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David Cameron announces resignation after U.K. votes for 'Brexit'


LONDON —  British Prime Minister David Cameron announced he will stand down after the United Kingdom voted to leave the European Union, a decision that sent global markets into a tailspin Friday.
The margin of victory was 52% to 48%.
“We should aim to have a new prime minister in place by the start of the Conservative Party conference in October,” Cameron said in a speech to the nation Friday. He said he informed Queen Elizabeth II of his decision.

It is the first departure from the alliance since the EU was formed 43 years ago. It could prompt other member nations to follow the U.K.'s lead and reverse a decades-long drive for European unity.
The outcome will have far-reaching political implications for the future of the 28-nation bloc as well as the political future of Prime Minister David Cameron.
Nigel Farage, leader of the U.K. Independence Party said that "dawn was breaking on an independent U.K." He is not an member of the official "leave" campaign, but supports an exit from the EU.
The White House gave a statement early Friday after the U.K.'s decision: "The President has been briefed on the incoming returns in the U.K. referendum, and he will continue to be updated by his team as the situation warrants. We expect the President will have an opportunity to speak to Prime Minister Cameron over the course of the next day, and we will release further comment as soon as appropriate."
The British pound fell 11% to a 31-year low as the "leave" camp appeared on course to win the historic referendum. Dow futures plummeted more than 600 points. Markets were also volatile in Asia. Japan's Nikkei 225 average dropped more than 1,000 points, or 7%, through late-afternoon trading.
The Bank of England — the U.K.'s central bank — said it was monitoring developments closely and "has undertaken extensive contingency planning."

Iain Murray, vice president for strategy at the Competitive Enterprise Institute, a Washington-based public policy organization, said Britain’s "surprising vote" to leave the EU is "only the start of uncertainty and opportunity."
"Negotiations over the terms of exit will take at least two years, and no one knows what form they will take or what deal can be struck,” he said.
Piers Hillier, the chief investment officer at Royal London Asset Management, an investment company, said he expected the U.K. to fall into a recession following the referendum result, the Guardian reported.
“Unfortunately I see unstable market conditions lasting for between three and five years whilst new trade agreements are drawn up,” he said.
The British currency initially soared to a 2016 peak of $1.50 amid signs that "remain" was winning the day, but then moved lower with losses accelerating. It fell from $1.50 to below $1.35 as results suggested a strong possibility the U.K. would vote to quit the bloc.
source: usatoday
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