British Prime Minister resigns following defeat on exit issue

New Delhi: British Prime Minister David Cameron resigned on Friday following defeat in the referendum over the issue of exit from the European Union. He will remain on the post till his successor is chosen in October.

He made an an emotional speech after the result,outside the Downing Street this morning with his wife Samantha in tears next to him. The Brexit campaign officially ended at around 6 AM today, triggering panic in the markets.

The Leave supporters voted across England and Wales - defying the verdict of London, Scotland and most of the big cities.

The Pound – which had soared in value earlier nose-dived against US dollar to its lowest level in 31 years. And more than £100billion was wiped off within minutes of opening of the markets on Friday.

Main reasons for exit:

• It allowed immigation from other countries to Britain curtailing job opportunities
• Britain had to shell out 3300 crore pond every year for remaining in the Union.

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