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
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".

17:59 Statement issued by the British High Commission in Malta:

“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.”

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Paul Cocks
16:40 Paul Cocks
15:49 Lou Bondi commented on his Facebook pages:

”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.”

Paul Cocks
15:34 Paul Cocks
15:25 Paul Cocks
15:06 Shaun Spiers, chief executive of the Campaign to Protect Rural England (CPRE), reaction:

“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.”

Paul Cocks
14:52 Paul Cocks
14:38 Opposition leader Simon Busuttil: “The PN puts Malta’s interest above all else. It is in the national interest that Malta be a member of a united and strong EU. I extend the PN’s hand of cooperation to the government to ensure that we safeguard our national interest.” Paul Cocks
14:35 Opposition leader Simon Busuttil: “The Nationalist Party is extremely disappointed with the news; this creates a level of uncertainty, but this is a decision of a sovereign party and it needs to be respected.” Paul Cocks
13:48 UK Labour MPs have submitted a no-confidence motion in leader Jeremy Corbyn. The motion was filed by senior Labour MP Dame Margaret Hodge and seconded by Ann Coffey. Labour MP Angela Smith earlier told media that Corbyn should consider his position as party leader.

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Paul Cocks
13:30 Extract from BUSINESSEUROPE President Emma Marcegaglia’s statement in reaction to UK vote:

“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.”

Paul Cocks
13:19 Joseph Muscat has ruled out any Maltese referendum on leaving the EU. “It would be tantamount to suicide. We’re witnessing the shockwaves across the UK. We’re here to protect Malta and we won’t allow anyone to play with our future to score populist points. Malta chose to form part of the EU: we know the good and the bad. We can be a success in the EU. We’re not going to waste time on such damaging debates. It’s the government that makes the different in people’s lives.” Matthew Vella
13:12 Prime Minister Joseph Muscat insists Malta is financially strong and well-prepared to react to the UK’s exit from the EU. “A strong economic leadership is even more crucial now and this government will show that it can do it.” Paul Cocks
13:07 Extract from a joint statement by Martin Schulz, President of the European Parliament, Donald Tusk, President of the European Council, Mark Rutte, Holder of the rotating Presidency of the Council of the EU, and Jean-Claude Juncker, President of the European Commission:

“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.”

Paul Cocks
13:04 Prime minister Joseph Muscat: “We will be launching a helpline next week for people seeking questions on their circumstances. In most cases, the answer will be that the situation will remain as is for the coming two years. We apologise for this, but we can't negotiate anything before UK sets out its position.” Paul Cocks
13:00 Prime minister Joseph Muscat: “Yes, there was political shock at the result, but we have a plan ready to hit the ground running. And the Central Bank has already confirmed there is no exposure for Maltese banks.” Paul Cocks
12:58 Prime minister Joseph Muscat: “We can strengthen the single market but we will not condone any EU attempts encroach on individual states like a super-state. What can be decided by Valletta shouldn't be decided by Brussels. But what makes sense to be decided by the bloc together, then it should.” Paul Cocks
12:57 Prime minister Joseph Muscat: “The EU has a problem: and there isn’t one solution. There should be 27 different solutions. There is disappointment across the EU but not everyone is disappointed for the same reason. I agree with president of the European Council that Tusk this is not the time to make hurried decisions. This is the time for reflection. To understand that Europe needs to change. The solution cannot be more of the same as this will simply increase disgruntlement.” Paul Cocks
12:55 Prime minister Joseph Muscat: “There are also clear opportunities for the taking, which we are prepared to take advantage of. Malta can be one of Europe’s gateways to the UK. There is space for a commercial gateway between the EU and UK to answer company needs that may arise.” Paul Cocks
12:53 Prime minister Joseph Muscat: “I can promise citizens and the business community that my commitment is to stay strong in the red lines that Malta always held and will not go beyond. This is my commitment.” Paul Cocks
12:52 Prime minister Joseph Muscat: “There will be now have to be a re-balancing of politics in EU. The UK stopped federalism – that was our position too. We are not keen of a one size fits all EU. We want flexibility. If federalisation is promoted, there will be more need for a government like ours that doesn't bow its head to the EU.” Paul Cocks
12:49 Prime minister Joseph Muscat: “Malta has lost an ally in a number of sectors, including the economy. We were like-minded on so many levels. But on migration and foreign policy with regards to Russia, we were not on the same page with the UK.” Paul Cocks
12:48 Prime minister Joseph Muscat: “The changes that could be made will have to take at least a minimum of two years. And part of those negotiations will take place under Malta’s presidency. As a country, we are fully geared to shoulder this responsibility and to be part of the negotiating team that will be discussing Brexit terms with the UK. Paul Cocks
12:46 Prime minister Joseph Muscat confirmed he had been in telephone contact with other EU leaders. He said: “This is the start of a process – things are not going to change from today or tomorrow. The process starts when the UK writes to the EU; and the process can take up to two years, even more if there is agreement.” Paul Cocks
12:44 Prime minister Joseph Muscat: “With regards to the UK referendum vote, we had already carried out simulations in case Britain voted to leave the EU. We are working, like other EU member states, on the assumption that the UK will leave the EU.” Paul Cocks
12:42 Prime minister Joseph Muscat: “Malta needs a strong government under strong leadership, that can keep pushing this economic growth further.” Paul Cocks
12:41 Muscat: “Our focus on the economy should be unflinching. Malta’s economy is a success and it is imperative that we have a strong economy to meet any challenge – especially events we don't have control over.” Paul Cocks
12:39 Prime Minister Joseph Muscat is addressing a press conference after a cabinet meeting, which was also attended by the central bank governor and representatives of other constituted bodies. Paul Cocks
12:04 Malta Hotels and Restaurants Association reaction:

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.

