The S&amp;P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain&#39;s decision to leave the European Union caught traders wrong-footed. 
 
In the busiest trading volume for a single session in nearly five years, financial stocks led the decline on the S&amp;P 500 with a 5.4 per cent drop - the largest for the sector since November 2011. 
 
The S&amp;P 500 lost all the year&#39;s gains and suffered its largest decline since late August last year. 
 
Equity futures neared an 11-month high to start the overnight session as markets wrongly bet that the &quot;Remain&quot; camp would prevail in Britain&#39;s referendum, but sold off sharply as the results showed otherwise - even triggering a market stop put in place to curtail volatility. 
 
The decline during regular market hours seemed more orderly, and the S&amp;P managed to close in the area of what analysts called significant technical support, near 2,040. 
 
Still, many expect the next weeks to remain volatile. 
 
The CBOE Volatility index ended up 49 percent at 25.76, its highest level since Feb. 11 - when equities hit their lows of the year. 
 
&quot;The market has really not fully digested the second-order impacts of this,&quot; said Stephen Auth, chief investment officer at Federated Investors in New York. 
 
&quot;We are keeping our clients in dividend stocks and on a defensive strategy,&quot; he said. &quot;That&#39;s the story until we reach better risk-reward levels,&quot; which Auth said could be near the S&amp;P 500&#39;s February low near 1,830. 
 
High-dividend-paying utilities were the only S&amp;P 500 sector to end the day in the black, with a meagre 0.09 percent gain. 
 
The Dow Jones industrial average fell 611.21 points, or 3.39 percent, to 17,399.86, the S&amp;P 500 lost 76.02 points, or 3.6 percent, to 2,037.3, and the Nasdaq Composite dropped 202.06 points, or 4.12 percent, to 4,707.98. 
 
Many market participants, however, saw the broad-based decline as an opportunity for investors on the sidelines to gradually increase their stock holdings. 
 
&quot;What I see going to happen is the Federal Reserve will not raise rates in 2016, that is off the table and a market positive,&quot; said Doug Cote, chief market strategist at Voya Investment Management in New York. 
 
&quot;If you have cash on the sidelines it could be a buying opportunity but I wouldn&#39;t be changing (bonds-stocks) allocations right now,&quot; he said, adding he expects other major central bank&#39;s policies to also give the market support. 
 
The weekly declines in the S&amp;P 500 and Dow industrials, both off 1.6 percent, were the largest since February, and the Nasdaq&#39;s 1.9 percent drop was marginally lower than the previous week&#39;s. 
 
The relatively less severe weekly decline points to an unravelling of trades put in place after polls last weekend showed increasing momentum for the &quot;Remain&quot; camp in the British referendum. 
 
Traders were closely following moves in currencies, calling them the contagion mechanism between markets. The pound tumbled to near $1.32, its lowest level since 1985, before bouncing back to a loss of 8 percent at $1.3678. 
 
The decline came on fears the Britons&#39; decision to leave the EU could hurt investment and usher in many months of both political and economic uncertainty. 
 
&quot;Expect weaker investment and thereby slower economic growth to persist during the 2-3 year negotiations to leave the European Union,&quot; Deutsche Bank economists said in a Friday note. 
 
Volume in U.S. exchanges hit 15.3 billion as the trade-heavy reconstitution of the Russell indexes crossed at the market close. It was the highest volume since August 2011 according to Bats Global Markets and compares with the daily average of 6.8 billion over the last 20 trading sessions. 
 
Declining issues outnumbered advancing ones on the NYSE by a 5.47-to-1 ratio, and on the Nasdaq, a 5.20-to-1 ratio favoured decliners. 
 
The S&amp;P 500 posted 28 new 52-week highs and 12 new lows; the Nasdaq recorded 33 new highs and 107 new lows. 
 
