Nigel Farage, the leader of the United Kingdom Independence Party (UKIP), reacts at a party after polling stations closed in the Referendum on the European Union in London, Britain, June 24, 2016. REUTERS/Toby Melville - RTX2HW97

In the biggest loss to the European project of greater unity, since the World War Two, Britain has to opted to leave the 28-member European Union. Leave votes had apparently crossed the 16.8 million mark needed to win after a total of 374 out of 382 regional results had been declared.

This has pushed Sterling to its biggest one-day fall of 9.4 percent against the U.S. dollar. The ‘Brexit’ vote has had a negative impact on the financial market and might just raise a question over London’s role as a global financial capital.

But, the whole incident has Eurosceptic forces celebrating over their victory against British Political leaders. “Dare to dream that the dawn is breaking on an “Independent United Kingdom”, said Nigel Farage, leader of the Eurosceptic UK Independence party.
Farage also termed EU as a doomed project.

David Cameron, The Prime Minister of the United Kingdom, will be conveying the results to his European counterparts within a few days. The vote, which was earlier touted as insignificant, might just cost a lot of damage to his political future.

The 4-month campaign have seen a lot of fluctuation in the opinion polls but after the Pro-EU member of parliament, Jo Cox was murdered, things have changed and the balance has apparently shifted in the favour of Remain camp. This incident also dropped a hint regarding the changing tone of the debate.

Britain joined the European Economic Community (EEC) in 1973 and has been a prominent member. The country has always been a thorough supporter of free trade along with tearing down the economic barriers in order to push EU into the ex-communist eastern states.

World leaders like Obama, German chancellor Angela Merkel and even NATO have urged a ‘Remain’ vote claiming Britain would be stronger in the EU rather than outside. But French Economy Minister, Emmanuel Macron commented last weekend, that “if you’re out, you’re out”, implying Britain won’t receive any kind of preferential treatment.