A week in 'Brexitstan'

Published June 30, 2016

A snapshot of key developments since Britain created a political earthquake by voting to leave the European Union last week:

Britons vote 'Brexit'

On Thursday, June 23, Britons, many worried by immigration, voted 52 per cent to 48pc in favour of quitting the European Union.

The United Kingdom is thus set to become the first country ever to leave the bloc after decades of suspicion over the aims of an ever-closer political union.

Turnout at the historic referendum is 72.2pc.

Stocks, pound tumble

Early Friday, Britain's surprise vote sends shockwaves across global markets as it ushers in new uncertainty in a world already plagued by weak growth.

Stock exchanges from Tokyo to Paris, London, Frankfurt and New York plummet, while the pound crashes 10pc to a 31-year low. The euro also plummets against the dollar, while oil prices slide.

Cameron resigns

Cameron, who had campaigned for a 'Remain' vote, said he will resign to make way for a new leader.

He said he will leave it to his successor, who will take over on Sept 9, to trigger the formal process for Britain to leave the EU.

'Remainers' in shock

As supporters of Nigel Farage, leader of the UK Independence Party (UKIP) celebrate, the press reflects the divided nature of the country, after the 'Brexit earthquake'.

Some call it the 'birth of a new Britain', while others ask 'what happens now?'.

A series of racist incidents, notably against the Polish community, have been reported, which Prime Minister David Cameron condemned.

Scots, others eye new polls

Scotland's First Minister Nicola Sturgeon said a second independence vote is "on the table", while Ireland's Sinn Fein eyes a vote on uniting with Northern Ireland.

In London there are calls for the capital to secede from the rest of Britain.

A petition is launched on an official government website calling for a second referendum. By late Wednesday it had just over 4 million signatures.

Britain's EU man quits

On Saturday, Britain's European Commissioner Jonathan Hill announced he will stand down following his country's decision to leave the EU, saying he is "very disappointed" but "what is done cannot be undone".

EU seeks quick divorce

"This process must begin as soon as possible so we don't end up in an extended limbo period," said German Foreign Minister Frank-Walter Steinmeier.

European Commission chief Jean-Claude Juncker said: "It is not an amicable divorce but it was also not an intimate love affair."

Labour party in crisis

On Sunday, the sense of turmoil deepens as a string of top lawmakers from the opposition Labour party quit in protest at its leader Jeremy Corbyn's lacklustre support for the Remain camp during campaigning.

"For heaven's sake man, go," Cameron said to Corbyn at Prime Minister's Questions in Britain's parliament.

Euro 2016 Brexit

On Monday in a second humiliating 'Brexit' in less than a week, tiny Iceland beat England 2-1 in their Euro 2016 last-16 game in Nice, one of the biggest ever shocks in a major tournament football.

Cameron's EU swansong

On Tuesday at a tense Brussels summit, and Cameron's last, the 27 remaining EU members accepted that Britain needs time before triggering Article 50 that will begin the formal divorce proceedings.

They warned Britain cannot expect special treatment outside the bloc.

Corbyn loses vote

On Tuesday, Corbyn lost a confidence vote in his Labour Party, struggling to survive after a slew of criticism of his lukewarm 'Remain' campaigning. He refuses to resign.

Stocks recover, pound steadies

Global stock markets start recovering from the unprecedented sell-off. By Wednesday the FTSE-100 stands above its level ahead of the referendum results.

But sterling, while steadying, remains well down from its pre-Brexit poll high of around $1.50.

Scotland lobbies Brussels

On Wednesday, Sturgeon visited Brussels as she sought help to keep Scotland in the EU. Scotland voted strongly for Britain to remain.

Spain's acting premier Mariano Rajoy, wary of a knock-on effect in Spanish separatist-minded regions like Catalonia, says that Madrid would oppose any separate talks with Scotland on its EU future.

Boris unveils PM bid

On Thursday, a week after the historic vote, former London mayor Boris Johnson, who spearheaded the Brexit campaign, is expected to announce he is running to succeed Cameron as Conservative leader and prime minister.

Interior minister Theresa May, known as a hardliner on immigration, will also launch her bid to succeed David Cameron, vowing to unite divided Britain.

Work and pensions minister Stephen Crabb and right-wing former defence minister Liam Fox are also likely to run. A winner will be announced in September.

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