Brexit vote impact

0624 BrexitLondon, U.K. — One of the world’s largest economies will soon be an island to itself. Leader of the UK Independence Party Nigel Farage said, “Let June the 23rd go down in our history as our Independence Day!”

Great Britain voted by a narrow margin to leave the European Union. Nearly 52% voted to leave, 48% to stay.

As one of the instigators of the referendum, Farage declared victory, “A victory for ordinary people — victory for decent people.”

But while some were celebrating, others were panicking.  In the span of just a few hours the British Pound sunk more than 10% against the dollar – its lowest level in more than 30 years, dragging down world markets down with it.

Bank of England Governor Mark Carney did his best to calm the situation saying, “Some market and economic volatility can be expected as this process unfolds. But we are well prepared for this.”

British Prime Minister David Cameron called the referendum in the first place and fought hard to keep the country in European Union. He says he will not be the man to lead it outside of the block, “British people have made a choice. That not only needs to be respected but those on the losing side, myself included, should help to make it work.”

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