CURRENT AFFAIRS

Detailed explanation-1: -Immediately after the result, financial markets reacted negatively worldwide, and Cameron announced that he would resign as Prime Minister and Leader of the Conservative Party, having campaigned unsuccessfully to remain in the European Union.

Detailed explanation-2: -On 24 June 2016, the recorded result was that the UK voted to leave the European Union by 51.89% for Leave to 48.11% for Remain, a small margin of 3.78%.

Detailed explanation-3: -Timeline. Following a UK-wide referendum on 23 June 2016, in which 51.89 per cent voted in favour of leaving the EU and 48.11 per cent voted to remain a member, Prime Minister David Cameron resigned.

Detailed explanation-4: -On 23 June 2016, the United Kingdom (UK) held a referendum to answer the question: “Should the UK remain a member of the EU, or leave the EU?” By a margin of 51.9 per cent to 48.1 per cent, the UK voted to leave the European Union (EU)-commonly referred to as ‘Brexit’.

Detailed explanation-5: -Article 50 of the Treaty on European Union (TEU) states that “Any Member State may decide to withdraw from the Union in accordance with its own constitutional requirements". Currently, the United Kingdom is the only former member state to have withdrawn from the European Union.