EU referendum: Pound sharply lower

EU referendum: Pound sharply lower

London, June 24 (IANS) The pound has swung wildly as traders reacted to the latest results from Britain’s referendum on the European Union (EU) membership, BBC reported.

Before the results started to come in, the pound rose as high as $1.50, as traders bet on a ‘Remain’ victory.

But after strong ‘Leave’ votes in Sunderland and Newcastle declared early Friday, it tumbled to $1.43 and then took another dive at around 2 a.m. to $1.41.

Traders said they have never seen such dramatic moves since the financial crisis of 2008.

“These moves are concerning and bring back pretty painful memories of 2008,” said Jeremy Cook, chief economist at World First.

“The pound didn’t have this bad a day (against the USD) in the global financial crisis and the moves by the bookies to price Leave as the favourite is killing the pound. News from Wales is the most concerning at the moment alongside the London turnout dynamics,” he added.

Analysts warned that the moves have been amplified by thin trading.

Last week the pound fell as low as $1.40 as traders tracked polls suggesting a flagging ‘Remain’ campaign.

EU referendum: ‘Leave’ vote edges ahead, pound falls sharply (Lead)

London, June 24 (IANS) The ‘Remain’ side is now a little bit behind of ‘Leave’ as more than 500,000 votes from five voting stations were declared early Friday, resulting in the pound’s lowest drop since 2009.

At 3.45 a.m., ‘Leave’ votes were ahead by over 500,000 votes, with the English shires and Wales voting strongly for Britain’s exit – Brexit.

According to local media, a total of 266,721 people voted to leave the EU, while 259,790 voted to remain in the early morning, Xinhua news agency reported.

After first counting venue Gibraltar declared its result as 19,322 voted to stay in the EU and 823 voted to leave, another seven areas have also announced the results.

Orkney Islands voted to remain as 7,189 people voted to stay and 4,193 voted to leave.

There was a narrow Remain win in Newcastle after 65,404 cast votes prefer to remain and 63,598 in favour of leaving.

A big Leave win has been witnessed in Sunderland, northeast England city, as 82,394 voted to leave and 51,930 voted to stay.

Clackmannanshire and Isles of Scilly voted to remain, while Swindon and Broxbourne voted to leave.

Scotland and Northern Ireland appear to have opted for Remain and London has voted emphatically to stay in the EU.

Wales appeared to back Brexit, with a vote of 54.7 per cent for leave so far.

Results are starting to come in from the Midlands, Yorkshire and Humber or London and South East of England, where voting was disrupted by flash flooding.

The pound has dropped to its lowest level since 2009.

Since 3.35 a.m., it has fallen to $1.37 – which represents a move of more than 7 per cent from its highs of $1.50 earlier this evening.

The FTSE futures – a rough guide to the opening of the FTSE 100 – is now pricing in a fall of around 6 per cent when the index opens.

Unlike at a general election the results in individual areas do not count – it is the overall number of votes cast for one side or the other across the country that will determine whether Britain leaves the EU.

EU referendum: London votes to ‘Remain’

London, June 24 (IANS) London has overwhelmingly voted in favour to remain in the European Union (EU) in the historic referendum held on Thursday, results showed on Friday.

Voters from London were massively in favour of staying in the EU, with 75 per cent or 3,312 votes compared to 25 per cent or 1,087 votes for Brexit, EFE news reported.

The result from London – considered the economic heart of the country – was widely expected.

The city is closely monitoring the statistics on consultation about the implications it may have on the British economy.

The option to leave the EU took the lead by 4.5 percentage points (52.28 per cent compared to 47.72 per cent) in the referendum, after 14 of the 382 counting areas finished the count.

EU referendum: Scottish results show strong ‘Remain’ support

Edinburgh, June 24 (IANS) Scotland looks set to vote in favour of Britain staying in the European Union (EU) – with every council area so far backing ‘Remain’, BBC reported.

With 27 of the 32 council areas in Scotland having declared early Friday, ‘Remain’ was on 62 per cent and ‘Leave’ 38 per cent north of the border.

Glasgow voted by 168,335 (67 per cent) to 84,474 (33 per cent) in favour of ‘Remain’, although turnout was relatively low.

Moray has seen the closest result in Scotland so far, with ‘Remain’ finishing just 119 votes ahead of ‘Leave’.

But there were big wins for ‘Remain’ in heavily-populated areas such as Aberdeen, Dundee, North Lanarkshire, South Lanarkshire, Fife and West Lothian.

Orkney became the first Scottish area to declare its result at about 12.05 a.m., with ‘Remain’ winning 7,189 votes (63 per cent) and ‘Leave’ on 4,193 (37 per cent). Turnout was 68.4 per cent.

It was followed by Clackmannanshire, which backed ‘Remain’ by 58 per cent to 42 per cent. A majority of voters in Shetland, the Western Isles and the Scottish Borders also backed ‘Remain’.

But results in England and Wales have generally been much better for ‘Leave’ so far, with the race across Britain neck-and-neck.

The referendum will be decided purely on whether ‘Leave’ or ‘Remain’ receives the most votes across the country.

About 46.5 million people were registered to vote on Thursday – including four million in Scotland – in what is the third nationwide referendum in Britain’s history.

Opinion polls published ahead of the referendum suggested the race was too close to call, although most showed ‘Remain’ holding a slight lead on the eve of the vote.

British PM urged to resign if ‘Leave’ wins

London, June 24 (IANS) Leader of the UK Independence Party (UKIP), Nigel Farage on Friday said that British Prime Minister David Cameron should resign “immediately” if the ‘Leave’ vote wins in the European Union (EU) referendum resulting in the country’s exit.

“If the predictions now are right, this will be a victory for real people, a victory for ordinary people, a victory for decent people,” the Independent quoted Farage as saying.

As of 3.45 a.m., ‘Leave’ votes were ahead by over 500,000 votes.

“We fought against the multinationals, we fought against the big merchant banks, we fought against big politics, we fought against lies, corruption and deceit, and today, honesty, decency and belief in nation I think now is going to win.”

Farage said he hopes Britain’s exit from the EU brings down “this failed project” and leads to a Europe “of sovereign nation states” that trade and co-operate together.

“And let’s get rid of the flag, the anthem, Brussels and all that has gone wrong. Let June 23rd go down in our history as our independence day.”

Farage, who has built his political career on campaigning for the UK to leave the EU, told the Press Association Remain would “edge it”, a view which he said was based on some “big polling” done by “the financial markets”.

Britain voted on Thursday in a referendum on to leave or remain part of the European Union.

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