Youth Incorporated Magazine

The EU referendum results are officially out, with Britain voting to leave the European Union to take control of its economy and its borders. The European Union referendum campaign secured around 51.9% vote as leaving and 49.1% in favour of staying in the European Union.  All in all, a total of 33,577,342 votes  were cast with Remain securing 16,141,241 votes and Leave 17,410,742. It was a very close call and with an ultimate result in favour of Brexit.

David Cameron, the prime minister of United Kingdom, who was in favour of staying in the EU faced a lot of pressure for resigning from his Prime Minister’s post. After the results were announced he said, ”I will do everything I can as prime minister to steady the ship over the coming years and months but I do not think it would be right for me to be the captain that steers our country to its next destination. This is not a decision I have taken lightly, but I do believe it’s in the national interests to have a period of stability and then the new leadership required.”

Now that the decision is made, it remains to be seen what will be the basis of negotiation over trade, business and political links.

According to the report by The Guardian, the Bank of England issued a statement in the morning which stated, “The Bank of England is monitoring developments closely. It has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks. The Bank of England will take all necessary steps to meet its responsibilities for monetary and financial stability.”

While talking to the press about the Brexit, Indian Economic Affairs Secretary Shaktikanta Das said,” Indian govt. is prepared for all eventualities; stock market down on initial spontaneous reaction”