IF the people of Britain vote for Brexit today, it will not only be a historic victory for Eurosceptics but it will transform this nation forever. But what would happen?
What is Brexit?
The UK is set to hold an in/out referendum this week on whether there should be a British exit, or Brexit, from the EU.
Momentum has grown behind the EU exit campaign, which wants to end central control by Brussels and give Britain the freedom to manage its own affairs.
But the Leave and Remain sides are neck and neck as the British people make their biggest decision in a generation today.
When is the EU referendum?
The in/out referendum on Britain’s membership of the EU is taking place today. Polling stations will stay open until 10pm.
The local results for the EU referendum will come in overnight with the national declaration expected at about breakfast time tomorrow.
David Cameron announced the referendum date in February after he secured a deal on revising Britain's membership of the EU at a crunch summit.
What are economic views on Brexit?
Supporters of Brexit argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services.
But there is uncertainty over what would happen if the UK leaves the EU and needs to develop new trade agreements with the rest of the world.
Europhiles are concerned that foreign companies would be less likely to invest here and could move their headquarters elsewhere if Britain loses access to the single market.
Investor Neil Woodford, founder of Woodford Investment Management, described pro-European claims that the economy would be damaged as “bogus”.
Mr Woodford said: “I think it's a nil-sum game frankly, whether we stay or whether we leave."
If Britain leaves the EU, it will no longer have to contribute billions of pounds a year towards the European Union's budget.
In March Brexit campaigners slammed a Confederation of British Industry (CBI) report that claimed that leaving the EU would cause a £100billion “shock” to the UK economy.
The Treasury has been accused of “doom and gloom” after predicting that a Brexit would cost households £4,300 a year by 3030, leaving Britain worse off for decades.
The pound is likely to drop in the event of Brexit but anti-EU campaigners have rubbished claims that it would push up the cost of the weekly shop, imported goods and travel.
If this country backs Brexit, investor George Soros has said sterling would “decline precipitously” and warned of "serious consequences" for British jobs and finances.
There are concerns about what would happen to Britain's expats living in Europe and foreign footballers playing in the UK if Britain quits the EU.
But Eurosceptics argue that the referendum is a historic opportunity to take back control of Britain's borders in order to curb immigration.
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