(Reuters) 
&nbsp;

Financial stocks led the decline on the S&P 500 with a 5.4 per cent drop, the largest for the sector since November 2011

The S&P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain's decision to leave the European Union caught traders wrong-footed. In the busiest trading volume for a single session in nearly five years, financial stocks led the decline on the S&P 500 with a 5.4 per cent drop - the largest for the sector since November 2011. The S&P 500 lost all the year's gains and suffered its largest decline since late August last year. Equity futures neared an 11-month high to start the overnight session as markets wrongly bet that the "Remain" camp would prevail in Britain's referendum, but sold off sharply as the results showed otherwise - even triggering a market stop put in place to curtail volatility. The decline during regular market hours seemed more orderly, and the S&P managed to close in the area of what analysts called significant technical support, near 2,040. Still, many expect the next weeks to remain volatile. The CBOE Volatility index ended up 49 percent at 25.76, its highest level since Feb. 11 - when equities hit their lows of the year. "The market has really not fully digested the second-order impacts of this," said Stephen Auth, chief investment officer at Federated Investors in New York. "We are keeping our clients in dividend stocks and on a defensive strategy," he said. "That's the story until we reach better risk-reward levels," which Auth said could be near the S&P 500's February low near 1,830. High-dividend-paying utilities were the only S&P 500 sector to end the day in the black, with a meagre 0.09 percent gain. The Dow Jones industrial average fell 611.21 points, or 3.39 percent, to 17,399.86, the S&P 500 lost 76.02 points, or 3.6 percent, to 2,037.3, and the Nasdaq Composite dropped 202.06 points, or 4.12 percent, to 4,707.98. Many market participants, however, saw the broad-based decline as an opportunity for investors on the sidelines to gradually increase their stock holdings. "What I see going to happen is the Federal Reserve will not raise rates in 2016, that is off the table and a market positive," said Doug Cote, chief market strategist at Voya Investment Management in New York. "If you have cash on the sidelines it could be a buying opportunity but I wouldn't be changing (bonds-stocks) allocations right now," he said, adding he expects other major central bank's policies to also give the market support. The weekly declines in the S&P 500 and Dow industrials, both off 1.6 percent, were the largest since February, and the Nasdaq's 1.9 percent drop was marginally lower than the previous week's. The relatively less severe weekly decline points to an unravelling of trades put in place after polls last weekend showed increasing momentum for the "Remain" camp in the British referendum. Traders were closely following moves in currencies, calling them the contagion mechanism between markets. The pound tumbled to near $1.32, its lowest level since 1985, before bouncing back to a loss of 8 percent at $1.3678. The decline came on fears the Britons' decision to leave the EU could hurt investment and usher in many months of both political and economic uncertainty. "Expect weaker investment and thereby slower economic growth to persist during the 2-3 year negotiations to leave the European Union," Deutsche Bank economists said in a Friday note. Volume in U.S. exchanges hit 15.3 billion as the trade-heavy reconstitution of the Russell indexes crossed at the market close. It was the highest volume since August 2011 according to Bats Global Markets and compares with the daily average of 6.8 billion over the last 20 trading sessions. Declining issues outnumbered advancing ones on the NYSE by a 5.47-to-1 ratio, and on the Nasdaq, a 5.20-to-1 ratio favoured decliners. The S&P 500 posted 28 new 52-week highs and 12 new lows; the Nasdaq recorded 33 new highs and 107 new lows. (Reuters)

Largest selloff in 10 months on Wall Street after Brexit

Shocked chief executives from Mumbai to Denver woke up on Friday to face tough decisions over how to respond to Britain&#39;s vote to leave the European Union. 
 
In Britain itself, businesses as diverse as engineering group Rolls-Royce, drugs giant AstraZeneca, housebuilders and makers of Scotch whisky were braced for disruption in the short and long term as the pound plunged to its lowest level since 1985. 
 
Big business - with a very few exceptions - has been strongly in favour of remaining in the world&#39;s biggest trading bloc, primarily because of ease of access to 500 million European consumers. 
 
