Tens of thousands of protestors gathered on Saturday in London and York, marching in protest of the U.K.’S June 23rd Brexit vote to leave the 28 member European Union which has divided the 65 million citizens living inside the U.K.
Thirty three million British citizens voted during the June 23rd Brexit referendum vote which saw the “Leave EU” side winning by a margin of 52 percent to 48 percent.
Hours after the Brexit referendum outcome, the British Sterling plunged to a 31 year low, global markets sold off, and British Prime Minister David Cameron gave an official resignation speech from 10 Downing Street in London where he said that the Brexit vote must be respected and a new negotiation to leave the EU will begin under a new Prime Minister.
During the past week, stocks in Europe and the United States rebounded to levels where they were on the Brexit vote in June.
Investors turned to safe assets such as the U.S. 10 year treasury whose price moved higher with the yield dropping to 1.3784 percent at one point on Friday, setting a record low and falling below a previous July 2012 low, pushed lower by expectations of further easing by central banks across the globe.
Saturday’s “March For Europe” rally across London and York were peaceful marches to voice disapproval of the non-binding Brexit outcome that will need further Parliamentary support to invoke Article 50 and officially start the 2 year diplomatic process to exit the U.K. from the other 27 member states of the European Union.
On Saturday Queen Elizabeth II told lawmakers at an opening ceremony in Scotland’s devolved Parliament that they lived in a “time of hope and optimism” and urged them to make room for “quiet thinking and contemplation and reflection which can enable deeper, cooler consideration about how challenges and opportunities can be best addressed.”
Queen Elizabeth II didn’t mention the June 23rd Brexit referendum vote by name and noted that “we all live and work in a increasingly complex and demanding world where events and developments can and do take place at remarkable speed.”
“And retaining the ability to remain calm and collective can at times be hard” Queen Elizabeth II admitted.
Scotland voted overwhelmingly to “Remain in the EU” during the U.K.’s June 23rd referendum vote and now faces a “highly likely” possibility that they will hold another referendum vote to exit the U.K. and remain in the EU, according to Scotland’s First Minister Nicola Sturgeon who made that comment last Saturday.
In 2014 Scotland held a referendum vote to remain in the U.K. and EU membership was a crucial issue that helped the “Remain in the U.K.” side win by a margin of 55 to 45 percent.
Since the 2014 referendum vote, Nicola Sturgeon’s pro-independence Scottish National Party(SNP) has become increasingly more influential across Scotland.
Following Britain’s June 23rd “Leave EU” Brexit outcome, more Scots who voted in favor of remaining in the U.K. in 2014 are now reconsidering their positions as political leaders in London scramble to assemble a new government that will carry Britain forward.
Written By: Johnathan Schweitzer