What seemed impossible some months ago came true: UK has voted to leave the European Union by 51,9 % against 48,1%. World financial markets sank with sterling suffering its biggest fall since 1985 by 10 percent against the dollar leaving the world’s 5th largest economy as well as the European efforts to forge unity completely hit. David Cameron will step down after Brexit vote.
Moritz Kramer, chief ratings officer for S&P, told the FT on Friday morning that the UK’s AA rating was “untenable under the circumstances”. The UK Government would be informed 24 hours before any downgrade.
The referendum results will start an unprecedented process in the EU. The historic divorce could last at least two long years, raise questions over London’s role as a global financial capital and put huge pressure on Prime Minister David Cameron to resign.
While David Cameron has made clear he “remains the Prime Minister and will carry out the instructions of the British people”, Nigel Farage has said he hopes Brexit will bring down the whole of EU, which he called a “doomed project”.