Asian markets are tanking and the British pound is plummeting after Britons voted to abandon the European Union, a surprise result that ushers in a new era of uncertainty for British and European politics.
Britons headed to the ballot box Thursday to vote in the historic referendum dubbed “Brexit.” British press including the BBC, ITV and Sky have called the election for the Leave campaign. It was a tight race, coming in at 52 percent for Leave and 48 percent for Remain.
Although no exit polls were conducted, previous opinion polls had indicated that the Remain camp was ahead by a small margin. According to a poll by YouGov, which asked 5,000 Britons how they voted on Thursday, 52 percent said they voted to remain part of the EU, while 48 percent voted to leave.
The British pound is sliding 8 percent against the dollar. Tokyo’s Nikkei 225 is down 7.2 percent. Hong Kong’s Hang Seng is losing 4.7 percent. Shanghai’s SSE is down 1.2 percent. Singapore’s Strait Times is down 1.2 percent and Sydney’s S&P/ASX 200 is losing 3.6 percent.
Generally falling into the Remain camp, the fashion industry sees itself as part of a great international community and relishes London as a capital of finance, tech, creativity and innovation. It also views the country as a beacon of generosity, open-mindedness and progressiveness — all arguments U.K. Prime Minister David Cameron had been making for reasons to stay.