by All of the votes have been counted. 51.9% of the votes were for “leave”. Voter turnout was 72.2%. Voting was divided. Scotland (62.0% remain) and Northern Ireland (55.8% remain) voted too stay, while England (53.4% leave) and Wales (52.5% leave) voted to leave. © Donfiore | Dreamstime.com In the markets, the pound dropped as low as 1.32 US dollars, 1.20 Euros and 1.29 Swiss francs according to Reuters. By around 9:00 am the pound had moved from these lows to 1.37 US dollars, 1.24 Euros and 1.33 Swiss francs. The euro Swiss franc rate was at 1.06 at one point and by around 9:00 am was at 1.08. IG Bank in Switzerland said: “The SNB is probably intervening in the FX market to prevent a sharper strengthening of the franc.” 10 minutes after the UK markets opened the FTSE 100 was down around 8%. Donald Tusk, President of the European Council, said in an announcement, that EU law will continue to apply to the UK until the nation formally leaves the club, including rules on free movement of people. David Cameron said in a speech that he’d like to assure British citizens abroad that there would be no immediate changes. He also announced that he wants a new prime minister in place by October.
Topics:
Investec considers the following as important: Brexit, Business & Economy, Editor's Choice
This could be interesting, too:
Investec writes Swiss unemployment falls in April
Investec writes Bumper season for Swiss mountain lift companies
Investec writes Migration between Swiss cantons – gainers and losers
Investec writes Commission wants to postpone pension hike funding question
All of the votes have been counted. 51.9% of the votes were for “leave”. Voter turnout was 72.2%.
Voting was divided. Scotland (62.0% remain) and Northern Ireland (55.8% remain) voted too stay, while England (53.4% leave) and Wales (52.5% leave) voted to leave.
© Donfiore | Dreamstime.com
In the markets, the pound dropped as low as 1.32 US dollars, 1.20 Euros and 1.29 Swiss francs according to Reuters. By around 9:00 am the pound had moved from these lows to 1.37 US dollars, 1.24 Euros and 1.33 Swiss francs. The euro Swiss franc rate was at 1.06 at one point and by around 9:00 am was at 1.08. IG Bank in Switzerland said: “The SNB is probably intervening in the FX market to prevent a sharper strengthening of the franc.”
10 minutes after the UK markets opened the FTSE 100 was down around 8%.
Donald Tusk, President of the European Council, said in an announcement, that EU law will continue to apply to the UK until the nation formally leaves the club, including rules on free movement of people.
David Cameron said in a speech that he’d like to assure British citizens abroad that there would be no immediate changes. He also announced that he wants a new prime minister in place by October.
The Swiss foreign office said: “Although the electorate of the United Kingdom has voted to leave the European Union, current regulations regarding Swiss citizens and companies remain applicable for the time being and nothing will change immediately. Swiss citizens can contact the FDFA Helpline if they have questions about how this issue may affect them.”
Detailed results can be seen on the BBC website.