Brexit – live blog (Friday 24th June 2016)
9.20am
The UK has voted to leave the European Union by 17.4m votes 16.1m. This equates to 51.9% for Leave to 48.1% for Remain. Turnout was said to be 72%. The news is being called the biggest event in Britain’s post-war history; it is loaded with implications for trade, regulation, politics and international stability which will take years to unpick.
11.03am
Events are currently moving very quickly. With sterling having suffered overnight and the markets currently witnessing major volatility, the country has also lost its prime minister. David Cameron has said he will manage the immediate transitional period and then resign to make way for a new Conservative leader by the party conference in October. “The will of the British people is an instruction that must be delivered,” he said in a statement outside Downing Street.
Meanwhile Jeremy Corbyn, the Labour leader, has controversially called for the process of leaving to be started immediately. There are rumours that Labour MPs are plotting a coup against him in response to his lacklustre campaigning in recent months.
11.17am
Boris Johnson has paid tribute to David Cameron and concurred with the view there is no need to immediately invoke Article 50. Appearing alongside Michael Gove and Gisela Stuart, also of Vote Leave, he struck a tone that was deliberately moderate and sober in contrast the triumphalist note struck earlier by Nigel Farage.
Meanwhile, Nicola Sturgeon has confirmed that Scotland will push for a second referendum on Scottish independence after the country voted overwhelmingly, compared to England, to stay in the EU. “The Westminster establishment has some serious soul-searching to do,” she said, adding: “I intend to take a possible steps to secure our continuing place in the EU and the single market.”
12.21pm:
Labour MPs have tabled a motion of no confidence in Jeremy Corbyn, the party’s leader, who was seen to have conducted a half-hearted pro-EU campaign. The motion will be discussed at a meeting of the parliamentary party on Monday and, if the chair accepts it, a secret ballot of Labour MPs will be held on Tuesday. Mr Corbyn faces a large amount of hostility from the PLP, but is backed overwhelmingly by the party grassroots, leaving the outcome of any leadership contest uncertain.
12.29pm
Meanwhile, the noise from EU officials is very much that while the UK’s decision to leave is regrettable, they accept the verdict. Calls have been made for Britain to quickly invoke Article 50, which sets in train the leaving process. However, Brussels has no power to force the invocation and so the ball is in the UK government’s court. Jeremy Corbyn has also called for the process to be started. But from what has been said by Boris Johnson and David Cameron, there will be a long-ish period of taking stock and planning before the wheels are set in motion.
15.19pm
Following this morning’s statements there has been a lull in activity as the country starts digesting the news. In the USA, the Dow was down 500 points on opening and Barack Obama, the president, has reportedly said that Britain and America’s special relationship “is enduring” and the two countries will continue to work together. “The United Kingdom and the European Union will be indispensable partners with the United States even as they begin negotiating their ongoing relationship,” he said.
George Osborne, the UK chancellor, broke cover this afternoon and tweeted that he had informed G7 finance ministers of the current situation. “They all respect the decision of the British people,” he said. “G7 central banks have taken steps to ensure adequate liquidity and to support functioning of markets.” The chancellor, whose fate is intertwined with that of his long-standing friend and colleague David Cameron, added that he respected the decision of the British people, “and will do all I can to make it work”. The comments appear to suggest Mr Osborne is keen to remain in his job, but few see this as tenable once Mr Cameron has moved on.
His sentiments were echoed in a joint statement from the G7 finance ministers and central bank governors. “We recognize that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability,” they said. “G7 central banks have taken steps to ensure adequate liquidity and to support the functioning of markets. We stand ready to use the established liquidity instruments to that end.”
Brexit, David Cameron, Jeremy Corbyn, Politics, Public Policy