Obama Changes His Stance On US-UK Relationship After Brexit Vote

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The Australian sharemarket and dollar took a hit and the pound dived as Britain voted to leave the European Union after 43 years in the bloc.

In fact, so many Britons signed a petition for a rerun of the referendum on European Union membership that they crashed the House of Commons website hosting the document. And then there's the question of whether or not David Cameron will remain Prime Minister, considering he was firmly pro-remain.

"I think it is a bit too early to start speculating about that", he said.

"Leave" campaigners hailed the result as a victory for British democracy against the bureaucratic behemoth of the EU. "Out! Out! Out!", they chanted as dawn broke.

But German Chancellor Angela Merkel called the result a "blow" to Europe while French President Francois Hollande said it was a "grave test".

The close relationship between Singapore and the United Kingdom (UK) will remain unchanged following Thursday's Brexit vote, British High Commissioner to Singapore Scott Wightman said on Saturday (June 25).

The vote, the culmination of an often poisonous campaign, exposed deep divides across British society and what the Independent newspaper said was "the chasm between the political class and the voters". Some in the United Kingdom do not like this, saying that it allows migrants from poorer countries to take advantage of Britain's comparatively higher employment rate.

Only Britain can invoke Article 50 of the European Union treaty required to set in motion the process to exit the bloc. His announcement will trigger a battle for the leadership - and the keys to Number 10 - likely to feature Brexit standard-bearer Mr Johnson taking on figures such as Home Secretary Theresa May, who kept a low profile in the referendum campaign.

But European chiefs made clear that the country should set the wheels in motion "as soon as possible, however painful that process may be". It's a swift reality facing Britons, in particular those that voted to leave but didn't actually expect the Brexit to happen.

Meanwhile, the Scottish Government will draw up legislation to allow a second independence referendum to be held, First Minister Nicola Sturgeon said. He has said it will be up to the new PM to invoke the article that will begin the UK's withdrawal.

Negotiating Britain's withdrawal could be a messy, complex process, and the new post-withdrawal rules might make it harder to do business between the United Kingdom and the European Union - threatening London's status as the financial capital of Europe. "The UK has always had this tension, in terms of - are they a part of Europe or not?" he says.

Trump hailed the vote as he arrived in Scotland to unveil a refurbishment of his Trump Turnberry golf course.

"I think it's a fantastic thing", he told reporters. He told a meeting in London that politicians needed to take seriously British voters' deep concerns about immigration, which led many to back the "leave" side.

Markets around the world have plummeted in the wake of the vote. It has been a bloodbath. In New York, the Dow opened down 2.3 percent. "Carnage", said David Papier, head of sales trading at foreign exchange house ETX Capital in London.

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