BREAKING: Early Results Expect United Kingdom To Leave The European Union
The United Kingdom has officially voted to leave the European Union, after a landmark national referendum.
UPDATE: Over 90 percent of the results have been declared and the leave campaign is still leading 51 percent to 48 percent.
Early results in the United Kingdom’s referendum on European Union membership show the leave camp gaining a lead and will win the vote with most now considering it all over.
It’s a dramatic turn that the polls largely did not predict and which markets failed to price in. The totals so far showing a wider margin of support for the leave campaign.
While indications are showing inner-city areas in London, Northern Ireland and Scotland have indicated strong support for remaining in the EU.
The leave vote has done better in Wales than was expected and voter turnout in Scotland was lower than expected – many factors that could effect the final result.
While Inner-London areas showed strong support for remaining in the EU with Wandsworth, the City of London and Islington reporting 75 percent of the votes in favor of staying, however East London and neighboring Essex areas favoured a Brexit.
Th results come as a surprise as several opinion polls released after voting ended, showed that the majority of people favored staying in the EU. So this is HUGE.
For example, a YouGov poll showed 52 percent of respondents favored remaining in the European Union, while 48 percent preferred leaving.
We will keep updating as more information comes in.
The fallout for Australia
So what does that mean to all as Aussies on the other side of the pond. Well a bit… but mostly time will tell.
Australian investors have already started dumping their shares, leading to $50 billion AUD wiping of the Australian Share Market (around 3%). Meanwhile, the pound has hit its weakest value in 30 years. This chart via Fairfax shows just how dramatic that is:
However, former London mayor Boris Johnson told ABC that the leave vote would bring Brits and Australians closer together, allowing for more flexibility on visas.
Mr Johnson, the lead campaigner for a “Brexit” said it would allow us to individually discuss future trade and immigration between our countries.
MORE TO COME…