Yesterday, citizens of Britain officially voted to leave the European Union in a referendum that Prime Minister David Cameron announced in 2015. The unexpected result of Britain’s secession sent a shockwave through the world’s economy, and news of the Brexit saw virtually every market worldwide plunge nearly catastrophically.
With it, the British Pound fell to its lowest valuation since 1985, before resurrecting itself just a bit. At one stage, it hit $1.3236, a fall of more than 10%. However, at the current exchange rate of £1 to $1.38, it now sits decidedly lower than before the vote, and questions about the future of Britain and the world’s economy are abundant.
Hearing the results, many British citizens found themselves in shock, as they did not expect that their vote would matter when going to the polls. Out of the four major territories comprising the U.K., only Scotland voted to remain intact in the EU. Even worse, the leader of the Brexit coalition, Nigel Farage, was practically caught lying red-handed in an interview this morning following the results, when he stated the some of the promises of his party’s platform were not exactly feasible. Great guy to have endorsed, right?
While the shit continues to hit the fan worldwide, we know one thing, and it’s that Game of Thrones final two seasons may be hindered in the wake of the Brexit. And we can all agree that is terrible news for everyone.
At the end of the trading day on Friday, the United States’ Dow Jones Industrial Index closed down 611 points. Damn.