Great Britain

Capitol Ink | A Special Relationship

5 Things the Brexit Vote Means for the Rest of the World
Plunging markets, political instability among immediate forecasts

The upcoming resignation of British Prime Minister David Cameron, seen during a visit to the Capitol in 2013, is just one consequence of the Brexit vote. (Tom Williams/CQ Roll Call file photo)

The shock waves of the decision by British voters to leave the European Union began almost immediately after the polling booths closed Thursday night. The British pound plummeted against the dollar, the Dow tanked , and experts predicted years of uncertainty in the United Kingdom and Europe. Here are five immediate takeaways.  

1. Economic instability :  Economic forecasts predicted a prolonged recession in Europe and the United Kingdom after a Brexit vote. Sebastian Mallaby, a senior fellow at the Council on Foreign Relations, explained why in an op-ed published last week in The Washington Post: British regulations, derived from EU rules, will have to be rewritten wholesale. Nobody will know for some time what will happen with Britain's commercial relationships with its trading partners or its membership in the EU single market. Global businesses based in London will begin considering whether they should move, triggering a potential real estate bust — and anyone who lived through the 2008 recession knows what that would mean for consumer spending.  

Brexit Decision Deals Another Blow to Obama
President says "enduring" special relationship between U.S. and U.K. will continue

President Barack Obama delivers remarks on the U.S economy and presidential race from the briefing room of the White House on Friday. (Photo by Win McNamee/Getty Images)

The United Kingdom's decision to leave the European Union is the second major blow to President Barack Obama — and his legacy — in as many days.

The country's historic referendum decision, which brought the resignation — effective in October — of U.K. Prime Minister David Cameron was made official one day after the Supreme Court left Obama's immigration executive order frozen in perpetuity.

Trump, Apparently Stumped by 'Brexit,' Will Go to UK
Billionaire mogul to visit his refurbished golf resort the day after EU vote

Republican presidential candidate Donald Trump greets fairgoers as he arrives at the Iowa State Fair in August. (Al Drago/CQ Roll Call file photo)

Presumptive Republican presidential nominee Donald Trump is headed overseas June 24 to attend the reopening of the newly renovated Trump Turnberry golf resort in Ayrshire, Scotland.  

Trump’s visit is set to take place just 24 hours after British voters are expected to decide whether the country should leave the European Union.  

Trump trashes U.S.-U.K. relationship
Trump on British TV: 'It looks like we're not going to have a very good relationship'

In another sign that things might be different under a Donald Trump administration, the presumptive Republican presidential nominee has picked a fight with the British prime minister and the mayor of London.  

Yeah, sure — Great Britain has always been one of the United States' closest allies. But that was before David Cameron and Sadiq Khan insulted The Donald.