Britain has voted to leave the EU, forcing the resignation of British Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War II.
There was euphoria among Britain’s euroskeptic forces, claiming a victory over the political establishment, big business and foreign leaders, including US President Barack Obama, who had urged Britain to remain.
“Dare to dream that the dawn is breaking on an independent United Kingdom,” said Nigel Farage, leader of the UK Independence Party. “This will be a victory for real people, a victory for ordinary people, a victory for decent people ... Let June 23 go down in our history as our independence day.”
Photo: AFP
Global financial markets plunged as results from Thursday’s referendum showed a near 52-48 percent split for leaving.
The pound fell more than 10 percent against the US dollar to levels last seen in 1985, its biggest one-day fall in history, and European shares plummeted more than 8 percent, headed for their biggest ever one-day percentage fall.
Cameron, who lost his gamble betting the nation’s future on an outcome he predicted would be catastrophic, said he would step down as prime minister by October.
Speaking to assembled reporters outside 10 Downing Street in London yesterday, he said he would stay on for as long as was necessary for stability’s sake, but that he could not be the one to lead Britain out of Europe.
“I will do everything I can as prime minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers the country to its next destination,” he said.
Brexit was a rare, but fateful miscalculation for a politician who has a reputation for thriving under pressure and astutely judging political risks.
“I think he’s actually been pretty stunned by the strength of the ‘leave’ cause,” Cameron biographer James Hanning told reporters several days ahead of the referendum. “The golden rule is: Never hold a referendum unless you’re confident of winning it, and I think he thought that the moderate voices would prevail by some distance.”
“The British people have made a decision to take a separate path,” Cameron said yesterday morning.
Quitting the EU could cost Britain access to the EU’s trade barrier-free single market.
The UK itself could break apart, with leaders in Scotland — where nearly two-thirds of voters wanted to stay in the EU — calling for a new vote on independence.
The EU for its part is expected to be economically and politically damaged, facing the departure not only of its most free-market proponent, but also a member with a UN Security Council veto and powerful army. In one go, the bloc will lose about one-sixth of its economic output.
Leaders in France and the Netherlands demanded their own referendums to leave.
The vote will initiate at least two years of divorce proceedings with the EU, the first exit by any member state.
Cameron said it would be up to his successor to formally start the exit process.
Conservative Party leader Boris Johnson, a former London mayor who became the most recognizable face of the “leave” camp, is now widely tipped to seek the top job.
European politicians reacted with shock.
“Please tell me I’m still sleeping and this is all just a bad nightmare!” former Finnish prime minister Alexander Stubb tweeted.
Britain, which joined the then-European Economic Community (EEC) in 1973, has always been an ambivalent member. A firm supporter of free trade, tearing down internal economic barriers and expanding the EU to take in ex-communist eastern states, it opted out of joining the euro single currency or the Schengen border-free zone.
World leaders including Obama, Chinese President Xi Jinping (習近平) and German Chancellor Angela Merkel and NATO and Commonwealth governments had all urged a “remain” vote, saying Britain would be stronger and more influential in the EU than outside.
The four-month campaign was among the divisive ever waged in Britain, with accusations of lying and scaremongering on both sides and rows on immigration.
It also revealed deeper splits in British society, with the pro-Brexit side drawing support from millions of voters who felt left behind by globalization and believed they saw no benefits from Britain’s ethnic diversity and free-market economy.
In the end, concerns over uncontrolled immigration, loss of sovereignty and remote rule from Brussels appear to have trumped almost unanimous warnings of the economic perils of going it alone.
In Taiwan, Executive Yuan spokesman Tung Chen-yuan (童振源) yesterday said that based on available information, the result of the UK referendum might not have a significant economic impact on Taiwan.
Tung cited the conclusion of a Cabinet meeting on the possible impact of the UK’s decision to leave the EU.
“The impact on Taiwan’s stock and financial markets is likely to be smaller than what it might be on other nations, because the economic and financial connections between Taiwan and the UK are smaller,” Tung said, but added that Premier Lin Chuan (林全) has asked ministries and institutions to closely monitor follow-up effects and discuss necessary measures.
“Some possible measures were discussed in the meeting, but it is not the right time to announce them,” Tung said.
The meeting lasted an hour and was hosted by the premier and attended by senior officials, including central bank Governor Perng Fai-nan (彭淮南), Minister of Economic Affairs Lee Chih-kung (李世光), Financial Supervisory Commission Chairman Ding Kung-wha (丁克華), National Development Council Minister Chen Tain-jy (陳添枝) and National Security Council Deputy Secretary-General Chen Chun-lin (陳俊麟).
Additional reporting by Loa Iok-sin
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS