For some it’s “independence day.” For others, a “catastrophe.” The United Kingdom’s voted to leave the European Union. It’s Friday, and here’s what you need to know about Brexit — and a few other things.
1. Brexit
It’s a divorce whose effects will ripple throughout the world for years. The United Kingdom voted yesterday to leave the European Union, the first country to ever leave the 28-nation bloc. The EU referendum was tight, but the Leave camp prevailed with almost 52% of the vote. Now starts the multi-year effort to extract the U.K. from the EU, moves that will affect everything from immigration to trade in not just Europe but throughout the world.
The Brits are on their way out, and so is David Cameron. The U.K. prime minster resigned this morning after Brexit became a stunning new reality. He’ll stay on until October, but thinks a new prime minister should take on the complex negotiations required for the U.K.’s EU exit. Cameron had defiantly campaigned for the Remain side, but the results could mark the end of his political career.
How did the markets react? They freaked out. The pound crashed to three-decade lows. British stocks — especially banking stocks — tanked. Markets in Europe tumbled. So did Asian markets, with Japan’s Nikkei closing down 7.9%, it’s worst day in five years, and shares in India and Hong Kong slipping more than 4%. And get ready for a rough day on Wall Street: Dow futures dropped more than 500 points this morning.
So what happens next? Years of negotiations. The EU and U.K. officially have two years to work out an agreement, but it’ll probably take longer than that to untangle the Brits from the decades of legislation, treaties and deals between the two. The process starts Monday, when the EU’s heads of government meet.
Is Brexit the beginning of the end? Not just for the EU but the U.K. as well? Greece was already seriously thinking about leaving. Other EU members may follow suit: far-right and nationalist politicians in the Netherlands and France are already demanding EU membership referendums in their countries. Dominoes may start falling in the U.K. too. Scotland, which voted to Remain, is almost certain to call for another referendum on its independence — so it can join the EU. Northern Ireland leaders may do the same.
2. Immigration
The Supreme Court dealt the White House a big blow yesterday when it deadlocked on President Obama’s controversial executive actions on immigration. The 4-4 tie means the programs will remain blocked for the rest of Obama’s presidency.
3. EgyptAir 804 crash
Egyptian officials weren’t able to pull any information from EgyptAir Flight 804’s badly-damaged black boxes. So they’re sending them to France to see if they’ll have any luck. The plane crashed into the Mediterranean last month, killing 66.
4. Freddie Gray
Baltimore police officer Caesar Goodson was found not guilty of all charges yesterday in Freddie Gray’s death. It’s the third acquittal in the case, and since Goodson faced the most serious charge, many wonder if the trials for four other cops will even go forward.
5. Disney
Walt Disney World reopened its beaches yesterday, a week after a gator snatched away a 2-year-old boy. The beaches will only be open in the daytime, and Florida officials think they caught the alligator responsible for the attack.
Quote of the day
“I don’t think I’ve ever wanted magic more”
Author J.K. Rowling, a strong supporter of Brexit’s Remain campaign, wished on Twitter for a little help from Harry Potter.