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Tit bits on Brexit

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Mayor Sadiq Khan: ‘I believe that Britain is better off within the European Union, but the British people have clearly spoken today, and their democratic will must now be fulfilled’; ‘London will continue to be the successful city it is today’ –

BP says it is too early to understand implications of Brexit decision; ‘uncertainty is never helpful for a business such as ours’; don’t expect significant impact – Reuters

Prime Minister David Cameron announces his plan to resign after Brexit vote – admoodie

David Cameron says he will ‘steady the ship’ after Brexit vote, but believes new prime minister should be in place by the start of Conservative conference; no specific timetable announced

David Cameron says he will resign after UK votes to leave EU; says country should have new prime minister in fall

Prime Minister David Cameron says UK will negotiate with EU; says there will be no immediate changes following Brexit vote

Prime Minister David Cameron: British people’s will must be respected; congratulates Leave campaign

About half of UK’s FTSE stocks failed to open – Reuters

Dutch Prime Minister Mark Rutte says he regrets Brexit vote; process for UK to leave EU ‘may take a long time’ – ITV News

Informal meeting of EU set for next week, without UK Prime Minister David Cameron in the room, to decide common negotiating position on exit negotiations, @faisalislam reports.

Barclays CEO on Brexit vote: ‘We have stood in service of our customers and clients for over 325 years … That does not change today’ – statement

European Council President Donald Tusk says Brexit vote is ‘historic moment,’ EU was prepared for result

What’s European Union

The European Union (EU) is a politico-economic union of 28 member states that are located primarily in Europe. It covers an area of 4,324,782 km2 (1,669,808 sq mi), with an estimated population of over 508 million. It operates through a hybrid system of supranational and intergovernmental decision-making. Its institutions are: the European Council, the Council of the European Union, the European Parliament, the European Commission, the Court of Justice of the European Union, the European Central Bank, and the European Court of Auditors.

The EU has developed an internal single market through a standardised system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development. The monetary union was established in 1999 and came into full force in 2002. It is currently composed of 19 member states that use the euro as their legal tender.

The EU traces its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed by the Inner Six countries in 1951 and 1958, respectively. In the intervening years, the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. The Maastricht Treaty established the European Union under its current name in 1993 and introduced European citizenship. The latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009.

Covering 7.3% of the world population, the EU in 2014 generated a nominal gross domestic product (GDP) of 18.495 trillion US dollars, constituting approximately 24% of global nominal GDP and 17% when measured in terms of purchasing power parity. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the UNDP. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the WTO, the G8, and the G-20. Because of its global influence, the European Union has been described as a current or as a potential superpower.

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