Bye bye United Kingdom, it was nice knowing you, says everyone in Europe.

In a referendum on Thursday, June 23, 2016, the UK has voted 52 percent to 48 percent to leave the European Union (EU) after 43 years.

Scotland (62% to remain) and Northern Ireland (55.8% to remain) have voted strongly to stay in the EU but most of England (53.4% to leave) and Wales (52.5%) have backed Brexit instead.

This is the question in the referendum:

What is Brexit?

A British exit, or "Brexit," means the 28-member European Union (EU) would lose its second-biggest economy and one of its two main military powers.

This is only the third referendum in British history.

Who are the main proponents?

Remain camp

Most of the prominent UK politicians, including Prime Minister David Cameron, Opposition Leader Jeremy Corby and three former Prime Ministers - Gordon Brown, Tony Blair, and John Major - have made personal calls to remain.

Leave camp

Former London Mayor Boris Johnson,  seen as the de-facto-leader of the Leave camp, led the push for Brexit. Other prominent politicians include Justice Minister Michael Gove and former Opposition Leader Iain Duncan Smith.

Nigel Farage, the leader of the UK Independence Party, is another prominent figure in the Leave camp.

Consequences for leaving EU

According to the Financial Times, the process of leaving the EU will take two years to a decade.

1. Drop in the value of the pound

This has already begun, as FT noted that the pound tumbled 13 percent to its lowest level in more than 30 years.

The pound has dropped to an all-time low against the Sing dollar.

2. Bad for UK's economy

Foreign direct investment could fall, since there is no guaranteed access to the EU single market.

UK's trade agreements between the EU and other countries would have to be negotiated individually.

3. Potential toppling of the current Conservative government

Cameron promised to hold a referendum on leaving the EU if his Conservative Party won the 2015 election.

The Brexit victory has weakened his standing in his party, prompting him to resign as PM by October:

In an emotional speech outside 10 Downing Street, Cameron said:

"The British people have voted to leave the EU and their will must be respected.

The will of the British people is an instruction that must be delivered.

There can be no doubt about the result.

Across the world people have been watching the choice that Britain has made.

This will require strong, determined and committed leadership.

I am very proud to have been Prime Minister of this country for six years.

I have held nothing back.

But the British people have made a very clear decision to take a different path.

As such I think the country requires fresh leadership to take it in this direction.

I will do everything I can as prime minister to steady the ship over the coming weeks and months, but I do not think it would be right for me to try to be the captain that steers our country to its next destination.

In my view I think we should have a new prime minister in place by the start of the Conservative conference in October."

Before the results, pro-Brexit Conservative MPs signed a letter, calling on Cameron to remain as PM regardless of result. They said that he has a "duty and a mandate" to carry on in the job.

The letter was also signed by Johnson and Gove.

4. Potential break-up of the UK

UK, made up of four nations, may not stay united after Brexit.

This is because two of the four nations -- Scotland and Northern Ireland -- are more pro-EU.

Moreover, 56 percent of the Scots who voted for Scotland to remain part of the UK in 2014 may not want English domination without EU's influence.

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Top photo from Getty Images

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