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Confirmed UK leaves the EU - Alldamoney

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Confirmed UK leaves the EU


The Brexit been hanging over markets for months is now confirmed. The British people voted on Thursday for the United Kingdom to leave the European Union more than three years after David Cameron unveiled his strategy to reform Europe and put it to a referendum.

So what happens from here?


What happens next will be based on the political choices made by politicians and diplomats.Precisely, the referendum is not binding legally. David Cameron British Prime Minister could decide to ignore the result to exit the political and economic bloc.
However, this is unlikely. Cameron will most likely invoke Article 50 of the Lisbon Treaty which begins a formal, legal process for leaving the EU.

The thing is, there will probably be a huge debate on when to trigger this, because invoking Article 50 essentially starts the clock on negotiations, giving the UK and the European Union two years to come to an agreement on a future relationship.

As of today, Equities futures across the globe took a dive, with the Dow implied to open down more than 700 at one point. Asia was also rocked by the referendum, with Japan's Nikkei index down 7.5 percent.Perhaps the greatest effect from the leave victory, however, was felt in British pound sterling, which plummeted to a 1985 low against the dollar.The dollar index, meanwhile, rose 3 percent, setting it up for the biggest daily gain since 1978, according to Reuters.Treasurys also felt the Brexit, with the U.S. 10-year hitting 1.507 percent  its lowest level since August 3, 2012 when the 10-year yielded as low as 1.471 percent

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