Britain holds referendum on future of its EU membership

Britain holds referendum on future of its EU membership

For many years they had been repeating that the EU was not going through the necessary reforms, and in order to end this debate, Cameron decided to give the opportunity to citizens to have their say.

In January and February this year, the British prime minister and the EU leaders reached an agreement that would give his country "a special status" within the organization, should the referendum result in its continued membership.

The British public, according to the latest poll, is completely split along the "leave" and "remain" lines. UKIP leads the "leave" camp, supported by about a half of all Conservative MPs, including five cabinet ministers, but also some Labour officials.

They believe that the European Union has hampered the development of the United Kingdom, that it imposes too many restrictive economic rules, and charges billions of pounds each year from its members, while giving very little in return. They want London to acquire full control of the country's borders and limit the number of people who can arrive to, or get jobs on British soil. They also warn that the intention to have "a complete unity of the EU" leads the creation of " the United States of Europe."

The "remain" camp is led by Prime Minister David Cameron who is supported by 16 members of his cabinet. The Conservative Party has officially decided to be neutral, but since it is already known that almost half are in favor of leaving, it is likely that the other half wants to stay. Unlike the ruling party, Labour, the SNP, Plaid Cymru and the Liberal Democrats all clearly see the future of the UK within the European Union.

The "remain" proponents believe that London benefits greatly from its cooperation with Brussels, that the single European market is good for economic development, and that the status of Great Britain in the world would deteriorate if it were to leave the European Union.

Big business, meanwhile, believes that membership enables for better flow of money, people and products around the world and that there is "no alternative" that London could rely on - however there are also those who point out it is better to negotiate as an independent country, rather than as "just one of the 28."

If they say "leave", the British will remain under the umbrella of Brussels for at least two more years, without the right to take part in decision-making at the EU level. The negotiations to leave the organization will be long, and as Germany's Deutsche Welle has noted, "a divorce would be painful."

British citizens are also wondering whether it would be possible for the "remain" MPs to overrule the people in parliament. In theory, such an option is certainly there, but the BBC believes this would amount to "classic political suicide."

Also, the question has been raised of whether there is "a way back," in case of the "leave" vote winning today. The answer is yes - but it would mean Britain renegotiating its membership like any other candidate, and facing the condition of having to introduce the euro as its currency.

The results of the referendum are expected to be announced at around 4 a.m. on Friday, local British time.