Analysis of the immediate economic impact of leaving the EU has been published by the Treasury. This file may not be suitable for users of assistive technology. A vote to leave would cause a profound economic shock creating instability and uncertainty which would be compounded by the complex and interdependent negotiations that would england leaving eu. The central conclusion of the analysis is that the effect of this profound shock would be to push the UK into recession and lead to a sharp rise in unemployment.
After two years, the analysis shows that GDP would be around 3. 500,000, with all regions experiencing a rise in the number of people out of work. If negotiations with the EU took longer than two years to conclude or if the outcome were to be less favourable than expected, the UK economy could be subject to repeated and persistent rises in uncertainty which would depress further UK economic prospects. Is there anything wrong with this page? Send me the survey Don’t have an email address?
All content is available under the Open Government Licence v3. EU vote: David Cameron says the UK “needs fresh leadership” Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union. Speaking outside 10 Downing Street, he said “fresh leadership” was needed. London, Scotland and Northern Ireland backing staying in. UKIP leader Nigel Farage hailed it as the UK’s “independence day”, while Boris Johnson said the result would not mean “pulling up the drawbridge”.
Scottish First Minister Nicola Sturgeon said she was “absolutely determined” to keep Scotland in the EU so a second Scottish independence referendum was now “highly likely”. German chancellor Angela Merkel expressed “great regret” at the outcome, and EU chiefs said they expected the UK to begin negotiations to leave “as soon as possible, however painful that process may be”. But Boris Johnson, the ex-London mayor and public face of Vote Leave who is now a front-runner to be next prime minister, said there was “no need for haste” about severing the UK’s ties. Boris Johnson: “There is no need for haste” He said voters had “searched in their hearts” and the UK now had a “glorious opportunity” to pass its own laws, set its own taxes and control its own borders. Another leading Leave campaigner, Labour’s Gisela Stuart, said the UK would be a “good neighbour” when it left the EU. The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results. 250bn of extra funding to ensure market stability.
Flanked by his wife Samantha, Mr Cameron announced shortly after 08:15 BST that he had informed the Queen of his decision to remain in place for the short term and to then hand over to a new prime minister by the time of the Conservative conference in October. He would attempt to “steady the ship” over the coming weeks and months, but that it would be for the new prime minister to carry out negotiations with the EU and invoke Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal, he said. The British people have voted to leave the European Union and their will must be respected,” said Mr Cameron. The will of the British people is an instruction that must be delivered. Bank of England governor Mark Carney said UK banks’ “substantial capital and huge liquidity” allowed them to continue to lend to businesses and households. Chancellor George Osborne said he had briefed G7 finance ministers about the consequences of the vote. On Twitter, he said it had been a “hard-fought campaign” and while it was not the outcome he wanted, “I will do all I can to make it work”.
30 million people voting – the highest turnout at a UK-wide vote since 1992. Mr Farage – who has campaigned for the past 20 years for Britain to leave the EU – told cheering supporters: “This will be a victory for ordinary people, for decent people. Reality Check: Do I need a new passport? Gavin Hewitt: What next for the Conservative Party?