Shocking Result Expected As It Looks Like the UK Will Leave the EU
Sterling is crashing and mainstream media are in shock.
As votes are still being counted it's looking increasing likely that the UK has voted to leave the European Union. The BBC has called it for 'leave' and UKIP leader Nigel Farage has declared victory.
The key themes of the referendum were the economy and immigration.
What does this mean for this British in Dubai?
The value of the pound has dropped to the lowest it's been since 1985. At the beginning of the night 1 GBP was valued at $1.50 and now it's at $1.38. So, on a positive note, planned summer trips to the UK will be cheaper as the relative cost of items will be a lot lower.
This vote could impact the 200,000 Britons who live in the UAE and potentially impact the 1 million tourists who visit the UAE from the UK each year.
Even help from Lindsay Lohan the 'remain' side doesn't appear to have helped the 'remain' side.
People in Dubai are waking up shocked.
Notifications are going berserk. My timeline is going berserk. What the heck has happened #Brexit— Simon Thurston (@SimonPThurston) June 24, 2016
Here is an optimistic view from one Dubai tweeter
Respect for brits on taking the #brexit plunge. In the long run they will win. People need to chill on the ppund speculations.— Timur K. (@TimurKhamitov) June 24, 2016
On the other hand, perhaps it will lead to an exodus to Dubai from the UK?
Or will people remain an expat forever?
Forever to remain an expat then #Brexit— Simon Thurston (@SimonPThurston) June 24, 2016
If in fact the UK has voted to leave, it would take 3 or 4 years for the UK to officially leave the European Union, via Article 50.
Media in the UK are already discussing Prime Minister David Cameron's future.
The votes are still being counted. You can watch live coverage here.