&quot;The weeks and months ahead are going to be a nervy time for business leaders,&quot; Simon Walker, director general of British business lobby the Institute of Directors, said on Friday. 
 
Jaguar Land Rover, Britain&#39;s biggest carmaker, has estimated its annual profit could shrink by $1.4 billion by 2020 if Britain returns to World Trade Organization rules for trade with Europe. 
 
Shares in the company&#39;s owner, India&#39;s Tata Motors, slumped more than 10 per cent. 
 
Makers of Scotch whisky, who export about 90 per cent of what they produce, have stressed the importance of the EU, which swallows about a third of those exports, but also the clout EU membership gives in negotiations with fast-growing markets such as India, which has a 150 per cent tariff on imported spirits. 
 
Some investors warned of a coming British or even global recession as sterling collapsed to hit its lowest since 1985, while FTSE futures fell 8 per cent. 
 
The president of Japan&#39;s Nippon Steel &amp; Sumitomo Metal, the world&#39;s second-largest steelmaker, said the vote was extremely disappointing. &quot;We are greatly concerned for the negative impact this will have, not only on Britain and the EU but also on the global economy,&quot; said Kosei Shindo. 
 
Martin Sorrell, the boss of the world&#39;s biggest advertising group WPP, said: &quot;This decision will create tremendous uncertainty, which will slow economic activity and decision making.&quot; 
 
Sterling headache 
Big swings in sterling will be a headache for some international companies, with a fall in the currency hitting profits earned in Britain. 
 
International companies with sizeable sterling exposure include Denver-based Molson Coors, owner of Carling beer, which is heavily reliant on the UK. 
 
Aside from market access, streamlining of regulations within the EU has made life simpler. 
 
Pharmaceutical companies, for example, enjoy a one-stop shop in the form of the European Medicines Agency - based in London - which approves new drugs for all EU countries, while the EU&#39;s open airspace deals have fostered a surge in air travel and common policies on agriculture and food safety have allowed for smoother supply chains and richer eating. 
 
Companies in those sectors have fretted that Britain outside the bloc would disrupt the regulatory landscape. 
 
&quot;This creates immediate challenges for future investment, research and jobs in our industry in the UK,&quot; said Mike Thompson, CEO of the Association of the British Pharmaceutical Industry. 
 
AstraZeneca said it was concerned for the competitiveness of the British life sciences industry and would work to ensure patient access to medicines, amid worries that leaving the EU could delay drug approvals. 
 
Access to workers is another important factor for companies. Automotive industry executives, who are heavily reliant on exports, ranked tapping a skilled workforce a close second to accessing EU markets in a survey on reasons to remain in March. 
 
Ahead of the vote, some British-based multinationals such as Diageo, Unilever and Rolls-Royce had expressed their support for &quot;Remain&quot; directly to employees, although most stopped short of this. 
 
Government figures show 12.6 per cent of Britain&#39;s economic output is linked to exports to the EU&#39;s 27 other members, for whom only 3.1 per cent of output is linked to exports to Britain. And 80 per cent of British businesses trading overseas do so with the EU. 
 
The Confederation of British Industry has estimated there could be between 550,000 and 950,000 fewer jobs by 2020 in the event of Brexit. 
 
For banks, a huge concern has been the threat that financial institutions based in London could lose their EU &quot;passports&quot;, or the automatic right to sell services across the bloc under single low-cost system. That has made bank shares particularly volatile in the run-up to the referendum. 
 
Brexit uncertainty has also helped push British merger and acquisition activity this year at its lowest as a proportion of global activity since records began in 1980. 
 
