After its vote to exit the European Union, Britain plunged deeper into political crisis on Sunday and spread further uncertainty and confusion to the continent where officials were unable to decide on what to do next. The turmoil in Britain also caused alarm in other parts of the world; a senior official in Tokyo said that there was a risk of violent and speculative moves in currencies whereas the finance minister in China said that a huge shadow would be cast over the global economy due to the fallout of the referendum on Thursday. As far as Britain is concerned, the open political conflict spread to the opposition Labour Party from the ruling Conservatives.
After the party’s pro-EU stand was rejected in droves by traditional backers, the senior lawmakers also withdrew their support for their leader. The splits continued to deepen throughout the nation. A petition was signed by nearly 3 million Britons for a re-run of the referendum and the number continued to rise by the hour. An opinion poll also showed that a huge number of scots now want to break away from the United Kingdom. The leader of Scotland promised that she would do everything in her power to ensure that her country, which is pro-EU, stays in the bloc.
This also included potentially vetoing legislation for Britain’s exit from the biggest single market in the world. However, Francois Hollande, the French President declared that there was no going back after the Brexit vote. During an inauguration for a World War Two memorial, the President said that something which had been unthinkable has now become irreversible. He called for Germany and France to use their strong friendship for seizing the initiative and warned that separation posed a risk of quarrels, dissensions and divisions. The issue was discussed by Hollande and Chancellor Angela Merkel over phone and an aide said that they were on full agreement over it.
Sigmar Gabriel, the German Vice Chancellor, also took a tough line on London’s future ties with the EU while Merkel was a bit more emollient. Gabriel said that they wouldn’t discuss what the EU could offer Britain to keep them in. David Cameron, the British Prime Minister resigned on Friday after his appeals to stay in the EU was rejected by the voters by 52 to 48 percent. This turned out to be the biggest blow for the European project since the war for forging greater unity.
Nonetheless, he refused to be the done to notify the European Union of this decision and left this task for his successor, who is not going to be in office for the next three months at least. This indicates a period of limbo. He will be meeting the other 27 leaders of the Union on Thursday at a summit in Brussels. On Friday, the Pound Sterling fell by nearly 10% against the dollar and reached levels that were previously seen in 1985 whereas about $2 trillion was wiped off the value of the stocks worldwide with this announcement.