Since out political updates 2 on June 28th, which is available here http://www.econotimes.com/Briferendum-Series-Key-political-updates-2-228421 , a lot has gone under the bridge.

Here are the most crucial ones and as usual our takes on the happenings are highlighted.

• European Union leaders after ending their two-day summit in which on the first day they met as 28-member including David Cameron and as 27-member on the second, concluded by saying that UK will not have access to single market without accepting four founding pillars of the EU, which are free movement of goods, services, capital, and labour. The European leaders emphasized that if the UK wants access to the single market, there would be tradeoffs in other areas. This very hard first position was very well expected. The ball is really in the UK’s court now.
   
• The European leaders have indicated that there will be no informal talks or negotiations unless Article 50 is triggered.
   
• Boris Johnson surprising gave up on his bid to become Prime Minister. He must’ve understood that he won’t be getting the backing required.
   
• The power vacuum created after Prime Minister Cameron resigned has been leading to harsh battles for the position. Initially, there are five expected candidates, from which two will be chosen by September before final selection. Two most prominent names include Theresa May, the anti-Brexit home minister and Andrea Leadsom, the pro-Brexit energy minister.
   
• Labour leader Jeremy Corbyn has refused to resign despite losing a no confidence among the members of the parliament, where 172 voted against him compared to 40 in favor. However, a photo taken by a daily commuter in the bus that showed Mr. Corbyn travelling by public transport looking tired has sparked a public support for the Labour leader. Shadow Chancellor John McDonnell said that he won’t replace Corbyn as the Labour leader.
   
• The referendum has created a mega-leadership crisis. Nigel Farage announced that he will be stepping down as a leader of the UK Independence Party (UKIP). He was a prominent face of Brexit campaign.

This much for now. You will keep you updated as the drama unfolds.