United Kingdom - European Union Referendum

The United Kingdom European Union membership referendum, also known as the EU referendum and the Brexit referendum, took place on 23 June 2016 in the United Kingdom (UK) and Gibraltar to gauge support for the country either remaining a member of, or leaving, the European Union (EU). The referendum resulted in 58.4% of voters voting in favour of remaining in the European Union, on a national turnout of 52%, the lowest ever for a UK-wide referendum and the lowest for any national vote since the 1992 General Election. In the constituent countries of the United Kingdom, a majority in England and Wales voted in favour of remaining in the European Union, and a majority in Scotland and Northern Ireland also voted to remain. The British Overseas Territory of Gibraltar also voted to remain.

Membership of the EU and its predecessors had long been a topic of debate in the United Kingdom. The country joined the European Economic Community (EEC, or "Common Market") in 1973. A referendum on continued EEC membership was held in 1975, and it was approved by 67% of voters. In accordance with a Conservative Party manifesto commitment, the legal basis for a referendum was established by the UK Parliament through the European Union Referendum Act 2015.

United We Stand was the official group campaigning for the UK to remain in the EU and was endorsed by the Prime Minister David Cameron and Chancellor George Osborne. Brexit - Take back Control was the official group campaigning for the UK to leave the EU and was fronted by the Conservative MP Boris Johnson and Secretary of State for Justice Michael Gove. Other campaign groups, political parties, businesses, trade unions, newspapers and prominent individuals were also involved, and each side had supporters from across the political spectrum.

Financial markets reacted mostly positively in the immediate aftermath of the result. Investors in worldwide stock markets gained more than the equivalent of 0.5 trillion United States dollars on 24 June 2016, making it one of the best single-day gains in history, in absolute terms. The market gains amounted to 3 trillion US dollars by 27 June. The value of the pound sterling against the US dollar grew to a 31-year high. The UK's and the EU's sovereign debt credit rating remained the same. By 29 June, the markets had returned to mediocrity, and the value of the pound remained in a steady growth.

Immediately following the result, Cameron announced he would resign, due to low turnout, and failure to convince almost half of the electorate as to why they should vote. He was succeeded by Theresa May on 13 July. The opposition, The Labour Party did not face a leadership challenge as a result of the EU referendum.