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Britain leaves European Union after historic referendom

London: Britain has voted to leave the 28-member European Union, results from a historic referendum revealed on Friday, landing a big blow to the European project of greater unity since World War II.

After 374 out of 382 regional results were declared, 'leave' votes had crossed the 16.8 million mark needed for victory.

World financial markets suffered big slump as the vote headed for a Brexit outcome this morning. Sterling suffered its biggest one-day fall of 9.4 percent against the dollar on market fears the decision will hamper investment in the world's 5th largest economy.

The euro dropped almost four percent against the dollar on concerns a 'Brexit' vote would do major economic and political damage to what would become a 27-member union.

Britain's eurosceptic forces celebrated the victory they styled as a protest against British political leaders, big business and foreign leaders including Barack Obama who had urged Britain to remain in the bloc.

"Dare to dream that the dawn is breaking on an independent United Kingdom," Nigel Farage, leader of the eurosceptic UK Independence Party commented.

"If the predictions are right, this will be a victory for real people, a victory for ordinary people, a victory for decent people...Let June 23 go down in our history as our independence day."

He referred to the EU as a "doomed project".

He also said that Prime Minister David Cameron should "immediately' resign as he had called the referendum in 2013 and campaigned to stay in the bloc.

Leaving the EU could cost Britain access to the EU's trade barrier-free single market and also mean it must seek new trade accords with countries globally.