more headquarters of non-EU firms than Germany, France, Switzerland and the Netherlands put together.

"We believe this outcome has serious implications for the City and many of our clients' businesses with exposure to the U.K. and the EU," said Malcolm Sweeting, senior partner of law firm Clifford Chance. "We are working alongside our clients to help them as they anticipate, plan for and manage the challenges the coming political and trade negotiations will bring."

http://www.torontosun.com/2016.....ts-come-in
RCO





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PostPosted: Fri Jun 24, 2016 7:27 am    Post subject: Reply with quote

Trump hails British exit from EU, says voters 'took back their country'


Jonathan Lemire, The Associated Press

First posted: Friday, June 24, 2016 06:46 AM EDT | Updated: Friday, June 24, 2016 07:01 AM EDT



AYRSHIRE, Scotland -- 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."

Trump, whose own campaign shares some of the same populist national themes that fuelled the vote to leave the EU, said Friday that "all over the world, people are angry."

"They're angry over borders, they're angry over people coming into the country and taking over, nobody even knows who they are," said Trump at the ceremony to mark the reopening of a golf resort he owns on Scotland's west coast. "They're angry about many, many things."

Trump, whose visit to Scotland is his first international trip since sealing sufficient delegate support to be the GOP standardbearer this fall, also predicted that other nations will follow the United Kingdom's lead.

"This will not be the last," he said.

In a statement his campaign released a short time later, Trump linked the vote to his own White House bid, declaring that "come November, the American people will have a chance to re-declare their independence."

Trump, who called the vote "historic" and "a great thing," said earlier this week that he hadn't closely followed the so-called Brexit vote but he had come out in support of the "Leave" movement.

He did not comment immediately about the resignation of British Prime Minister David Cameron, who had advocated for the U.K. to stay in the EU and announced earlier Friday that he would step down by this fall. The referendum to leave, which passed with nearly 52% of the vote, immediately rattled the rest of Europe, sending markets plunging.

Trump's reason for his trip to Europe wasn't politics, but rather to check on a pair of championship-level golf resorts he owns in Scotland. Trump, who unlike previous presidential candidates did not schedule any political meetings while abroad, spent Friday morning marking the $200 million-plus rehabilitation of the famed Turnberry golf resort nestled on the rocky coast facing the North Atlantic Ocean.

Trump arrived at Turnberry, which has hosted four British Opens and was used as an Air Force base during both world wars, on a helicopter and then toured the grounds. He is slated to hold a press conference later on the green of the 9th hole.

Trump, whose mother was born in Scotland, has long emphasized his ties to the country, but he has waged several battles with those in his ancestral homeland. Earlier this year, he was stripped of an honorary degree from Robert Gordon University in Aberdeen.

Trump was initially welcomed by Scottish leaders. But relationships soured as arguments ensued over a nearby wind farm and the levels of investment promised. Trump feared the wind farm would block the view from his course. He claimed he had received assurances that it would not be built. Trump denounced a leading Scottish politician, Alex Salmond, as "an embarrassment to Scotland."

Trump also faced opposition from environmental groups concerned about development on Aberdeen's famed dunes, and some local people refused to make way for the development.

Trump's Scotland sojourn sparked worries from some Republicans at home in the United States who believe the trip was poorly timed. It comes as Trump has slipped in the polls and just days after he dismissed his campaign manager, Corey Lewandowski, and reported having just $1.3 million in cash on hand at the start of June, more than $41 million behind presumptive Democratic nominee Hillary Clinton.

Trump's son, Eric, who oversaw the work at Turnberry, dismissed talk that the family's business was distracting his father, saying "the eyes of the world" will be on Trump.

"The Turnberry course is one of the crown jewels of the golf world and is now one of the crown jewels of our family's properties," Eric Trump said this week in an interview with The Associated Press. "It's a brief but important visit and then he will be back on the campaign trail."

http://www.torontosun.com/2016.....ir-country
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PostPosted: Fri Jun 24, 2016 10:14 am    Post subject: Reply with quote

Based on the exit polling it went right down the age line;
If you are 55+ you voted to leave and showed to vote
If you were under 50 you voted to stay, and didn't show up to vote in force.
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UK votes to leave the European Union

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