Wall Street Guessed Wrong, UK Votes to “Sever” from the EU
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The liberals have been beaten, the polls were wrong, the people have taken back their country.
The voters in Great Britain have chosen to take their country out of the EU leaving their government’s leadership in question and unleashing consequences that will some time to shake out.
With the majority of the votes counted, British media called the referendum result just after 4:30a Friday, local time, forecasting about a 52% to 48% decision in favor of shredding Britain’s membership in the 28-nation trading bloc.
This is an was an unexpected outcome and a strong rebuke of the EU, which is now faced with the unprecedented situation of a nation quitting the Euro instead of pushing to get in. Expect France to be next
Britain voted to regain control over its destiny and its borders. Turnout among the more than 46% eligible voters was high at 72%.
“The dawn is breaking on an independent United Kingdom,” declared Nigel Farage, the leader of the US Independence Party, which opposes British membership in the EU. Mr. Farage called the outcome a victory over big politics, big banks and multinationals in favor of “honesty, decency and belief in nation.”
The Great British Pound (GBP) rallied on misleading poll indications of a win for the “remain” side, dove touching its lowest mark Vs the USD in 30 years.
Stock markets are correcting Wall Street’s ‘remain’ bets, triggering selling across the board, Gold is spiking, Crude Oil diving.
Whether there will be worse immediate fallout is unclear.
It is not clear if the EU will treat Britain harshly to discourage other member states from following it South, or adopts a conciliatory attitude to keep relations on a good footing.
The fate of UK Prime Minister David Cameron, who had called the referendum under pressure from his Conservative Party “backbenchers” but campaigned to remain in the EU, was also unclear in the immediate aftermath.
Some political analysts say he is likely to resign following a defeat on such a monumental issue.
Polls showed younger people in favor of sticking with the EU and older voters in favor of leaving it. The “remain” camp also tended to do better in large urban areas, whereas provincial areas opted to get out of the EU, laying bare the stark and growing divisions between different parts of the nation.
London, Britain’s capital and its biggest, richest and most cosmopolitan city, voted strongly to stay in.
Scotland also voted by a large majority to remain in the EU.
The fact that the rest of Britain voted to leave is likely to reopen calls for a new vote on Scottish independence.
Again, the Liberals have been beaten, the polls were wrong, the people have taken back their country.
Recall, that US President Barack Hussein Obama lobbied staying in the UK, has seen his influence dive, not only abroad but in the US.