Britains vote to leave European Union

Britains vote to leave European Union

United Kingdom, Europe to figure out what comes next.

British citizens voted Thursday to leave the European Union, with 52% voting for Brexit and 48% voting for Bremain.

As a result of the outcome, Prime Minister David Cameron announced he will resign this fall.

"I was absolutely clear about my belief that Britain is stronger, safer and better off inside the European Union," Cameron told National Public Radio on Friday. "But the British people have made a very clear decision to take a different path, and as such I think the country requires fresh leadership to take it in this direction."

The vote for Brexit sent markets reeling and the pound closed at $1.35, its lowest level since 1985, according to NBC News.

British vote to leave the European Union in Thursday's referendum. (Photo: m_pavlov/Thinkstock)

Britain now has to figure out how to exit the European Union, which no nation has done before.

The earliest Britain could leave is two years from now, according to The New Yorker, or it could be 2019 or 2020.

Roberto Azevedo, WTO director-general, said, “The British people have spoken. The WTO stands ready to work with the UK and the EU to assist them in any way we can.”

The impact of Brexit on votes coming up in other European countries remains to be seen.

“Still, in the short term, talk of a continent-wide political disintegration is probably overblown  . . .  but, as the Brexit vote demonstrates, the paradigm is shifting,” according to The Telegraph.

And the impact on United States?

“America has its own big decision coming up, and if you are a supporter of Trump, Britain's decisive vote to leave the EU is glad tidings, a ray of sunshine after a few weeks of soupy London fog,” writes Peter Weber in The Week. “If you don't want Donald Trump to be president, the Brexit vote is a wake-up call.”

There are many ways Brexit could impact U.S. citizens, according to ABCNews. In addition to today's slump in your 401K, mortgate rates are predicted to drop. The value of the dollar, on the other hand, is rising.

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