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U.K. votes for 'Brexit': What you need to know

 
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USA TODAY Breaking News
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The British public voted to leave the European Union in a historic referendum Friday. The departure is dubbed "Brexit" - Britain's exit from the 28-member bloc. Here's what you need to know:

The vote:

The margin of victory for "Brexit" in the referendum was 52% to 48%.
"Leave" supporters argued that severing ties with the EU is the only way to reduce high levels of immigration and ensure the U.K.'s sovereignty over EU regulations.
"Remainers" said jobs, the economy, national security and the U.K.'s standing on the world stage would be compromised outside the 28-member bloc.

What happens next?

Leaders of the European Union leaders will hold a summit in Brussels next week to figure out the future of the EU.
Once the U.K. formally notifies the EU that it wants to get out of the bloc, it will have two years to officially negotiate its departure.
Scottish National Party leader Nicola Sturgeon will push for a second vote to decide whether her country should remain part of the United Kingdom, she said Friday. Scots voted overwhelmingly to stay in the European Union. Independence was defeated in a referendum in 2014. She said legislation for a new vote "has to be on the table" and that she would do everything possible to keep Scotland inside the EU.
How does "Brexit" effect the U.S. presidential election in November? Donald Trump thinks it's a good thing for him. But there are also signs that the "Brexit" vote has few ramifications for the U.S.

Pound plunges and global markets are in turmoil:

The British pound fell 11% to a 31-year low. Britain's main stock index, the FTSE 100, nosedived 8.7% to 5,790 points shortly after the open Friday.
Japan's Nikkei 225 average dropped more than 1,000 points, or 7%, through late-afternoon trading. The Bank of England - the U.K.'s central bank - said it was monitoring developments closely and "has undertaken extensive contingency planning."
U.S. stocks plunged at the open. The Dow was down 400-plus on the "Brexit" news. Follow U.S. market news here.
Don't let "Brexit" ruin your retirement. Before you take action with your portfolio, take a breath, and possibly call your financial adviser for a little pep talk.

Cameron announces resignation:

U.K. Prime Minister David Cameron, who led the campaign to remain in the EU, announced he will step down. "We should aim to have a new prime minister in place by the start of the Conservative Party conference in October," he said in a speech outside his Downing Street office on Friday.
Who could take his spot? Among his possible successors is Boris Johnson, the former mayor of London who led the "leave" campaign, analysts say.



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