LUBBOCK, Texas -
Thursday's referendum in the U.K. was historic. Voters chose to leave the European Union after more than 40 years of membership. It was a vote that divided the United Kingdom.
"They feel like the European bureaucrats have really, really interfered in their day-to-day lives," said former U.S. Ambassador Tibor Nagy.
When all the votes were counted, 52% of people in England, Scotland, Wales, Northern Ireland and Gibraltar voted to leave the EU. The margin of victory was more than 1 million votes.
Prime Minister David Cameron, who campaigned for the country to remain in the EU, announced his resignation Friday morning.
"I do not think it would be right for me to try to be the captain that steers our country to its next destination," Cameron said.
The country now faces growing pressure along its internal borders.
"We'll have problems in Scotland and other parts of the UK because Scotland, of course, voted strongly to stay in Europe, and I fear there will also be renewed calls, and there already are renewed calls for another Scottish [independence] referendum," said former Prime Minister Tony Blair.
Scotland chose to remain part of the United Kingdom in an independence referendum in 2014.
"Britain will lose all its preferential trade relations," said Dennis Patterson, chair of the political science department at Texas Tech University. "As a matter of fact, the whole business community in the United Kingdom is very against leaving Europe."
European leaders are now trying to smooth over concerns about an economic collapse.
"I always remember what my father used to tell me, what doesn't kill you makes you stronger," said Donald Tusk, president of the European Council.
Markets, though, were a lot weaker Friday. Financial planner Mark Bass says the initial plummet was likely an over-reaction.
"The FTSE, for example, the London Stock Exchange, it was down initially about 8 percent but I think it closed down about 3 or 4 percent," Bass said.
The pound sterling dropped to its lowest level against the dollar in 31 years. At the close of the New York Stock Exchange Friday, the Dow was down 611 points.
"I think there's greater volatility in the short-term, and how I would define short-term is within the next few weeks, maybe even the next two or three months," Bass said.
As Brits now face new tensions, it's not all bad news for Americans.
"These kinds of times are good times to buy when things are on sale," Bass said. "Your portfolio will love you for it in five or 10 or 15 years, whenever you need the money."
