UPDATES: The UK has voted by 52% to 48% to leave the European Union

BAK

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Feb 11, 2007
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The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum, a BBC forecast suggest

London and Scotland voted strongly to stay in the EU but the remain vote has been undermined by poor results in the north of England.

Voters in Wales and the English shires have backed Brexit in large numbers.

The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results.

The referendum turnout was 71.8% - with more than 30 million people voting - the highest turnout since 1992.

Labour's Shadow chancellor John McDonnell said the Bank of England may have to intervene to shore up the pound, which lost 3% within moments of the first result showing a strong result for Leave in Sunderland and fell as much as 6.5% against the euro.

'Independence day'

UKIP leader Nigel Farage - who has campaigned for the past 20 years for Britain to leave the EU - told supporters "this will be a victory for ordinary people, for decent people".

Mr Farage - who predicted a Remain win at the start of the night after polls suggested that would happen - said Thursday 23 June would "go down in history as our independence day".

He called on Prime Minister David Cameron, who called the referendum but campaigned passionately for a Remain vote, to quit "immediately".

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A Labour source said: "If we vote to leave, Cameron should seriously consider his position."
But pro-Leave Conservatives including Boris Johnson and Michael Gove have signed a letter to Mr Cameron urging him to stay on whatever the result.

Labour former Europe Minister Keith Vaz told the BBC the British people had voted with their "emotions" and rejected the advice of experts who had warned about the economic impact of leaving the EU.

He said the EU should call an emergency summit to deal with the aftermath of the vote, which he described as "catastrophic for our country, for the rest of Europe and for the rest of the world"

Exit process

Scotland's First Minister Nicola Sturgeon has said that the EU vote "makes clear that the people of Scotland see their future as part of the European Union" after all 32 local authority areas returned majorities for Remain.

Britain would be the first country to leave the EU since its formation - but a leave vote will not immediately mean Britain ceases to be a member of the 28-nation bloc.

That process could take a minimum of two years, with Leave campaigners suggesting during the referendum campaign that it should not be completed until 2020 - the date of the next scheduled general election.


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The prime minister will have to decide when to trigger Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal.

Once Article 50 has been triggered a country can not rejoin without the consent of all member states.

Mr Cameron has previously said he would trigger Article 50 as soon as possible after a leave vote but Boris Johnson and Michael Gove who led the campaign to get Britain out of the EU have said he should not rush into it.

But they also said they want to make immediate changes before the UK actually leaves the EU, such as curbing the power of EU judges and limiting the free movement of workers, potentially in breach the UK's treaty obligations.

The government will also have to negotiate its future trading relationship with the EU and fix trade deals with non-EU countries.

In Whitehall and Westminster, there will now begin the massive task of unstitching the UK from more than 40 years of EU law, deciding which directives and regulations to keep, amend or ditch.
The Leave campaign argued during a bitter four-month referendum campaign that the only way Britain could "take back control" of its own affairs would be to leave the EU.

Leave dismissed warnings from economists and international bodies about the economic impact of Brexit as "scaremongering" by a self-serving elite.

Source: BBC


EU referendum results live: pound plunges as first results come in
 
This thing is as tight as it gets!

I'm following it live on Sky News, BBC World News, and CNN International.

My hunch is the Remain side will squeak through by a whisker.
 
The first results in the UK's referendum on whether to remain in the European Union are coming in.

Leave won in Sunderland by 22%, while Newcastle voted for Remain by a margin of 1% - tighter than predicted - and there were Leave wins in Swindon and Broxbourne.

A full picture is not expected to emerge for two or three hours as counting continues around the country.

Turnout looks set to be higher than at last year's general election.

Gibraltar was the first to declare a result with 96% of voters in the British overseas territory backing Remain. A big Remain win had been predicted in Gibraltar amid concerns about its border with Spain.


An online survey taken on polling day of 5,000 people by YouGov suggests the Remain side running at 52% of the vote, to Leave's 48%. Ipsos Mori have released polling from Thursday and Wednesday suggesting Remain will get 54% and Leave 46%.

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Ima
UK Independence Party leader Nigel Farage told the Press Association the Remain camp had won based on "what I know from some of my friends in the financial markets who have done some big polling".

In a speech to supporters in London, Mr Farage - whose political career has been built on campaigning to get the UK out of the EU - said his "sense" was that the UK had voted to Remain.

He told the cheering crowd he hoped he was wrong but added: "Win or lose this battle, we will win this war, we will get this country back."

The referendum result, which should be known by breakfast time on Friday, could be a turning point in the UK's relationship with Europe and the rest of the world.

