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 %
haroldchorneyeconomist 