UK’s ‘Brexit’ results rattle the world

EU leaders have insisted that the UK must move swiftly to negotiate leaving the organisation, saying any delay would prolong uncertainty.

European Commission head Jean-Claude Juncker stressed the “Union of the remaining 27 members will continue”.
The UK voted by 52% to 48% to leave the EU.

David Cameron has announced he will step down as prime minister by October but would seek to “steady the ship” between now and then.

Global stock markets fell heavily on the news of the so-called “Brexit” and the value of the pound has also fallen dramatically.

The tensions are already coming to the surface. And even though all sides are emphasising the need for co-operation, in many capitals there will be little appetite for doing the UK any favours.

Europe’s political order has been overturned – with far-reaching consequences that no-one can accurately predict.
The leaders also said that while the UK remained in the EU, it must abide by “all the rights and obligations that derive from this”.

The UK must invoke Article 50 of the Lisbon Treaty to leave, which then allows for two years for withdrawal to be negotiated.

Source – www.bbc.com

Odysseas Melikides

Odysseas Melikides

Sign up for our Newsletter

SUBSCRIBE TO OUR NEWSLETTER to stay up to date on the latest industry news, tax calendar events, and our team achievements