If the UK becomes the first country to exit the EU it will arguably be the biggest blow to the 28-nation European Union since its formation.

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Image caption Workers carry ballot boxes to the count in Gibraltar
A vote to remain would see Britain gain exemption from "ever closer" political union and other concessions secured by Prime Minister David Cameron in a renegotiation of the country's membership terms.

It should become clear which way the vote has gone by the early hours of Friday morning but if it is as close as the final opinion polls of the campaign suggested, it may take until closer to 07:00 BST (06:00 GMT) for the result.

Many polling stations in the South East of England reported high turnouts despite bad weather, so declarations could be later than previously expected.

Results predicted for between 0200 BST and 0300 BST could be put back an hour or two, it was being suggested, in some parts of the region.

There were also concerns that some commuters stranded in London because of chaos on the railways might not have got home in time to vote.

Analysis by BBC Political Editor Laura Kuenssberg
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Several months ago, the Leave campaign didn't have much hope that they could get anywhere close in a short campaign.

They characterised themselves as the plucky underdogs, in with a shout, but certainly the real outsiders.

But, in part by using that status, indeed building a narrative of the people versus the elites, they have got themselves to a position where they might end up on the winning side.

Read Laura's full blog

Kamal Ahmed: Do markets believe Remain has won?

A record 46,499,537 people were registered to vote in the referendum, according to provisional figures from the Electoral Commission.

Votes are being counted at each of the 382 local counting areas. These represent all 380 local government areas in England, Scotland and Wales, plus one each for Northern Ireland and Gibraltar.

Results from these areas will then be declared throughout the night, along with result totals from 11 nations and regions.

Follow the action on the BBC
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Image caption Emily Maitlis, David Dimbleby and Jeremy Vine will host BBC One's coverage
From 22:00 BST, there will be comprehensive coverage on the BBC News website and app with live text and video streaming, reaction and analysis from BBC editors and others. There will also be an up-to-the-minute full results service and details of all local results.

BBC One, the BBC News Channel and BBC Parliament will broadcast a results show hosted by David Dimbleby alongside BBC experts and special guests from 21:55 BST. Coverage continues through the night and Sophie Raworth, Andrew Neil and Victoria Derbyshire pick up the coverage on Friday morning.

The results programme will be streamed internationally on the BBC News website from 22:00 BST.

BBC Radio 5 live will have coverage as the results come in, as will Radio 4 from 23:00 BST until the Today programme picks up at 06:00 BST on Friday.

From 22:00 GMT, television viewers outside the UK can tune in via BBC World News and BBC World News America. Listeners outside the UK can tune into BBC World Service radio for regular updates.

Referendum night - what to watch out for

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Image caption Samantha and David Cameron cast their votes earlier

Image caption Labour leader Jeremy Corbyn casts his vote
Jenny Watson, chief counting officer, will announce the referendum result at Manchester Town Hall after all 382 local totals have been certified and declared.

Any recounts will take place at a local level only, as there is no facility for a national or regional recount, she added.

The referendum followed a bitterly-fought four month campaign, which saw Mr Cameron pitted against senior colleagues in his own party, who were campaigning for Britain to leave.

A Brexit vote could deal a fatal blow to Mr Cameron's career as prime minister, although he has vowed to stay on whatever the outcome.

Conservative MP Robert Syms says he and other Vote Leave Tories have written to Mr Cameron telling him he has a "duty" to stay on regardless of the result - the letter has been signed by all the cabinet ministers who broke ranks to back Leave, including Boris Johnson and Michael Gove.

Mr Cameron promised to hold a referendum on Britain's EU membership ahead of last year's general election, following relentless pressure from his own MPs and the UK Independence Party, which was taking votes - and later - MPs from Mr Cameron's Conservatives.

He initially suggested he would be prepared to back an out vote if he did not get what he wanted from his renegotiations.
 
This must be a tight race! In those old days it never crossed in my mind that the race would be this tight... I believed it's just like a Scotland thing to leave the UK but when I started to make a follow up on Britons' views in social networks; I was shocked to find how much they want to quit!

I can only bet with no dollar but with ma' money; NO WAY!
 
............
 

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Leave 50.3% Remain 49.7% leave us leading by 16,996 votes.
 
Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump

Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump
Emma O'Brien ek_obrien
Lukanyo Mnyanda LukanyoMnyanda
June 24, 2016 — 12:57 AM AST Updated on June 24, 2016 — 4:23 AM AST

  • Sterling slides most since 2009 as earlier gains wiped out
  • Asian stocks, futures tumble as oil leads commodities rout
Sentiment in markets deteriorated as results from Britain’s referendum showed stronger-than-anticipated support for Brexit across the country, pushing the pound lower with stocks and crude oil amid soaring demand for haven assets.

