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24 June 2016

Brexit impact

What will the impact of the Brexit vote be?

By New Statesman

The immediate impact of the Brexit vote has that the FTSE 100 went into freefall and the pound hit its lowest value against the dollar since 1985. Then at 9:23 this morning, Prime Minister David Cameron announced his resignation, with the intention of having his replacement in office by October.

In the longer term, the consequences are still to be worked out. In order to divest the UK from the EU, Article 50 of the Lisbon Treaty needs to be invoked – members of the Leave camp (including Boris Johnson) have suggested that this need not be immediate, but EU member states may want to take swift action.

The UK itself is now in danger of dissolution, with Nicola Sturgeon and Martin McGuinness calling for votes on the constitutional relationship between the UK and, respectively, Scotland and Northern Ireland.

Follow the Brexit impact as it happens on the New Statesman’s EU referendum liveblog.

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