(Reuters)

Big business wanted to remain in the world's biggest trading bloc because of ease of access to 500 million European consumers

Shocked chief executives from Mumbai to Denver woke up on Friday to face tough decisions over how to respond to Britain's vote to leave the European Union. In Britain itself, businesses as diverse as engineering group Rolls-Royce, drugs giant AstraZeneca, housebuilders and makers of Scotch whisky were braced for disruption in the short and long term as the pound plunged to its lowest level since 1985. Big business - with a very few exceptions - has been strongly in favour of remaining in the world's biggest trading bloc, primarily because of ease of access to 500 million European consumers. "The weeks and months ahead are going to be a nervy time for business leaders," Simon Walker, director general of British business lobby the Institute of Directors, said on Friday. Jaguar Land Rover, Britain's biggest carmaker, has estimated its annual profit could shrink by $1.4 billion by 2020 if Britain returns to World Trade Organization rules for trade with Europe. Shares in the company's owner, India's Tata Motors, slumped more than 10 per cent. Makers of Scotch whisky, who export about 90 per cent of what they produce, have stressed the importance of the EU, which swallows about a third of those exports, but also the clout EU membership gives in negotiations with fast-growing markets such as India, which has a 150 per cent tariff on imported spirits. Some investors warned of a coming British or even global recession as sterling collapsed to hit its lowest since 1985, while FTSE futures fell 8 per cent. The president of Japan's Nippon Steel & Sumitomo Metal, the world's second-largest steelmaker, said the vote was extremely disappointing. "We are greatly concerned for the negative impact this will have, not only on Britain and the EU but also on the global economy," said Kosei Shindo. Martin Sorrell, the boss of the world's biggest advertising group WPP, said: "This decision will create tremendous uncertainty, which will slow economic activity and decision making." Sterling headache Big swings in sterling will be a headache for some international companies, with a fall in the currency hitting profits earned in Britain. International companies with sizeable sterling exposure include Denver-based Molson Coors, owner of Carling beer, which is heavily reliant on the UK. Aside from market access, streamlining of regulations within the EU has made life simpler. Pharmaceutical companies, for example, enjoy a one-stop shop in the form of the European Medicines Agency - based in London - which approves new drugs for all EU countries, while the EU's open airspace deals have fostered a surge in air travel and common policies on agriculture and food safety have allowed for smoother supply chains and richer eating. Companies in those sectors have fretted that Britain outside the bloc would disrupt the regulatory landscape. "This creates immediate challenges for future investment, research and jobs in our industry in the UK," said Mike Thompson, CEO of the Association of the British Pharmaceutical Industry. AstraZeneca said it was concerned for the competitiveness of the British life sciences industry and would work to ensure patient access to medicines, amid worries that leaving the EU could delay drug approvals. Access to workers is another important factor for companies. Automotive industry executives, who are heavily reliant on exports, ranked tapping a skilled workforce a close second to accessing EU markets in a survey on reasons to remain in March. Ahead of the vote, some British-based multinationals such as Diageo, Unilever and Rolls-Royce had expressed their support for "Remain" directly to employees, although most stopped short of this. Government figures show 12.6 per cent of Britain's economic output is linked to exports to the EU's 27 other members, for whom only 3.1 per cent of output is linked to exports to Britain. And 80 per cent of British businesses trading overseas do so with the EU. The Confederation of British Industry has estimated there could be between 550,000 and 950,000 fewer jobs by 2020 in the event of Brexit. For banks, a huge concern has been the threat that financial institutions based in London could lose their EU "passports", or the automatic right to sell services across the bloc under single low-cost system. That has made bank shares particularly volatile in the run-up to the referendum. Brexit uncertainty has also helped push British merger and acquisition activity this year at its lowest as a proportion of global activity since records began in 1980. (Reuters)

From beer to drugs to cars: Global business laments EU vote

When Barack Obama stood on the hallowed ground of Hiroshima on Friday to pay tribute to the victims of 1945 nuclear devastation, the Group of Seven (G7) countries were making a last-ditch effort to persuade Britain to remain in the European Union. So worried is the G7 about Brexit that the issue dominated the final declaration of the elite bloc&#39;s two-day summit in the Japanese peninsula of Ise-Shima. 
 
