Britain votes to leave the EU: 17,410,742 vote to leave, 16,141,241 vote to remain.PM David Cameron announces his resignation in the fall.Financial markets react very negatively.

The referendum results are clear. The Uk is a very divided union. Despite 16.1 million voting to remain a member of the EU 17,410,241 voted to leave and so the United Kingdom will begin the process of disengaging from the European Union in a complex process which will take a minimum of two years and very likely even longer.The vote was very different in different regions of the UK. London, Scotland and Northern Ireland as well as Gibraltar all voted to remain by large margins. The rest of the country including the midlands,the north,most of the the east , most of Wales except for Cardiff, Devon and Cornwall voted to leave.In the big cities the vote was much more favorable to remain but Brexit carried the day very narrowly in Birmingham. Bristol, Manchester,Leeds, Liverpool, Edinburgh, Glasgow , Aberdeen and London all voted to remain.But it was not enough to overcome the more conservative provincial parts of England and Wales. David Cameron is the first political victim of the vote. He announced that he would resign stepping down in the fall. Boris Johnson emerges initially as a big winner as does Nigel Farage. But there may well be some buyers’ remorse that will emerge in the coming weeks and months as the consequences of the vote begin to emerge. Boris will have determined rivals who will seek to block him. The stock market very negative reaction will probably fizzle out in the coming days. But market participant are often young and very inexperienced and easily moved by short term greed, excessive fear and lack of historical knowledge.The very negative reaction of the financial markets may turn out to be a one day wonder as irrational emotions subside.In the longer term Scotland may well hold a second referendum on leaving. Northern Ireland may join them in their own referendum.Great Britain and Europe will never be the same.

Regional Nation results:

England Remain 46.6% 13,266,996 votes. Leave 53.4% 15,188,406 votes. Turnout 73%

Northern Ireland Remain 55.8% 440,437 votes . Leave 44.2% 349,442 votes turnout 62.9%

Scotland Remain 62 % 1,661,191 votes Leave 38 % 1,018,322 votes. turnout 67.2 %.

Wales Remain 47.5% 772347 votes Leave 52.5% 854,572 votes turnout 71.7 %

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About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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