UK had voted to leave the EU.Pound and Oil prices hits lowest level

e UK had voted to leave the EU.
UK had voted to leave the EU.

The value of the pound has fallen dramatically as it emerged that the UK had voted to leave the EU.

Oil prices slumped by more than 6 percent on Friday after results of a landmark referendum showed Britain had voted to leave the European Union, causing huge market uncertainty and fracturing European efforts to forge greater unity

The dollar fell below 100 yen for the first time since November 2013, while the pound dropped by the most in living memory.

U.S. crude was down $2.77 at $47.34 a barrel at around 0314 GMT. Brent crude was down $2.75 at $48.16 a barrel.

World markets took a plunge on Friday after a dramatic night ended in Britain voting to leave the European Union.

Initial polls had the ‘remain’ camp winning by a knife-edge. But the final count saw a narrow victory for ‘leave’ as the nation split 52-47 in favor of becoming the first ever EU member state to request an exit.

“The decision  for UK to Leave the EU  has opened up a Pandora’s Box as far as the London property market is concerned,” says Wetherell chief executive Peter Wetherell, who expects to see a “two-speed” market in the capital.

it’s down for everything from equities to oil. Bad economies in the UK and Europe is not good for oil and there could be a domino effect on other economies in Asia,” said IHS oil analyst Victor Shum.

A weaker pound buys fewer dollars or other foreign currencies, which makes it more expensive to buy products from abroad. However, it should benefit exporters as it makes their goods cheaper.
Against the euro, the pound dropped 7% to around €1.2085.

“However in West London and Inner North London where there are high levels of EU buyers there could now be a dramatic slowdown which could last for a number of years. The more commercial property dominated markets of the City of London and Canary Wharf/Docklands could be really damaged by this exit from the EU, with a flight of capital, companies, jobs and workers.”

Real estate company JLL has predicted an immediate slowdown of 10pc to 15pc in UK housing market transactions, with current levels not expected to return until 2018.

It is the first time any of the 28 member states has requested to leave the EU in its 59-year history

below is UK Vote to leave EU

Leave
Vote share
51.9%
VOTES 17,410,742

Remain
Vote share
48.1%
VOTES 16,141,241

NATION RESULT

England

Leave 53.4%
15,188,406 VOTES
Remain 46.6%
13,266,996 VOTES
Counting completeTurnout: 73.0%

Northern Ireland

Leave 44.2%
349,442 VOTES
Remain 55.8%
440,437 VOTES
Counting completeTurnout: 62.9%

Scotland

Leave 38.0%
1,018,322 VOTES
Remain 62.0%
1,661,191 VOTES
Counting completeTurnout: 67.2%

Wales

Leave 52.5%
854,572 VOTES
Remain 47.5%
772,347 VOTES
Counting completeTurnout: 71.7%

 LOCAL RESULT 
Cornwall
Leave 56.5%
Remain 43.5%
Basingstoke and Deane
Leave 51.9%
Remain 48.1%
Northampton
Leave 58.4%
Remain 41.6%
Wealden
Leave 54.5%
Remain 45.5%
Derby
Leave 57.2%
Remain 42.8%
Stoke-on-Trent
Leave 69.4%
Remain 30.6%
Guildford
Leave 43.8%
Remain 56.2%
Cherwell
Leave 50.3%
Remain 49.7%
Northumberland
Leave 54.1%
Remain 45.9%
Arun
Leave 62.5%
Remain 37.5%
Result detail credit to BBC NEWS
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