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Cameron to step down in October, Muscat: ‘Mexit’ would be suicide
'EU referendum for Malta? It would be suicide' - Muscat • British prime minister David Cameron will resign • Brexit campaign wins as Britain votes to leave the European Union
Outgoing prime minister: David Cameron said he will step down in October
Shockwaves sent across Europe as the 28-member bloc woke up to the results of the dreaded UK referendum, which has supported a Brexit, leading British prime minister David Cameron announcing he will be stepping down by the beginning of October.
In what is being described as “a night of high drama” and “an absolutely stunning result”, the effects from this decision will be tremendous. The financial markets have already started suffering, with Business Insider and the Financial Times reporting that the result has “triggered financial market turmoil” leaving the global markets “complete chaos with some of the most stunning moves you'll ever see taking place tonight.”
Scotland's First Minister Nicola Sturgeon said it was clear that people in Scotland saw their future as part of the European Union. She made her view known in a statement issued after all 32 local authority areas north of the border voted for Remain in the EU referendum. Sturgeon said Scotland "has spoken - and spoken decisively".
“The British people have spoken through a huge democratic exercise. It is now for the Government to implement that decision. The next step is to start the work with our European partners to negotiate the process of our departure from the European Union and to define the shape of our future relationship.
“I would like to reassure British nationals living in Malta, and Maltese nationals living in the UK, that there will be no immediate change to their circumstances. These negotiations will be worked through calmly and in a spirit of goodwill and openness.
“The UK’s relationship with Malta is as important now as ever, both to influence that negotiation in our shared interest but also because our relationship goes far beyond the prism of European Union membership. We have been close friends and partners for a long time and that will not change.
“Bilateral trade is worth €500m per year. 500,000 Brits visit Malta as tourists annually. We are partners more widely in the Commonwealth and on key international issues. We want to intensify that relationship not diminish it.
“While the UK’s relationship with the EU may change, we remain one of the largest economies in the world, a permanent member of the UN Security Council and a member of G7, G20 and NATO. We will continue to show leadership, and work with Malta and our European partners, on the key global challenges.”
”After I interviewed Nigel Farage in Brussels on my first visit to the European Parliament when Malta joined, I had a thought: how can this idiot be a member of this parliament? Who would have told me that he would one day be determining the future of Britain as we know it.”
“We have endured a long and divisive referendum campaign, but throughout leading players on both sides emphasised their commitment to the countryside and to strong environmental protection. The country has now made the momentous decision to leave the European Union, but there is no mandate for environmental regulation. Rather, if this really is Independence Day, we should expect to see a much greater emphasis on restoring nature, safeguarding our precious landscapes and supporting farmers to care for their land.
“The last point is crucial. For good or ill, the CAP has shaped land management for over 40 years. We now have the chance to develop a national agricultural support system that truly benefits farmers, the environment and rural communities.”
“The European business community continues to strongly believe in the European Union. Brexit opens up factors of uncertainty. We must now focus on the way forward. This set-back makes it only more important to make the necessary reforms in the European Union. We call on EU member states to send a strong signal reconfirming their commitment to the European Union and its three main economic pillars: the single market, the common trade policy and the Euro. At the same time, we need to find smart solutions for an orderly Brexit process. Keeping a cool head is essential to minimise the adverse consequences of this vote. We must keep calm and carry on.”
“In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it. This is an unprecedented situation but we are united in our response. We will stand strong and uphold the EU's core values of promoting peace and the well-being of its peoples. The Union of 27 Member States will continue.
”We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way. We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union. As agreed, the “New Settlement for the United Kingdom within the European Union”, reached at the European Council on 18-19 February 2016, will now not take effect and ceases to exist. There will be no renegotiation.
”As regards the United Kingdom, we hope to have it as a close partner of the European Union in the future. Any agreement, which will be concluded with the United Kingdom as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations.”
The Malta Hotels and Restaurants Association (MHRA) notes the results of the BREXIT referendum and is currently discussing with the Ministry of Tourism with a view to address possible reactions to the results that may impact the Maltese tourism sector.
Tourism from the UK represents 30% of the total number of visitors to Malta, contributing just under half a billion euro in 2015 to our economy. MHRA President Tony Zahra states that, “The Brexit results represent an important development in world politics and economics which will have an impact on Malta, including the tourism sector. From a basic economic perspective a weaker sterling will get less euro for its pounds, so it will be more expensive for the British traveller to holiday outside UK. But it’s more complicated than that, especially in terms of British holidaymakers’ behaviour. Past experience has demonstrated that demand for overseas travel by the British traveller is price sensitive. However there are other issues which need to be considered such as the impact on the freedom of the skies and its effect on airlines including Airmalta, travel insurance policies, and the general impact that may result as a result of instability.”
Towards this end MHRA will be organising a seminar next week addressing these matters and accordingly what needs to be done to ride the wave. This initiative is being supported by the Ministry of Tourism. For more information refer to www.mhra.org.mt.
