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24 June 2016

The consequences of Brexit

Since Britain voted to leave the EU in a referendum, the prime minister has resigned and financial markets are in turmoil. 

By New Statesman

Even before the final vote was announced, the financial markets reacted to Brexit with a sharp fall in the FTSE 100 and the collapse of sterling to a 30-year low. Prime Minister David Cameron resigned, and opposition leader Jeremy Corbyn is facing a motion of no confidence.

The SNP leader Nicola Sturgeon has made the case for another referendum on Scottish independence, given that Scotland voted overwhelmingly for Remain; meanwhile, Sinn Féin’s Martin McGuinness has argued for a border poll on the reunification of Ireland.

In the long term, the terms of Brexit – the deal the UK gets on leaving the EU – have yet to be set, and the outcome for the economy and immigration depend to a great extent on what they are. However, house prices have already shown signs of being hit by Brexit in the run-up to the referendum.

Follow all the developments on the New Statesman’s EU referendum liveblog.

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