As much as 20 per cent of the Pound Sterling’s value had dropped to its lowest in 30 years after the vote to leave the European Union.
The value of the sterling, along with the UK’s economy, had started to contract after British Prime Minister David Cameron had announced his resignation following the results of Brexit.
The implications have been large. Despite chances that the UK could remain in the EU’s market with a new agreement similar to Norway’s framework, the economic struggle for the United Kingdom is just beginning.
Conservative Leadership Candidate and UK Finance Minister George Osborne believes he isn’t fit to lead the Conservative party at this time. This is after the resignation of Prime Minister David Cameron.
“It isn’t in my nature to do things by half-measure, and I fought the referendum campaign with everything I’ve got. I believed in this cause and fought hard for it,” he wrote in The Times. “So it is clear that while I completely accept the result, I am not the person to provide the unity my party needs at this time.”
The Labour camp is currently experiencing a coup as 150 Labour MPs had called him to resign following the Brexit vote. Labour Leader Jeremy Corbyn had also sacked Shadow Foreign Secretary Hilary Benn of instigating a coup.
About 11 members of Corbyn’s cabinet had resigned following his sacking of Benn.
In the Conservative party, former London Mayor Boris Johnson had tried to paint himself as the next leader of the Conservative party. Despite analysts saying that the plan to penetrate the EU market once again is impossible, he says the UK can continue to access the European single market and limit freedom of movement after the Brexit.