Britain has voted by 52 per cent to 48 per cent to leave the European Union (EU) after 43 years in a historic referendum, BBC reported on Friday.
The referendum turnout was 71.8 per cent — with more than 30 million people voting. This was the highest turnout at a British poll since 1992.
Below are some of the answers to chief questions on what can happen next in Britain’s relations with the coalition:
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What Happens Now?
Up till now no member state has ever left and Article 50 of the EU treaty. While it offers a sketchy legal framework for a period of two years of withdrawal, many fear the process can quickly become acrimonious.
Having lost, Cameron may face huge pressure from his divided Conservative party to resign. In case no treaty agrees, EU law simply ceases to apply to Britain two years after it gives formal notice it is leaving.
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Until a departure treaty is signed — which requires assent from Britain and a majority of the remaining 27 states weighted by population. In practice, many expect British ministers and lawmakers to be rapidly frozen out of much of the Union’s affairs.
Some Brexit campaigners have said Britain should act more quickly.
Trading On The London Stock Exchange Likely To Be Suspended?
Chancellor George Osborne has talked about the radical step with Bank of England Governor Mark Carney in the event that Brexit triggers a “Black Friday” crash.
The pound overnight has been went down to its lowest level in more than 30 years at the prospect of the UK quitting the bloc.
Will The UK Have To Negotiate The Manner Of An Exit?
Article 50 of the 2007 Lisbon Treaty foresees a two-year negotiation to draw up a withdrawal agreement.
Mr Cameron has previously said that he would kick off the withdrawal process right away, however Brexiteers say the process does not have to begin straight away – or indeed at all.
Mr Cameron will remain Prime Minister, however there is pressure to promote senior Leave figureheads such as Boris Johnson to key positions in a new-look ministerial team.
Britons remain EU citizens and business continues as before. There is a “Brussels consensus” that Britain must be made an example of for leaving and will face a chilly future. Cast out to perhaps talk its way back later into some kind of trade access in return for concessions.