The British people have voted to leave the European Union after a historic referendum in which they rejected the advice of the main Political leaders and instead took a plunge into the political unknown, sending the value of the pound into a wild swing, recording to a 9% drop and hitting its lowest level against some foreign currencies since 1985.
Labour’s Shadow chancellor John McDonnell said the Bank of England may have to intervene to shore up the pound, which lost 3% within moments of the first result showing a strong result for Leave in Sunderland and fell as much as 6.5% against the euro.
The decision in favour of Leaving the EU, following a bitterly close electoral race, represents the biggest shock to the political establishment in Britain and across Europe for decades, and will threaten the leaderships of both the prime minister, David Cameron, and the Labour leader, Jeremy Corbyn
The result will now trigger a process of British withdrawal from the European Union and quite possibly another referendum for an independent Scotland.
London and Scotland voted strongly to stay in the EU but the remain vote has been undermined by poor results in the north of England.
Voters in Wales and the English shires have backed Leaving the EU in large numbers.
The referendum turnout was 71.8% – with more than 30 million people voting – the highest turnout since 1992.