London: Britain has decided to leave the European Union, administering the biggest shock to its currency and the world market in a single day. Adding to the drama, Prime Minister James Cameron announced that he would resign in October.
Majority of the citizens who voted in a national referendum wanted Britain’s exit from the European Union, on Thursday.
Final results of the referendum:
Leave: 51.9%, or 17,410,742 votes
Remain: 48.1%, or 16,141,241 votes
Even though the decision to leave European Union( EU) may give a boost to the national pride of Britain, the country is likely to suffer economic slowdown, job cuts and fall in exports to EU member countries. Almost half of Britain’s trade is with EU member countries.
Britain is the first country to divorce its relations with the EU, the pride of Europe.
The impact of the decision was so strong that the British Pound plunged to its biggest one-day fall in history- more than 10 per cent- and world market was shaken badly. It is the biggest global financial shock since the economic crisis in 2008.
Britain is the fifth biggest economy in the world.
India’s stock market nose dived and the Indian rupee plunged 96 paise to trade below 68 level against dollar.
Sensex plunged over 1000 points and Nifty fell below 8050 mark.
