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The Impact of Britain falls out of the EU The United Kingdom European Union membership referendum, known within the United Kingdom as the EU referendum and the Brexit referendum, was a non-binding referendum that took place on Thursday 23 June 2016 in the UK and Gibraltar to gauge support for the country's continued membership in the European Union. The referendum resulted in an overall vote to leave the EU, by 51.9%.The vote was split between the constituent countries of the United Kingdom, with a majority in England and Wales voting to leave, and a majority in Scotland and Northern Ireland, as well as Gibraltar, voting to remain. In order to start the process to leave the EU, the British government will have to invoke Article 50 of the Treaty on European Union. More than US$2 trillion of wealth in international equities markets was wiped out in the highest one-day sell-off in recorded history. On the morning of 24 June, the pound sterling fell to its lowest level against the US dollar since 1985, marking the pound down 10% against the US dollar and 7% against the euro. The drop from $1.50 to $1.37 was the biggest move for the currency in any two-hour period in history. Uncertainty over the referendum result, together with several other factors – US interest rates rising, low commodity prices, low Eurozone growth and concerns over emerging markets such as China – contributed to a high level of stock market volatility in January and February 2016. From the following chart, From 2014 to 2016,we can see that the pound has been fluctuating up and down.
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