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With over 70% of the vote now counted the final result appears clear; Britain has voted to exit the EU. A final result looks to be about 52% Leave, 48% Remain.
What this will mean for Britain, its government and economy is not yet clear but the financial markets have been responding in a wholly unambiguous manner. The Pound Sterling has fallen from US$1.50 before counting started to a little below US$1.34 now (a fall of over 11%) while the UK stock market futures are indicating drops of 7-8%. Australia All Ords down 3.5%. Gold up 6%.
The future of Prime Minister David Cameron must surely now be in doubt; indeed the future looks uncertain for many mainstream pro-Remain pollies. With Scotland having voted overwhelmingly to Remain (62% v 38%) we would expect to see renewed efforts towards another devolution vote north of the border. The longer term dismantling of the United Kingdom looks like a very real possibility.
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