Brexit Primer: The Latest on What You Missed

There have been very few weeks like the one that followed Britain’s decision to quit the European Union (EU). In the following article, we take a look at five major developments that have happened this past week.

Biggest stock market selloff in history

The Brexit vote wiped $3 trillion from the global stock market on Friday and Monday, marking the biggest two-day plunge on record.[1] Stock markets from Tokyo to New York sold off in an incredible display of fright and panic that has very few parallels in modern history.

Stock markets bounce

Global stocks rebounded almost as quickly as they fell, with the Dow Jones Industrial Average posting three consecutive 200-plus point gains between Tuesday and Thursday. Even the London FTSE 100 Index rose to its highest level since August – something that would have been considered inconceivable just a few days earlier.

Petition for second EU referendum reaches 4 million

An online petition calling for a re-run of the EU referendum has received over 4 million signatures, according to various sources. The petition, which was set up by William Oliver Healey, states: “We the undersigned call upon the HM Government to implement a rule that if the Remain or Leave vote is less than 60% based on a turnout of less than 75%, there should be another referendum.”[2]

In his resignation announcement last Friday, David Cameron categorically rejected the idea of a second EU referendum.

Scotland pushes for EU talks

Scottish First Minister Nicola Sturgeon was in the EU capital this week to explore options for Scotland to remain in the bloc. According to a broad consensus of exports that were in contact with the European and External Affairs Committee, independence would be the “simplest and most obvious way” for Scotland to retain its membership of the EU. Ms. Sturgeon has already put forward the prospect of a second Scottish referendum.[3]

Scotland voted emphatically to remain part of the EU, with 62% of voters backing the Remain camp.

Boris Johnson becomes favourite to replace PM Cameron, and then drops out of race

Boris Johnson, the eccentric Conservative MP who became the face of the Brexit campaign, was among the favourites to replace David Cameron as Prime Minister. Then seemingly out of nowhere, Mr. Johnson announced that he didn’t want to be prime minister and had no intention to challenge for the spot.

“Having consulted colleagues and in view of the circumstances in Parliament, I have concluded that that person cannot be me,” Mr. Johnson said in London.[4]

[1] Matthew J. Belvedere and Peter Schacknow (June 28, 2016). “After $3 trillion in post-Brexit paper losses, global markets bounce.” CNBC.

[2] David Millward and Juliet Eysenck (June 29, 2016). “Petition for second EU referendum reaches 4 million as hundreds attend anti-Brexit protest in London.” The Telegraph.

[3] BBC News (June 30, 2016). “Brexit: Scottish independence ‘simplest EU option’.” BBC News.

[4] Tim Hume (June 30, 2016). “Leading Brexit campaigner Boris Johnson says he won’t run for prime minister.” CNN.

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