Obama himself has been at pains to explain to Britain that the country will have a brighter future if it stayed in the European bloc. But if it exited, the consequences could be harsh. Not only this, he is on record warning the UK voters that if they choose to abandon the EU, their country should forget any fresh trade deal with the United States for at least a decade. &quot;The UK is going to be in the back of the queue,&quot; Obama said during his visit to Britain in April, arguing that Washington&#39;s focus is on negotiating with big blocs rather than an individual country. 
 
The panic button 
 
The UK is holding a referendum on June 23 to decide its future in the European Union. And that has triggered panic among Britain&#39;s allies, trade partners, political leaders, economists and business honchos worldwide. 
 
At G7, the leaders were unanimous in their opinion that a &#39;Leave&#39; vote in the UK would pose a &quot;serious threat to global growth.&quot; Any such move would reverse the trend towards greater global trade and investment, and the jobs they create, they said. Hours before the G7 declaration, Japanese Prime Minister Shinzo Abe warned that a crisis on the scale of Lehman Brothers was staring at the global economy. 
 
What does the EU think? 
 
Although in public, the EU leaders have been urging Britain to remain in the union, privately Germany, France, Italy, and Belgium -- core members -- are said to be preparing for a life after the probable divorce. Post-Brexit, the EU could stress on closer integration with tighter security and defence collaboration. 
 
The EU leaders, however, fear that Brexit is bound to encourage separatist sentiments in other block states. 
 
Why does Britain want to go separate ways? 
 
&#39;Love Europe, Leave EU&#39;, one of the online campaigners for an exit vote, argues that way back in 1975, the British public voted &#39;yes&#39; to a free trade deal with Europe and not for a &#39;United States of Europe&#39;. The present union, it argues, crushes democracy and &quot;in the process creates a class of politicians clearly in it for themselves&quot;. 
 
Many believe that Britain&#39;s political and economic clout has diminished ever since it joined the group, and that by standing alone the country can reclaim its glorious past. 
 
Another campaign, Leave Vote, says it&#39;s time for Britain to spend its money on domestic priorities like the National Health Service not the EU. It claims that EU costs Britain &pound;350 million a week and that since 1973, the country has sent over half a trillion pounds to the union. In return, the Euro skeptics believe, Britain has only run a massive trade deficit with Germany, France and nearly every other European country. 
 
So then why bother with Schengen system, common currency and EU regulations when these are clearly failing in securing economic growth, the Leave vote campaigners argue. 
 
Another of UK&#39;s biggest concerns is rapidly growing immigration from the EU and unemployment for its citizenry. Last year, Britain saw inflows of 1,84,000 EU and 1,88,000 non-EU citizens. &#39;Leave&#39; vote supporter argue that being a part of EU prevents Britain from bringing in skilled workers from outside the bloc. 
 
What do opinion polls predict? 
 
Recent polls in the UK suggest that most people support staying on with the EU. Prime Minister David Cameron is leading a campaign for this and his government has stressed upon the negative fallouts of leaving EU. 
 
A recent poll released by YouGov says that university degree holders or those aged below 30 are most likely to vote stay in the EU. Northern Ireland and Scotland are the regions that are likely to vote for staying in the union, while with almost two-thirds of respondents the Midlands is expected to cast a &#39;Leave&#39; vote. 
 
How will Britain be affected if Brexit happens? 
 
If voters did decide to part ways with the economic bloc, its first casualty will be hundreds and thousands of migrant workers. Most of them are from Eastern Europe, who are currently employed and live in the UK. The borders will be resurrected again and visa regimes will again kick in. 
 
The UK, too, is not expected to get away unscathed. IMF managing director Christine Lagarde indicated that Brexit may hit the British economy much harder than its supporters expect. She said the effect may range from &quot;pretty bad to very, very bad&quot;. 
 
