Mr Cameron said he would resign in the the interests of political stability, allowing for a new Conservative party leader to be chosen by October. The UK needed “strong, determined and committed leadership,” he said outside 10 Downing Street.

Mr Cameron’s hopes of securing a Remain vote evaporated as working-class voters turned out in huge numbers to deliver a stunning rebuke to the establishment and the status quo.


“The will of the British peope is an instruction that must be delivered.”

How the UK decided on its EU fate

Latest updates as Britain voted to leave Europe
With all the votes counted, 51.9 per cent voted to sever Britain’s 43-year membership of the EU, 48.1 per cent to stay in.

As the scale of the uprising became clear, the pound dived to a 30-year low, setting a record intraday swing of more than 10 per cent between its high and low points; the FTSE 100 slumped 7.4 per cent on opening. Bank stocks took a hammering, with Lloyds down down 30 per cent, Royal Bank of Scotland down 34 per cent and Deutsche Bank falling 17 per cent.

The Bank of England said it was monitoring market developments closely in conjunction with the Treasury and other central banks and would “take all necessary steps to meet its responsibilities for monetary and financial stability”.

Rating agency S&P confirmed that the UK is likely to lose its final triple A credit rating.

Moritz Kraemer, chief ratings officer for S&P, told the FT on Friday that he believed the UK’s top rating was “untenable under the circumstances”. The UK government will be informed 24 hours before any decision is announced.

Barometers of risk aversion for investors soared in value, with the 10-year US Treasury yield falling 25 basis points to 1.49 per cent, the lowest level since 2012. The German 10-year Bund yield fell 24bp to a record low of minus 0.14 per cent as periphery EU debt weakened sharply, with Italy’s 10-year yield up 30bp to 1.53 per cent.

US stock-index futures fell more than 5 per cent as global equities slumped.

Shares in Japan declined more than 8 per cent as the yen appreciated sharply against the pound and dollar. The pound was down about 14 per cent against the Japanese currency.

Explainer

The big issues still to be settled about a post-EU existence
What the vote means for trade, immigration and growth has yet to be determined
The result will also lead to profound soul-searching across the EU. “I am fully aware of how serious or even dramatic this moment is politically and there is no way of predicting all the political consequences of this event especially for the UK,” said Donald Tusk, European Council president, adding that it was “not the moment for hysterical reactions”.

But Eurosceptic parties were quick to draw inspiration. “Victory for liberty!” tweeted Marine Le Pen, France’s far-right leader. “We must now have the same referendum in France and other EU members.”

The Eurosceptic PVV party in the Netherlands also called for a referendum. “Great Britain has shown Europe the road to the future and liberation,” it said.

Norbert Röttgen, chairman of the Bundestag foreign affairs committee and a senior member of chancellor Angela Merkel’s CDU party, said the UK vote to leave was “the biggest catastrophe in the history of European integration”.

Mr Cameron has promised to honour the verdict of the British people. Months and years of protracted exit negotiations with the EU lie ahead, but it remains to be seen whether the prime minister will survive to carry them out.

Mr Cameron led a cross-party coalition for Remain, backed by Britain’s biggest companies, leading economists and trade union leaders, but swaths of the country simply ignored the warnings of the economic danger of Brexit.

Just over a week ago, the pound approached $1.40 to the dollar and then surged, peaking at $1.5018 as polls were released soon after voting ended, suggesting a Remain victory. The pound touched a low of $1.3224 on Friday.

During the post-Bretton Woods era of floating currencies, the pound has rarely spent time below $1.40 aside from the mid-1980s era of extreme US dollar strength.

The pound had surged after Mr Farage appeared to concede defeat at 10pm as polls closed.


But as the first results came in there was a dramatic shift in political and market opinion, with Leave outperforming expectations, as Labour voters turned out in large numbers to reject the status quo.

Newcastle upon Tyne, which had been expected to be solidly for Remain, backed Britain’s continued EU membership by a margin of only 51-49. In nearby Sunderland, a traditional working-class city in the north-east, there was a resounding 61-39 majority for splitting from the EU.

London, Liverpool and Glasgow voted strongly for Remain, but in countless rural councils and towns across England — including many traditional Labour areas — there were strong votes for Leave. Sheffield, Nottingham and Coventry were among the cities voting for Brexit.

At dawn, as the victory for Leave became clear, Nigel Farage, the UK Independence party leader who has led the crusade against the EU, told cheering supporters: “Let June 23 go down in history as independence day.”


This was only the third UK-wide referendum. The other two both produced a vote for the status quo: in 1975 Britain decided to stay in the EU and in 2011 it opted to stick with its first-past-the-post system of electing MPs.
https://next.ft.com/content/e404c2fc-3913-11e6-9a05-82a9b15a8ee7

Finally.

This is just the beginning of the end of UK. They would obviously pay darely for leaving the EU. Especially with Sports.

UK has tasted being in EU
It's time to taste the other side of the coin; out of EU
My guess: they'll be better off, if nothing else, pay cuts on jobs due to influx of other EU citizens into britain competing for jobs meant for Brits will be reduced.