The decision by the United Kingdom to leave the European Union is having a ripple effect around the world Friday, with British Prime Minister David Cameron announcing his resignation and global markets tumbling.
Here’s the latest:
Cameron, who opposed the Brexit, says he will step down -- but didn’t give an exact timetable for his departure. And who might replace him? Maybe Boris Johnson, the former mayor of London who was a leading proponent of the move to leave the EU. Johnson is one of the country's most popular and eccentric politicians. But he's gone from a figure of fun to a serious contender to replace Cameron.
MARKETS PLUNGE
The news is crushing global financial markets. The pound plunged to its lowest level in more than 30 years before recovering a bit.
Stocks in London and Europe took one of their biggest falls in years. London’s FTSE 100 index plunged as much as 8% at one point. The FTSE 250 index dropped 7.5%. Many analysts see the FTSE 250 as a more accurate reflection of the British economy.
Dow futures, which indicate how shares in the U.S. will open at 9:30 a.m. ET, dropped 500 points.
Asian investors panicked as well. Japan's benchmark Nikkei closed down 7.9%, with shares in Hong Kong and Australia slumping about 3%.
BANKS REEL
The global banking industry also is reeling. But the Bank of England expressed confidence in the resilience of the UK’s financial sector, and said it was ready to provide support if needed.
WHAT DOES BREXIT MEAN FOR THE BRITISH?
It could affect everything from home prices, to tourism, universities and EU citizens living in Britain.
WHAT DOES BREXIT MEAN FOR THE UK?
Scotland's First Minister Nicola Sturgeon said that the option for a second independence referendum is being considered. "Scotland voted to stay in the EU. It is democratically unacceptable to be taken out of EU against our will."
AND WHAT ABOUT THE REST OF THE EUROPEAN UNION?
There are 27 countries still in the EU. The decision by the UK to go it alone leaves the jilted European Union with some tough soul-searching of its own as it contemplates a new future.
Get the latest updates on this quickly moving story by checking in with CNN throughout the day.
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