Petition to hold 2nd Brexit vote gaining steam in UK

Petition to hold 2nd Brexit vote gaining steam in UK”

Investors are anxious about the immediate impact that the British exit, or Brexit, decision will have on the United Kingdom economy.

British Prime Minister David Cameron has said Article 50 of the Lisbon Treaty, officially beginning the process for the UK's departure from the European Union, will not be triggered "at this stage". European Commission President Jean-Claude Juncker said he wanted to "start immediately". "It is not an amicable divorce, but it was also not an intimate love affair".

Mr Cameron has not been invited to the second day of the summit, when the other 27 leaders will hold informal discussions on the stance the European Union should take towards the UK's demands.

He said the British government "must trigger" article 50 of the European Union treaty, so that talks to organise the UK's exit from the European Union can start.

Some Brexit campaigners have long said that Britain should aim to negotiate a comprehensive new relationship with the European Union, seeking access to markets without submitting to European Union rules or open migration, before binding itself into the two-year timetable that would be fixed for talks if Article 50 is triggered.

The EU has other considerable challenges, including the migrant crisis, Greece's turbulent economy and sanctions on Russian Federation over Ukraine.

Lest we think the Euroskepticism displayed this week by British voters is new, let me present a scene from the BBC's Yes, Minister, a comedy about the United Kingdom civil service's relationship with a minister. His five colleagues also urged Cameron to accelerate the move. Stock markets also declined across Europe. Britain must, at some point, unambiguously notify the bloc of its intentions and set a two-year clock ticking for negotiating its departure.

There is confusion about Britain, too.

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But Merkel, French President François Hollande and Italian Prime Minister Matteo Renzi - who with Britain's exit make up the three largest economies in the bloc - all rejected the suggestion coming from London that they wanted a "clear view" of what its future trade relationship with the European Union would look like before initiating the divorce. In fact, the process will be considerably longer, because Conservative lawmakers must first agree on a leadership contest and decide when it will be.

The next prime minister is then decided by a postal vote of the Conservative party's membership of roughly 150,000 people.

German Chancellor Angela Merkel tried to strike a more diplomatic tone, making clear she wasn't particularly fond of the idea of pushing for a quick exit.

He had already faced calls in the European Parliament to give up the sensitive financial services portfolio, which will be a focus of interest in exit negotiations between Brussels and London.

Frontrunners include former London mayor Boris Johnson, who spearheaded the Brexit campaign, and Home Secretary Theresa May.

But while Mr Cameron tries to restore calm, Britain's opposition Labour Party remains in turmoil, with more than half the shadow Cabinet quitting after the Brexit vote and party leader Jeremy Corbyn under increasing pressure to step aside.

In a speech in London on Saturday, Corbyn largely ignored the no-confidence effort.

On Sunday, a petition to call for a second referendum was gaining supporters, reaching 3.3 million signatories by the afternoon.

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