A poll, carried out by Ipsos Mori for the Observer, says nearly 9 out of 10 economists believe an exit from the European Union will have negative consequences for the UK economy. The economists argue that a Brexit will hit both gross domestic product and household incomes. 
 
Four-fifths of Britain&#39;s major companies have taken steps to hedge against the risk that a vote to leave the European Union will knock more than 10 per cent off the value of sterling, a poll of almost 800 of Britain&#39;s top 1,000 companies showed on Wednesday. 
 
The British Pound is also expected to take a hit. The Bank of England, the central bank of the UK, says Brexit will hit the economy with pound falling and mortgage rates rising. Some analysts also fear that a Brexit vote will reignite calls for independence in Scotland and Northern Ireland as these regions may like to stay with the EU. 
 
Several former Nato and US foreign affairs chiefs have red-flagged the idea of Brexit, warning Britain&#39;s national security and place in the world order would be severely damaged. Writing in different UK papers, these experts said that by leaving the union, Britain would not only lose its international clout but also &quot;give succour to the West&#39;s enemies&quot;. 
 
Let Britons decide for themselves 
 
The EU, UK, and the world at large may be on tenterhooks over the outcome of the historic referendum, but we must presume that the British people will use their vote judiciously as it will shape the future of their country for decades to come. The way the world has been handling its affairs, it seems that boundaries are becoming omnipresent than what we would have imagined a few decades ago of a globalized, unified world.

Many believe that Britain's political and economic clout has diminished ever since it joined the group

