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Britain Votes to Leave the European Union

By FA-IQ Staff June 24, 2016

A majority of Britons have voted to pull the U.K. from the European Union.

U.K. Prime Minister David Cameron, who led the campaign to stay in the multi-state economic and monetary community, has said he will resign.

The U.K. has never been a “eurozone” member. That is, while up till now a full member of the E.U., it uses its own currency, the pound, not the euro.

In reaction to the vote — in which Northern Ireland, Scotland and London bucked the kingdom-wide trend — the euro and the pound have fallen in value against the U.S. dollar.

For insights on the referendum’s potential impact on U.S. financial advisors and their clients, please see Top Advisors Foresee Market Gloom from Brexit, which we ran on Thursday.