David Cameron, the Prime Minister of the United Kingdom, has announced his resignation following the results of the Brexit referendum. The decision ends months of speculation, back and forth discussions, and a litany of financial predictions. For now, Britons now have the added chaos to grapple that their country will be soldiering forth leaderless in the interim, until a new Prime Minister is ultimately chosen.
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With the votes tallied it looked by early London trading hours that the ‘Leave’ vote had reached a critical majority precipice ushering in what many have both waited for and feared – a UK divorce with the European Union.
The speculation is already swirling about who will succeed Cameron, with one of the most obvious figures being Boris Johnson, the former London Mayor who has championed an exit from the EU, according to Sky News. The discussion heated up as far back in February, when Mr. Johnson broke lines with his party by enlisting with the ‘Leave’ effort. With the dust now settling, he stands as one of the biggest winners of the day, though at this juncture it is uncertain who will ultimately step into the PM role.
The announcement is a surprise to many inside the UK in particular, especially given the financial uncertainty facing the nation this morning. At the time of writing, the GBP/USD has already plunged south of 1.30 with gold prices already spiking on the volatility.