Chileans have voted overwhelmingly to reject a new constitution, dealing a serious blow to President Gabriel Boric but bringing relief to investors, who had feared the changes would upend the country’s pro-market economic model.
Only 38 per cent backed the proposals in a mandatory plebiscite on Sunday, in which nearly 13mn Chileans participated, compared with the 8mn in the second round of last year’s presidential election.
Boric’s leftwing coalition had been banking on the new constitution to introduce a progressive reform agenda across tax, pensions and social welfare. The president recognised the result but pledged to launch a renewed effort to rewrite the charter, saying the vote provided a clear mandate to do so.
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