Britain votes to leave European Union
UNITED KINGDOM (KUSI) — It is an international financial shake-up of seismic proportions and it’s going to affect you.
British voters have apparently decided to leave the European Union.
It’s called, "BREXIT," short for British Exit, meaning leaving the European Union.
And if you thought American voters were angry, British voters showed their anger with this vote.
— CNN (@CNN) June 24, 2016
The way this will affect us is on the financial markets.
Anything tied to the stock market is going to take a major hit.
Analysts are predicting a bloodbath on Wall Street when it opens Friday morning. The DOW could open down 5, 6, maybe even 700 points.
Already, the British Pound is down about 12 percent against the U.S. dollar.
Very simply, the voters in England staged a revolt Thursday, a rebellion against the EU and against their own prime minister, David Cameron, who had campaigned heavily to stay in the union.
— Sky News (@SkyNews) June 23, 2016
Many felt England was losing its sovereignty to the co-called global community. They are calling this Independence Day.
Voters who wanted to leave the EU were upset that many of the laws in England were actually being written and determined by the union.
Many also felt England was carrying too much of the load, propping up smaller European nations, such as Finland and Scotland.
Supporters, such as Cameron’s conservative government, worry about the effect on the global financial markets, including the U.S.
Great Britain’s possible exit from the European Union is already shaking the financial markets.
In early morning trading, the British Pound was down 12 percent against the U.S. dollar, reaching its lowest level since 1985.
Britain’s potential exit from the EU could pave the way for Scotland to finally break free from the United Kingdom and it could also lead to the resignation of Prime Minister David Cameron as early as Friday.
— Glenn Campbell (@GlennBBC) June 24, 2016