The United Kingdom looks set to be voting to leave the European Union. Although the Leave side have yet to pass the estimated threshold to win, both the BBC and ITV have predicted a leave victory. Leave is around 1 million votes ahead at this time.
The result looks set to be about 52/48 overall, with 28 areas left to declare.
National breakdown:
England: Not yet done. Presumably ~52/48. [28 results left.]
Wales: 53% Leave, 47% Remain. [All results in.]
Northern Ireland: 44% Leave, 56% Remain. [All results in.]
Scotland: 38% Leave, 62% Remain. [All results in.]
This could lead to interesting situations as Scotland has a devolved administration in favour of Scottish Independence. Northern Ireland also has an interesting constitutional position to put it lightly.
The value of the pound is falling, although the Bank of England has yet to take stabilization measures.
Given early in the night the leader of the pro-Brexit UK Independence Party was conceding defeat and the editor of the pro-Brexit telegraph was saying he would consider 45% Leave a "Moral victory" the situation has become far more interesting.
RULE BRITANIA
Freedom came for the British people at last on the 23rd day of June in the Year of Our Lord 2016. Farrage looks so happy.
With 5 areas to declare, the vote UK wide is now:
16,992,701 Leave.
15,812,943 Remain.
Even if all remaining areas had 100% turnout for remain, they couldn't swing this. The BBC is running a frontpage story on Brexit.
http://www.bbc.co.uk/news/uk-politics-36615028
Last area [Cornwall] votes to leave 56.5% to 43.5%
Overall result for the UK:
17,410,742 Leave
16,141,241 Remain
Leave Majority: 1,269,501
National Breakdowns [Leave/Remain % | Vote Totals].
England: 53.4/46.6| 15,188,406 LEAVE / 13,266,996 REMAIN
NI: 44.2/55.8| 349,442 LEAVE / 440,437 REMAIN
Scotland: 38.0/62.0| 1,018,322 LEAVE / 1,661,191 REMAIN
Wales: 52.5/47.5| 854,572 LEAVE / 772,347 REMAIN
Note: National breakdowns are provided for information value only, a simple majority across the UK is all that is required for Brexit. The Remain result in Scotland and NI may result in referendums on their constitutional status as a political consequence, but this isn't guaranteed.
British Prime Minister David Cameron has announced he will resign in October at the Conservative party conference. The leader selected at the conference will become the new Prime Minister.
Given he lead the Remain campaign and lost, this was to be expected although there was some doubt he would do it today and many Conservative MPs who backed leave [including possible leadership candidate Boris Johnson, high ranking leave campaigner.] signed a letter insisting he stay on regardless of the result.
He essentially tried to do what Harold Wilson did in 1975, using a national referendum to heal party divisions while yielding a status quo vote. Unfortunately for him, it appears he has failed horribly in that attempt to re-run history.
I really hope that the markets are overreacting to this news. If so, now could be a good time to buy into some low fee index funds
If I stay there will be trouble...
If I go it will be double...