Political chaos following referendum

British Prime Minister has resigned following the failure the country chose via referendum to leave the European Union. David Cameron says he’ll be gone by October.

The British economy may be gone by then too as the politicians have raised the risks substantially. There are reports that Jeremy Corbyn’s position as Labour leader is at risk too.

David Cameron to quit after UK votes to leave EU

Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.

Mr Cameron made the announcement in a statement outside Downing Street after the final result was announced.

He said he would attempt to “steady the ship” over the coming weeks and months but that “fresh leadership” was needed.

Also: Jeremy Corbyn to face Shadow Cabinet calls to quit

Jeremy Corbyn will face calls to stand down as Labour leader at an emergency meeting of the Shadow Cabinet this morning, PoliticsHome has learned.

The party’s frontbench is set to gather at 10am in the wake of Britain’s decision to quit the European Union.

But the meeting is likely to be dominated by discussions about Mr Corbyn’s own future – with senior sources saying Labour is in a “blind fury” with his performance during the campaign.

PoliticsHome has also learned that least 55 Labour MPs will put their name to a letter calling for Mr Corbyn to quit next week.

The pound has already taken a pounding, along with the FTSE.

BBC: Shares and pound plunge on Leave vote

The London stock market has plunged more than 8% in the wake of the UK’s vote to leave the EU.

In the opening minutes of trade, the FTSE 100 index fell more than 500 points before regaining some ground.

Banks were especially hard hit, with Barclays and RBS falling about 30%.

Earlier, the value of the pound fell dramatically as the referendum outcome emerged. At one stage, it hit $1.3236, a fall of more than 10% and a low not seen since 1985.

They still have most of Friday to go in Britain.

An interesting breakdown of pre-referendum polling

 

 

 

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31 Comments

  1. Alan Wilkinson

     /  24th June 2016

    I don’t think the chaos will last too long, because it is largely generated by the hype and scaremongering of the campaign. Cameron’s resignation speech already backtracks on quite a bit of that and indicates the British Government will be constructive and measured in preparing to leave the EU. Likewise the EU rhetoric will sharply moderated now that Brexit is a reality rather than a political enemy to be frightened away but it will also be affected by the reaction of anti-EU majorities in many of its other members so it is rather unpredictable, more so than the UK.

    Reply
    • Missy

       /  24th June 2016

      Exactly my thoughts Alan.

      Today is just the knee jerk panic and fear of the unknown response, it will calm down and that is when the hard work will start.

      This is a test of the leadership of the EU as well as the UK. It will be interesting to see how it goes, but I think today is the wrong day for too much analysis of the reaction.

      Reply
      • Gezza

         /  24th June 2016

        Nothing pulls the Brits together, or any country,probably, like adversity, or the threat of it.
        This will all settle down. It could well be the remaking of the place in the best possible way.

        Reply
    • Well said Alan. Predictably the control-ist wolfs who run around covered in a caring socialst sheeps covering are not taking this well and are pushing the “old, corrupt and stupid” lines as an explanation for a brexit voters preference. Those lines reveal who they are, arrogant and controlling know it alls, rather than what brexit voters are in my view at least

      And the Big Corporates who love big government because it can be more easily bought/swayed/controlled and swayed plus big government squeezes away competition are playing up the financial chaos fear they pushed via their front men and woman in the lead in.

      IN 3 years time when the UK has been out of the EU for a year or slightly less I predict”

      >The Sun rising in the east and setting in the west
      >Some form of Free trade agreement between the EU and the UK [the trade flows between the continental EU and the UK are massive and favour the continental EU. The rump EU will give that up not at all] either in place or in advanced negotiation
      >A labour movement agreement between the EU and the UK that allows but limits skilled labour movement but cuts of the unregulated migrant movement into the UK via Europe
      >A UK economy growing strongly
      >1 or more other EU members having gone down the same path as the UK.

      Reply
      • Missy

         /  25th June 2016

        So right Dave, the petulant elitist class are throwing their toys from the cot and having a complete meltdown.

        Just on a slight side note, yesterday was bucketing down, flash floods, thunderstorms and chaos, today, interestingly (despite rain forecast) it has been warm, sunny and calm – almost like God is smiling on the UK and the decision made. 🙂

        The world hasn’t ended, the plagues haven’t come, and so far no WWIII – even the sharemarkets have rallied after the initial shock, and the FTSE has closed the strongest in Europe today, also even at its lowest point the FTSE was still apparently 500 points above its lowest point this year in February.

        I can safely report ‘there has been no apocalypse’ – well except in the mind of a bunch of spoilt millennials who seem to think only their opinion is correct.

        Reply
        • Gezza

           /  25th June 2016

          Time for them to think of something bigger, and more important, than themselves.

          Reply
          • Missy

             /  25th June 2016

            Absolutely, their lives have been so easy and trouble free that they can’t think beyond the immediacy and their own gratification, and getting what they want immediately.

            Reply
        • ” well except in the mind of a bunch of spoilt millennials who seem to think only their opinion is correct”

          yes Missy I too am sick of seeing that sentiment of youth being stiffed by the vote and its only been a few hours since the votes were counted and finalised.

          I have given my 20 something son a slap verbally today for one of his comments “Oldies, the stupid and the corrupt” voted for brexit according to him. He copped it from this oldie along the lines of that is an arrogant comment and maybe the older generations are drawing on their wisdom and experience in their voting patterns

          The young always think their elders are stupid. It only dawns on them in their 30’s and 40’s that the world is not some perfect, ideal driven world – and surprise, surprise their opinions change.

          Europe as a political unity goes against everything Britain has always pursued from a foreign policy standpoint pre 1973. about time they came to their senses again

          Reply
          • Blazer

             /  25th June 2016

            your last paragraph seems to yearn for a return to colonialism!

