UK Independence Party and "Leave" leader Nigel Farage greeted reporters Friday morning by saying, "The sun has risen on an independent United Kingdom."

British Prime Minister David Cameron, who staked his political future on Britain remaining in the European Union, resigned first thing this morning.

Germany has announced it will host an emergency meeting of the original six founding EU nations.

World stock markets were hit hard at first, while gold shot higher. The British pound plunged to its lowest level in 31 years.

There have been a lot of claims about what would happen to Great Britain if it left the European Union. It's not at all clear which of them is true. It's more certain about what is ahead for the European Union: crisis. (Screengrab via CBN News)

"I believe the other big effect of this election is not what's happened in Britain, but what will happen in the rest of Europe," Farage said. "The EU is failing, the EU is dying. I hope we've knocked the first brick out of the wall. I hope this is the first step towards a Europe of sovereign nation states."

Polls show the people of Netherlands and Denmark would also like to vote on leaving, still, more nations may now find the courage to try to leave. And because Scotland voted to remain in the European Union, it could hold another referendum to leave the United Kingdom.

The world economy, for the short term at least, could be battered by uncertainty. British economist Vicky Pryce says, "Clearly the markets will be in a bit of turmoil and I suspect that the Bank of England's going to have to intervene very significantly to calm the markets down."

Some think Prime Minister Cameron could be replaced by former London Mayor Boris Johnson, who campaigned to leave and compared the goals of the European Union to Adolf Hitler's dreams of a European super-state.

Britain will now negotiate a separation from the European Union that could take years. But talk of an EU death spiral has already begun.

CBN News

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