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Brexit

Great Britain voted to break away from the European Union today in a historic referendum. As a result, Prime Minister David Cameron announced his resignation as the nation's leader.

Over 17.4 million Britons voted to exit the European Union, while 16.1 million voted to remain.

Part of the impetus of the succession vote was the fact that the European Union's (EU) decision-making authority rests in Brussels, not London. Another reason for leaving was the high number of immigrants moving into the UK from poorer EU nations.

The vote to leave the EU sent global financial markets into a tizzy.

Many of the longer-term impacts of the decision will be felt in trade and commerce. Britain will lose automatic access to European markets. Additionally, Britain is no longer obligated to let any EU citizen live and work in its borders.

New trade agreements will have to made. Britain relies heavily on the European common market.

Britain's Treasury and Central Bank believes the exit from access to the EU single market will be seen in permanent job loss, lower tax revenues, and an overall a smaller economy. 

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