June 24, 2016
On Thursday night, television networks projected that Britain would leave the European Union after years of infighting over immigration, the fear among white working class Britons that the European Union was overbearing and too imposing on the British people. The “Leave” campaign won with 52% and “Remain” received 48%. The results of this historic referendum has political and economic ramifications throughout Britain and the world, especially in the United States.
401ks in the United States and other retirement savings could potentially take a hit, due to investments abroad. The British pound has also dropped dramatically on Friday. Political ramifications have spread in Britain. Conservative prime minister David Cameron has announced his resignation Friday as prime minister and Tory leader starting in October. His frenemy Boris Johnson, the controversial and outspoken former London mayor, has been seen as the favorite to replace Cameron. President Barack Obama has supported Britain remaining in the EU for trade and other economic deals, but the people of Britain have spoken and they will be heard.
Now it remains to be seen whether Britain’s future will change for ever. It seems like June 23, 2016 will be a day that lots of people will remember.