LONDON — Britain’s referendum on the European Union has spawned a boom in legal opinions. As the pound plunges, the commercial real estate market is in a state of alarm. Meanwhile, the number of candidates in the race to succeed David Cameron as leader of the Conservative Party, and as prime minister, has narrowed to three.
Here’s the latest “Brexit” news:
• As a legal matter, the June 23 referendum is not binding. It is up to the government to formally notify the European Union that it plans to leave, under a treaty provision known as Article 50. Mr. Cameron has left that task to his successor.
• Oliver Letwin, the civil servant whom Mr. Cameron has tasked with the giant job of preparing options for an exit from the bloc for the next government, told Parliament on Tuesday that the government believes it can invoke Article 50 on its own, without a vote by Parliament. That is crucial, because a vast majority of lawmakers opposed withdrawing from the European Union.
• But Parliament will have a say, Mr. Letwin said, because for Britain to withdraw, Parliament must rescind the 1972 law that allowed the country to join what later became the European Union, in 1973. Parliamentary approval will also be needed on a host of other issues.
• A law firm, Mishcon de Reya, has begun a lawsuit demanding that the government seek Parliament’s approval before invoking Article 50. Mr. Letwin acknowledged the lawsuit. The dispute could end up before the European Court of Justice, prolonging uncertainty for years.
• Investors have been barred from cashing in their assets from three big commercial real estate funds. The temporary halt was in response to a crush of redemptions by investors anxious over property prices, as the pound fell below $1.30 for the first time since 1985.
• Some companies are not waiting for the legal crisis to be resolved. The accounting firm KPMG has appointed a “head of ‘Brexit,’ ” anticipating years of legal and regulatory wrangling ahead.
• Most Germans are not gloating over Britain’s vote to leave, but the center-right Free Democratic Party has set up a truck to patrol the streets of London with the message: “Dear start-ups, Keep calm and move to Berlin.”
• Working-class voters who do not own stocks and bonds may not be as affected by the turmoil of the financial markets. In a report from the northern town of Wigan, made famous by George Orwell, my colleague Andrew Higgins found that such voters rejected elites’ economic warnings because they wanted to take back political control.
Party Power Plays
• It is now down to three. Home Secretary Theresa May overwhelmingly won the first ballot of the Conservative leadership contest on Tuesday, with support from 165 members of Parliament. She was followed by 66 votes for Andrea Leadsom, a minister for energy and climate change, and 48 votes for Michael Gove, the justice secretary. Liam Fox, who got only 16 votes, was eliminated, and Stephen Crabb, who got 34 votes, has dropped out of the race. Both threw their support behind Ms. May.
Your ‘Brexit’ Reading List
• Much has been made of the generational divide in Britain, but Harald Wilkoszewski, from the research organization Population Europe, finds that even if every Briton ages of 18 to 24 had voted, the “Leave” side would still have won by about 880,000 votes.
• The London Review of Books, one of the capital’s premier intellectual magazines, has published a varied and rich compilation of responses to the referendum from writers including Neal Ascherson, T. J. Clark and Jan-Werner Müller.
• In Politico, Matthew Goodwin looks at whether the far-right, anti-immigration U.K. Independence Party can survive without its leader, Nigel Farage, who campaigned heavily for Britain to leave the bloc.