Sterling sank the most since 2008 as key voting districts came in stronger for the “Leave” campaign than expected in the northeast and parts of Scotland, while support for “Remain” trailed expectations on other districts. Futures on the FTSE 100 Index slid with those on the S&P 500 as stocks from Japan to Taiwan tumbled. The yen rallied more than 2 percent as gold jumped with government debt. Crude sank with industrial metals as Chinese stock futures signaled losses. The euro weakened the most since October.

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“After the early confidence, we could be getting a dose of realism that’s causing some reasonably skittish market movements,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “It does look like the margin between the two sides is going to be relatively tight, and accordingly sterling volatility is going to remain elevated until we get a more definitive picture.”

The debate over Britain’s future has dominated trading in June, with anxiety over the economic impacts of a Brexit, and the boost it could give to anti-establishment sentiment globally, stoking market volatility around the world. Riskier assets from equities to industrial metals rallied this week amid speculation sentiment was shifting toward remaining. A YouGov poll after voting closed put “Remain” in front, only to be superceded by a separate survey put the result much closer. A bigger-than-expected swing to “Leave” in the key area of Sunderland sparked the pound’s selloff.

Currencies

The pound rocketed lower, sliding 5.1 percent to $1.4112 as of 10:18 a.m. in Tokyo, after earlier rising to as high as $1.5018, its first breach of $1.50 since December. It slumped 3.8 percent against the euro as the Australian dollar and other commodity-linked currencies also tumbled. The euro fell 1.5 percent to $1.1211.

61 percent of voters in the key voting district of Sunderland chose “Leave,” more than the six percentage points above what was predicted in polls before the British vote. In Newcastle, the “Remain” campaign won with 51 percent of the vote, a smaller margin than was anticipated, while in Swindon “Leave” prevailed.

Japan’s currency, meanwhile, surged 2 percent to 103.99 per dollar,soaring 7.6 percent against sterling, the most since at least 2010.

Stocks

Futures on the FTSE 100 sank 5.4 percent as contracts on the S&P 500 lost 2 percent. FTSE China A50 Index futures lost just 0.2 percent ahead of the start of Shanghai trading.

The MSCI Asia Pacific Index slid 1.3 percent, with Tokyo’s Topix index down at least 1.1 percent with the Kospi index in Seoul, while Australia’s S&P/ASX 200 Index tumbled 2.4 percent.

“We’ll keep swinging from joy to sorrow all day,” Takuya Takahashi, a Tokyo-based senior strategist at Daiwa Securities Group Inc said by phone. “We don’t have calm views, and investors are moving on short-term information. Until we see the final results we’ll keep being swung around by speculative moves.”

Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump
 
Hmmmmm! This is very scary for the World economy.


Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump

Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump
Emma O'Brien ek_obrien
Lukanyo Mnyanda LukanyoMnyanda
June 24, 2016 — 12:57 AM AST Updated on June 24, 2016 — 4:23 AM AST

  • Sterling slides most since 2009 as earlier gains wiped out
  • Asian stocks, futures tumble as oil leads commodities rout
Sentiment in markets deteriorated as results from Britain’s referendum showed stronger-than-anticipated support for Brexit across the country, pushing the pound lower with stocks and crude oil amid soaring demand for haven assets.

Sterling sank the most since 2008 as key voting districts came in stronger for the “Leave” campaign than expected in the northeast and parts of Scotland, while support for “Remain” trailed expectations on other districts. Futures on the FTSE 100 Index slid with those on the S&P 500 as stocks from Japan to Taiwan tumbled. The yen rallied more than 2 percent as gold jumped with government debt. Crude sank with industrial metals as Chinese stock futures signaled losses. The euro weakened the most since October.

488x-1.png

“After the early confidence, we could be getting a dose of realism that’s causing some reasonably skittish market movements,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “It does look like the margin between the two sides is going to be relatively tight, and accordingly sterling volatility is going to remain elevated until we get a more definitive picture.”

The debate over Britain’s future has dominated trading in June, with anxiety over the economic impacts of a Brexit, and the boost it could give to anti-establishment sentiment globally, stoking market volatility around the world. Riskier assets from equities to industrial metals rallied this week amid speculation sentiment was shifting toward remaining. A YouGov poll after voting closed put “Remain” in front, only to be superceded by a separate survey put the result much closer. A bigger-than-expected swing to “Leave” in the key area of Sunderland sparked the pound’s selloff.

