In what may, in the future, be called ‘the day that shocked the world’ the United Kingdom is on course to leave the European Union.
With more than 95 percent of the votes counted, major U.K. broadcasters including ITN, Sky and the BBC are calling a victory for the leave camp, throwing markets around the world into chaos and prompting sterling to hit its lowest level since 1985 on market fears the decision will harm investment in the world's 5th largest economy.
Global markets have been shaken by the blow with Japan’s Nikkei 225 down some 7.5 percent and sterling crashing 10 percent against the dollar and 3.35 percent against the euro. The euro slumped more than 3 percent against the dollar on concerns a Brexit vote will do wider economic and political damage to what will become a 27-member union.
Investors poured into safe-haven assets including gold, and the yen surged. European shares were on course to open 6 to 7.5 percent lower.
The prices of Brent and WTI have both dropped some 5.8 percent, the yield on the 10-year U.S. Treasury bond is down 12.5 percent and Dow futures have plunged 700 points.
Not all the votes have been counted as yet and inner-city areas in London, Northern Ireland and Scotland are still showing strong support for remaining in the EU but the final count seems irreversible.
According to the media, Prime Minister David Cameron is expected to make an address outside 10 Downing Street shortly as his future as leader looks uncertain and EU leaders are expected to hold a crisis meeting.