Paul Cocks
12:04 Malta Hotels and Restaurants Association reaction:

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.

Paul Cocks
11:44 Paul Cocks
11:39 Carmen Sammut, Head of the International Relations Department at the University of Malta, writes on Facebook:

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.

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Paul Cocks
11:25 Paul Cocks
10:59 Paul Cocks
10:56 Paul Cocks
10:45 Alternattiva Demokratika Chairperson, Prof. Arnold Cassola, reaction:

“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".

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Paul Cocks
10:41 Malta Chamber of Commerce reaction:

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.”

Paul Cocks
10:19 The Bank of England said it expects market volatility after the Brexit vote but that the UK economy can handle it. BoE governor Mark Carney said, “Inevitably, there will be a period of uncertainty and adjustment following this result. There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold.” He said it will take some time for the United Kingdom to establish new relationships with Europe and the rest of the world.

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.”

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Paul Cocks
09:35 Paul Cocks
09:34 British Prime Minister David Cameron said he will be stepping by the beginning of October, when the Conservative Party holds its next party conference.

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.

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Paul Cocks
09:27 David Cameron has just announced he is stepping down in October. Miriam Dalli
09:18 Meanwhile, the press is waiting for UK PM David Cameron to emerge from 10 Downing Street, London, to deliver a statement. Miriam Dalli
09:08 Paul Cocks
09:00 Jeremy Corbyn, the Labour leader, said he will not resign following the result of the EU referendum. He thinks the government must invoke article 50 of the Lisbon treaty now, to start the two-year withdrawal process from the EU. “There are some difficult days ahead,” he said. “We must do everything we can to protect jobs and working conditions.”

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Paul Cocks
08:54 German Foreign Minister Frank-Walter Steinmeier said it marked a “sad day for Europe”. The news from Britain is really sobering. It looks like a sad day for Europe and Britain.

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Paul Cocks
08:49 Unsurprisingly, the EU is not happy with the result:

Miriam Dalli
08:48 If you’re wondering how Malta could be affected by Brexit, one definite impact will be on the importation of used vehicles from the UK. MaltaToday has already given this aspect a look: Brexit tariffs would push luxury used cars up by 50% – importer.

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.

Miriam Dalli
08:47 The leader of the French National Front, Marion Le Pen hailed the result a “Victory!” and called for a ‘Frexit’. “It is now time to import democracy in our country. The French should have the right to choose,” she said.

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Paul Cocks
08:44 European Parliament president Martin Schulz told media he “very much” regretted the UK’s decision to leave the EU. He said that the UK has chosen a difficult path by cutting links with the “biggest single market in the world” and suggested that negotiations should happen quickly. “The United Kingdom since 40 years was wavering to be a fully fledged member or not. Now we have clarity for the United Kingdom to go on their own way.”

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Paul Cocks
08:35 Miriam Dalli
08:34 The UK was set to take over the Presidency of the European Council in July 2017, right after Malta’s Presidency. As a result of the referendum, it’s unclear what’s going to happen: will Malta extend its presidency by six months or will another member state step in?

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.

Miriam Dalli
08:20 Miriam Dalli
07:26 Miriam Dalli
07:26 Opposition leader Simon Busuttil was also on TVAM: “It’s not a result one hoped or wished for. It’s an unprecedented move and it will create a certain level of uncertainty.”

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.”

Miriam Dalli
07:20 The Maltese parliament will discuss the UK result on Monday. Miriam Dalli
07:18 Miriam Dalli
07:14 Prime Minister Joseph Muscat was on TVAM this morning, expressing Malta’s disappointment over the UK’s decision to leave. The Cabinet of Ministers will be meeting later on today to discuss the way forward: “I will be asking a number of individuals to join our meeting. The government already has a number of plans in place; we have commissioned a number of studies and weighed the options and implications of a Brexit.”

Muscat said that Malta had more to lose from a Brexit, but there also were “some points to be won”.

Miriam Dalli
06:38 Miriam Dalli
06:19 According to age analysis, the Brexit vote shines light on a striking age difference: the younger voters were more likely to vote Remain while older voters would go for Leave.

Miriam Dalli
06:16 Miriam Dalli
06:14 Britain has voted to leave the European Union. Miriam Dalli
15:55 Reports are that polling stations have been busy as the electorate cast their vote in the crucial EU referendum. Since polling stations opened at 7am, there has been a steady flow of voters. At 12 noon there appeared to be an increase in the number of people who turned out to vote, with people in some polling stations queuing to cast their vote.

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Paul Cocks
14:16 Voters across the UK have taken to social media to suggest there could be a sinister reason for why pencils, and not pens, are provided at polling stations. Some are suggesting that pencil marks could be erased and are advising others to take a pen with them to the polling stations using the hashtag #pencilgate. An official response from the Electoral Commission to local authorities tasked with overseeing the vote stated that voters are welcome to bring their own pens to vote, but must take them away afterwards.

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14:02 Michael Gove arrives at the polling station with his wife Sarah

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Paul Cocks
13:55 DID YOU KNOW?

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.

Paul Cocks
13:51 The Pound Sterling (GBP) jumped after IPSOSMori released an opinion poll – not an exit poll – predicting 52% Remain

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Paul Cocks

13:48 Wales’ Plaid Cymru leader Leanne Wood leaves a polling station in Penygraig, south Wales after casting her vote in the referendum.

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Paul Cocks

13:06 The final polls ahead the EU referendum put the Remain camp significantly ahead of Leave, though some suggested the vote was still on a knife edge. A ComRes poll for the Daily Mail and ITV News gave the Remain campaign an eight-point cushion. 48% of adults said they would back the UK staying in the EU while 42% said they intended to vote for Brexit. 11% of voters were still undecided.

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Paul Cocks