Leave ahead. Anthony Devlin / PA Wire |
Britain looks on course to leave the EU. This is having an immediate effect on markets. It will have immediate political ramifications too. David Cameron will, fairly soon, need to decide if he can continue in his role as British prime minister.
Legally speaking, though, the process of actually leaving will take a lot longer. Britain will now enter a kind of phoney Brexit period. It is still a member of the EU. The referendum vote is not as such legally binding. It is advisory only – but if it is out it creates a political imperative for the UK government to arrange its exit of the EU.