            Reply
            • Blazer… if didn’t upset Pete G I would tell you to xxxx off.

              “yearn for a return to colonialism” Jesus boy you are obsessed with your hatreds aren’t you…. ZERO reference to Empire in that post Zero. It speaks to Britain viz a viz Europe and long term British strategy related to Europe. Go back to school, engage comprehension studies in the English faculty, do not pass go….

            • Corky

               /  25th June 2016

              Nothing like sipping tea on the veranda, on a balmy warm afternoon, watching the natives harvest flax, old boy!

  2. Gezza

     /  24th June 2016

    That age breakdown table:
    Polling data on YouGov 1652 people. 17-19 June 2016.
    Those who were undecided or wouldn’t say have been excluded.

    Pffftt!

    The Scots have a simple question to answer.
    Are they British?

    The Northern Irish have 4 questions to answer.
    * Are they British? If not
    * Are they Scottish? If not
    * Are they Irish?
    If not, what are they?

    Reply
  3. No failure to choose, Cameron resigning was the icing on the cake.
    Apparently Tony Blair was almost in tears.
    The older generation remembers why they fought, the younger generation has no context to understand it.

    Reply
    • Gezza

       /  24th June 2016

      Time to put Blair Bush & co before the ICC.

      Reply
    • Missy

       /  24th June 2016

      UT, I think you are partially right there, but also many in the older generation have seen what began as a trading bloc morph into a political union, and they have genuine fears around what will become of the EU in the future, many are looking 30-50 years down the track, the younger generation are looking at the next 5 years, and not looking to what will happen longer term. Despite what many in the younger generation think and are saying, I truly believe the older generation that voted out did so for their benefit – they understand that this is the last chance they have. There was a good article in the Telegraph the other day talking about this very point, and how the older generation will be voting for the future using their wisdom and experience. Predictably though the younger generation have gotten into some elderly abuse online, and slagging off older people as selfish and not caring about their views.

      The big question is who will be next? Most are picking Netherlands.

      Reply
  4. Missy

     /  24th June 2016

    Another slightly side issue (and maybe a touch off topic), there has been a lot of discussion around the rise of the far right in this debate, and the most common theme from Remainers – and the EU – is that the UK needs to remain in the EU (and that there needs to be greater integration of the EU) in order to suppress this rise, what these people seem to be failing to grasp is that the rise in the far right and nationalism seems to be in direct response to the increase in EU integration and power.

    Greater EU integration will not reduce the rise, it will continue to create nationalistic feelings as Europeans struggle to retain their own individual national identities. I think a remain vote in the UK will have just given more fuel to the likes of Farage, and continued the discontent of those that do not do well under the EU, and increased the support of nationalist views, and far right groups. Just my view.

    Reply
    • Gezza

       /  24th June 2016

      I agree. You’re on the spot and have your finger on the pulse. But when I’ve been thinking about this same thing today I wonder if the far right will now begin to decline in influence. It may have been more of a vehicle for dissatisfaction than a true reflection of sentiment. The young will learn the difference between national socialism & national pride.

      Reply
  5. Gezza

     /  25th June 2016

    I am waiting now for the Sovereign, HM Elizabeth II, to ask the people to support her & each other to make it work.

    Reply
  6. Gezza

     /  25th June 2016

    Reply
  7. Corky

     /  25th June 2016

    Hail the bulldogge spirit. They have done the right thing. Sure, a decade of reformation will ensue. Britain will then look back at Europe disintegrating under immigration and ridiculous fascist rules like gardeners not being able to trade seeds, and they’ll realise the pain was worthwhile . It will be a time of vigilance as Russia and China look for any opening to weaken NATO, or gain an economic advantage. Hopefully New Zealand will have a task force ready to win any economic deal we can exploit. Interesting to note, and John Key should too, that most Brits interviewed saw immigration as a major issue. The reason for that is simple. They have seen the results of an immigrant population moving past the 5% mark and destroying native Pommie culture. Dumb New Zealanders think that will never happen here. I must also congratulate the English on revitalising (?) Trumps campaign. Now he can thunder about America doing a Britain and making America great again because Britain has made Britain great again…er, and all permutations of the former.

    Reply
    • Gezza

       /  25th June 2016

      Thinking about restarting to give you another upvote.

      Reply
      • Corky

         /  25th June 2016

        Eh?

        Reply
        • Gezza

           /  25th June 2016

          Sorry mate. I meant I couldn’t agree more with what you just said, Corky. I’d like to give you two upticks for that one. 😎

          Reply
          • Corky

             /  25th June 2016

            Ah, yes. Thanks. I’m sucking cocoa at the moment. Maybe with a cup of my usual Dilmah and a divine caffeine fix I may have been able to nut that out.

            Reply
            • Blazer

               /  25th June 2016

              you sure know how to enjoy yourself….raspberry buns and cocoa!

            • Corky

               /  25th June 2016

              I only enjoy raspberry buns when the crumbs are falling into a beggars bowl.

  8. I take heart by the economic analysis that the UK’s fundamentals are in good order. There is a need for leadership that can provide a formula to improve the quality of the life of those disaffected and angry Britons. The elephant in the room is the immigrant population who are clinging to their native culture and practice an exclusive separatist ghetto type of living that native Britons call “no go areas”. Is there a solution to this?

    Reply
    • Gezza

       /  25th June 2016

      Conversion. To atheism, agnosticism, any other religion, and to British. Or go to where others who don’t want that live.

      Watched an Afro-British woman on Al Jazeera this morning—didn’t catch the name but seemed like someone well-known. East end accent I’d say. She said she voted Leave & was very happy with the result. She was offended by the number of people saying to her—“What? I thought you’d want to vote Remain!” She said it was never about racism.

      Reply

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