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Britain left the EU; brace yourselves, investors

June 24th, 2016 at 02:33 am

My mind is still foggy as it's only 5:30 a.m. but i caught the headlines: Britain has left the EU, which I think is a big mistake. Already, world stock markets, which soared in anticipation of a "no" vote," have begun tumbling.

British Prime Minister David Cameron has resigned. Unbelievable. The future of the British Empire is in doubt, as Northern Ireland and Scotland have voted to remain in the EU.

It's going to be a rough day on Wall Street. Hang tight.

From the AP:
LONDON (AP) -- Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain's unprecedented vote to leave the European Union shocked investors and dragged the region, the world's largest economic bloc, into a new era of uncertainty.

Investors rushed to dump European shares as soon as markets opened, following earlier drops in Asia, and Wall Street was set to fall sharply amid concerns about the economic consequences of the vote. The move could drain confidence among companies and business in Britain and the wider EU, which some fear could even face more defections.

Britain's decision to leave the EU launches what will be years of negotiations over trade, business and political links with the EU, which will shrink to a 27-nation bloc. Above all, it creates uncertainty, which is toxic to businesses looking to making investments or consumers looking to make purchases.

It could also threaten London's position as one of the world's pre-eminent financial centers as professionals could lose the right to work across the EU. The U.K. hosts more headquarters of non-EU firms than Germany, France, Switzerland and the Netherlands put together.

9 Responses to “Britain left the EU; brace yourselves, investors”

  1. Carol Says:

    Oh rats!!!

  2. creditcardfree Says:

    I saw it was leaning that way when I went to bed last night. Ugh. I'm not going to look at my accounts for awhile.

  3. CB in the City Says:

    Surprising, I guess the English can be idiots, too!

  4. ceejay74 Says:

    Well, they voted that way. It sounds like it's still up to Parliament or something. We're going there today, so I guess we'll hear about it from the front lines!

  5. Joan.of.the.Arch Says:

    Yep, still up to Parliament. Elsewhere, well before the vote I saw the question as to whether the will of the people would even be followed. One person answered, "Uh, Boaty McBoatface?"

  6. ceejay74 Says:

    LOL Joan, I've totally seen those comparisons today too!

  7. My English Castle Says:

    It will sure be interesting--and the Empire is long gone, PS. It's "Great Britain" (aka the union) that's worrying with possible Scottish leaving again up for talks. There's been lots of scare talking and I think the markets are reacting to uncertainty and bad predictions. As they say, Keep Calm and Carry On.

  8. scottish girl Says:

    What a day.

  9. rob62521 Says:

    The Dow sure took a hit. Ouch!

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