The Malta Hotels and Restaurants Association (MHRA) notes the results of the BREXIT referendum and is currently discussing with the Ministry of Tourism with a view to address possible reactions to the results that may impact the Maltese tourism sector.
Tourism from the UK represents 30% of the total number of visitors to Malta, contributing just under half a billion euro in 2015 to our economy. MHRA President Tony Zahra states that, “The Brexit results represent an important development in world politics and economics which will have an impact on Malta, including the tourism sector. From a basic economic perspective a weaker sterling will get less euro for its pounds, so it will be more expensive for the British traveller to holiday outside UK. But it’s more complicated than that, especially in terms of British holidaymakers’ behaviour. Past experience has demonstrated that demand for overseas travel by the British traveller is price sensitive. However there are other issues which need to be considered such as the impact on the freedom of the skies and its effect on airlines including Airmalta, travel insurance policies, and the general impact that may result as a result of instability.”
Towards this end MHRA will be organising a seminar next week addressing these matters and accordingly what needs to be done to ride the wave. This initiative is being supported by the Ministry of Tourism. For more information refer to www.mhra.org.mt.
Tal-bizgha. Look who's talking!!! Has anyone watched Geert Wilders' film "FITNA"?. Well it was never screened but it is available online and it gives us a taste of the bitter taste of this man's divisive and incendiary agenda (ironically, there was a time when he was banned from entering the UK because of hate speech). With Wilders leading an exit campaign, the Netherlands will be at war with themselves. This is one of the reasons why I sincerely feared Brexit! The result was expected to have a domino effect, starting with the Netherlands. Dutch polls have shown that over 50% support a vote on the EU. European leaders need to have the spine and wisdom to reform and walk the talk in order to avert the dark clouds that are gathering. Time and circumstances are not on their side.
“Whilst fully respecting the free will of the British people, it is sad to note that the younger generation of British people, the ones that voted massively in favour of "remain", will be the ones to bear the brunt of this decision. The political implications that can be expected in Europe are a rise in rightist populistic policies and a greater yearning for an EU disintegration.
“As for the economic consequences, Malta should brace itself for negative aspects it might have to face. With the strong devaluation of the pound sterling in the currency markets today, the immediate consequence could be a negative impact on tourism originating from the United Kingdom. But we must also brace for not so far away challenges, such as the consequences on Maltese students and residents in Britain as well as a long term reduction in the availability of EU cohesion funds".
This is certainly a defining moment in the history of the United Kingdom and the European Union – a development that has been described as being of seismic proportions. The European Union has received a wake-up call from the British people. The EU must ensure that it seriously takes into account this message for change.
”The Brexit earthquake is certainly creating much dust and uncertainty in the markets, as investors, entrepreneurs, traders and workers attempt to seek answers and renewed confidence. This historical development calls for rationality and sound decision-making, restore stability and confidence in the shortest possible time. Historical experience shows that in amongst the threats and negative repercussions of significant events, there will always emerge some opportunity which Malta and our business community must seek to pursue.
”The Malta Chamber represents locally-based entrepreneurs that are optimists by nature. In this vein, therefore, the Chamber is hopeful that trade between Malta and the UK will always find a way through and that the Maltese business community will prevail over this development – as momentous as it may seem on this significant day in economic and political history.”
Carney said the Bank expects “some market and economic volatility” as those new relationships are struck. “But we are well prepared for this. The Treasury and the Bank of England have engaged in extensive contingency planning and the Chancellor and I have been in close contact, including through the night and this morning. The Bank will not hesitate to take additional measures as required as those markets adjust and the UK economy moves forward.”
He says he was very proud of what he has done as prime minister, but said he had always thought one had to confront big decisions, not duck them.
Cameron said he formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe.
He fought the referendum with head and heart, but the referendum was not about him, he said.
“But the British people have decided to follow another path. So they need a new prime minister.”
Cameon said he is not announcing a timetable today, and said he thinks the new prime minister should decide when to trigger the article 50 renegotiation process.
So he will not trigger it himself.
He says he would reassure markets and investors that the economy was fundamentally strong and could reassure Britons living abroad, and EU nationals in the UK, that there would be no immediate changes.
With the UK out, Malta stands to lose an important ally at the EU level; on the ‘bright side’, experts also believe that tax harmonization could become easier.
Foreign Affairs Minister George Vella doesn’t believe that Malta will host the EU Presidency for a year, although this is a first for the EU as well.
“We don’t know,” the Minister said on TVAM, adding that discussions will ensue.
The PN parliamentary group will be meeting this morning to discuss the result. “This will undoubtedly create complications for the UK, but also for everyone else. I am thinking of the thousands of Maltese living in the UK and the thousands of UK nationals living in Malta.”
Muscat said that Malta had more to lose from a Brexit, but there also were “some points to be won”.
Even if the UK vote in favour of Brexit, English would remain the common language of the EU. There would still be 27 other EU states in the bloc, and others wanting to join in the future, and the common language tends to be English.