Currencies

The pound rocketed lower, sliding 5.1 percent to $1.4112 as of 10:18 a.m. in Tokyo, after earlier rising to as high as $1.5018, its first breach of $1.50 since December. It slumped 3.8 percent against the euro as the Australian dollar and other commodity-linked currencies also tumbled. The euro fell 1.5 percent to $1.1211.

61 percent of voters in the key voting district of Sunderland chose “Leave,” more than the six percentage points above what was predicted in polls before the British vote. In Newcastle, the “Remain” campaign won with 51 percent of the vote, a smaller margin than was anticipated, while in Swindon “Leave” prevailed.

Japan’s currency, meanwhile, surged 2 percent to 103.99 per dollar,soaring 7.6 percent against sterling, the most since at least 2010.

Stocks

Futures on the FTSE 100 sank 5.4 percent as contracts on the S&P 500 lost 2 percent. FTSE China A50 Index futures lost just 0.2 percent ahead of the start of Shanghai trading.

The MSCI Asia Pacific Index slid 1.3 percent, with Tokyo’s Topix index down at least 1.1 percent with the Kospi index in Seoul, while Australia’s S&P/ASX 200 Index tumbled 2.4 percent.

“We’ll keep swinging from joy to sorrow all day,” Takuya Takahashi, a Tokyo-based senior strategist at Daiwa Securities Group Inc said by phone. “We don’t have calm views, and investors are moving on short-term information. Until we see the final results we’ll keep being swung around by speculative moves.”

Global Assets Sell Off as U.K Results Favor Brexit; Havens Jump
 
Should the United Kingdom remain a member of the European Union or leave the European Union?
29.6% Reporting
Remain a member of the European Union
49.9%
4,116,276
Leave the European Union
50.1%
4,131,897
 
U.K. Assets Fall, Pound Swings Wildly as Brexit Chances Increase
Lucy Meakin lucy_meakin
Lukanyo Mnyanda LukanyoMnyanda
June 24, 2016 — 2:23 AM AST Updated on June 24, 2016 — 4:46 AM AST

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Which Asian Country Is Most Vulnerable to a 'Leave' Vote?


  • Sterling falls against all major peers, FTSE futures slide
  • Currency earlier rose above $1.50 on bets ‘Remain’ would win
The pound declined, swinging wildly as results in Britain’s European Union referendum pointed to a tight race.

QuickTake Will Britain Leave the E.U.?

Volatility in the U.K. currency accelerated as the results from the referendum filtered through, with sterling trading in a range of more than 10 U.S. cents. The currency sank as much as 5.8 percent as initial results showed a stronger-than-expected vote for the “Leave” campaign, before paring losses as voting from London swelled support for “Remain.”

Still, Britain’s currency remained lower against all of its major counterparts, and FTSE 100 Index futures contracts slid. The currency earlier climbed above $1.50 for the first time since December after a nationwide YouGov Plc survey conducted on the day of the vote showed a 52 percent share for the status quo.

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The pound has fluctuated vigorously since the start of the campaign in February, acting as a barometer for sentiment and reflecting the side of the debate in the lead. It dropped to a seven-year low that month when former London mayor Boris Johnson announced his support for Brexit. Just last week it was as low as $1.4013 when the ‘‘Leave’’ camp appeared to be ahead.

“It does look like the margin between the two sides is going to be relatively tight,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “Sterling volatility is going to remain elevated until we get a more definitive picture. There is definitely a lack of liquidity which is amplifying moves -- wild swings seem probable as investors remain unsure which way this is going to go.”

Sterling fell 2.5 percent to $1.4509 as of 2:44 a.m. London time, set for the biggest drop since 2009. It earlier touched $1.5018, the highest level since December. Bloomberg’s British Pound Index, which tracks sterling against seven major peers, fell 2.2 percent, while FTSE 100 Index contracts expiring in September lost 2.9 percent.

The market turmoil spread beyond the U.K., with the yen, a traditional haven in times of stress, strengthening, and the Australian dollar dropping. With results from 79 of 382 areas reported, the final picture may not be clear for several hours.

The referendum has resonated across the globe with officials in finance and central bankers warning of risks should Britain vote to remove itself from the EU. Federal Reserve Chair Janet Yellen said last week that the vote was a factor considered by officials as they decided to keep U.S. interest rates unchanged this month.

U.K. Assets Fall, Pound Swings Wildly as Brexit Chances Increase
 
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