When Barack Obama stood on the hallowed ground of Hiroshima on Friday to pay tribute to the victims of 1945 nuclear devastation, the Group of Seven (G7) countries were making a last-ditch effort to persuade Britain to remain in the European Union. So worried is the G7 about Brexit that the issue dominated the final declaration of the elite bloc's two-day summit in the Japanese peninsula of Ise-Shima. Obama himself has been at pains to explain to Britain that the country will have a brighter future if it stayed in the European bloc. But if it exited, the consequences could be harsh. Not only this, he is on record warning the UK voters that if they choose to abandon the EU, their country should forget any fresh trade deal with the United States for at least a decade. "The UK is going to be in the back of the queue," Obama said during his visit to Britain in April, arguing that Washington's focus is on negotiating with big blocs rather than an individual country. The panic button The UK is holding a referendum on June 23 to decide its future in the European Union. And that has triggered panic among Britain's allies, trade partners, political leaders, economists and business honchos worldwide. At G7, the leaders were unanimous in their opinion that a 'Leave' vote in the UK would pose a "serious threat to global growth." Any such move would reverse the trend towards greater global trade and investment, and the jobs they create, they said. Hours before the G7 declaration, Japanese Prime Minister Shinzo Abe warned that a crisis on the scale of Lehman Brothers was staring at the global economy. What does the EU think? Although in public, the EU leaders have been urging Britain to remain in the union, privately Germany, France, Italy, and Belgium -- core members -- are said to be preparing for a life after the probable divorce. Post-Brexit, the EU could stress on closer integration with tighter security and defence collaboration. The EU leaders, however, fear that Brexit is bound to encourage separatist sentiments in other block states. Why does Britain want to go separate ways? 'Love Europe, Leave EU', one of the online campaigners for an exit vote, argues that way back in 1975, the British public voted 'yes' to a free trade deal with Europe and not for a 'United States of Europe'. The present union, it argues, crushes democracy and "in the process creates a class of politicians clearly in it for themselves". Many believe that Britain's political and economic clout has diminished ever since it joined the group, and that by standing alone the country can reclaim its glorious past. Another campaign, Leave Vote, says it's time for Britain to spend its money on domestic priorities like the National Health Service not the EU. It claims that EU costs Britain £350 million a week and that since 1973, the country has sent over half a trillion pounds to the union. In return, the Euro skeptics believe, Britain has only run a massive trade deficit with Germany, France and nearly every other European country. So then why bother with Schengen system, common currency and EU regulations when these are clearly failing in securing economic growth, the Leave vote campaigners argue. Another of UK's biggest concerns is rapidly growing immigration from the EU and unemployment for its citizenry. Last year, Britain saw inflows of 1,84,000 EU and 1,88,000 non-EU citizens. 'Leave' vote supporter argue that being a part of EU prevents Britain from bringing in skilled workers from outside the bloc. What do opinion polls predict? Recent polls in the UK suggest that most people support staying on with the EU. Prime Minister David Cameron is leading a campaign for this and his government has stressed upon the negative fallouts of leaving EU. A recent poll released by YouGov says that university degree holders or those aged below 30 are most likely to vote stay in the EU. Northern Ireland and Scotland are the regions that are likely to vote for staying in the union, while with almost two-thirds of respondents the Midlands is expected to cast a 'Leave' vote. How will Britain be affected if Brexit happens? If voters did decide to part ways with the economic bloc, its first casualty will be hundreds and thousands of migrant workers. Most of them are from Eastern Europe, who are currently employed and live in the UK. The borders will be resurrected again and visa regimes will again kick in. The UK, too, is not expected to get away unscathed. IMF managing director Christine Lagarde indicated that Brexit may hit the British economy much harder than its supporters expect. She said the effect may range from "pretty bad to very, very bad". A poll, carried out by Ipsos Mori for the Observer, says nearly 9 out of 10 economists believe an exit from the European Union will have negative consequences for the UK economy. The economists argue that a Brexit will hit both gross domestic product and household incomes. Four-fifths of Britain's major companies have taken steps to hedge against the risk that a vote to leave the European Union will knock more than 10 per cent off the value of sterling, a poll of almost 800 of Britain's top 1,000 companies showed on Wednesday. The British Pound is also expected to take a hit. The Bank of England, the central bank of the UK, says Brexit will hit the economy with pound falling and mortgage rates rising. Some analysts also fear that a Brexit vote will reignite calls for independence in Scotland and Northern Ireland as these regions may like to stay with the EU. Several former Nato and US foreign affairs chiefs have red-flagged the idea of Brexit, warning Britain's national security and place in the world order would be severely damaged. Writing in different UK papers, these experts said that by leaving the union, Britain would not only lose its international clout but also "give succour to the West's enemies". Let Britons decide for themselves The EU, UK, and the world at large may be on tenterhooks over the outcome of the historic referendum, but we must presume that the British people will use their vote judiciously as it will shape the future of their country for decades to come. The way the world has been handling its affairs, it seems that boundaries are becoming omnipresent than what we would have imagined a few decades ago of a globalized, unified world.

UK's exit from the European Union is certainly not a step forward

Billionaire entrepreneur James Dyson appeared&nbsp;in favour of Britain leaving the European Union, proving to be a significant endorsement for the &quot;Leave&quot; camp less than two weeks before a referendum.

Britons vote on June 23 on whether to stay in the 28-member bloc, with polls suggesting a tight race. A British exit, or &quot;Brexit&quot;, would have far-reaching implications for politics and the economy in Britain and far beyond.

The &quot;Remain&quot; campaign has received the backing of many well-known business leaders, big companies and banks as well as institutions such as the International Monetary Fund. Its &quot;Leave&quot; rivals have attracted less support from the ranks of big business.

Dyson, best known for inventing a bagless vacuum cleaner that made him a household name across Britain, told the Daily Telegraph newspaper that Britain has more to gain than to lose by quitting the European Union.

&quot;We will create more wealth and more jobs by being outside the EU than we will within it, and we will be in control of our destiny. And control, I think, is the most important thing in life and business,&quot; Dyson was quoted as saying.

Dyson dismissed warnings about the possible impact of Brexit on trade.

&quot;When the &#39;Remain&#39; campaign tells us no one will trade with us if we leave the EU, sorry, it&#39;s absolute cobblers,&quot; Dyson&nbsp;said, using a colloquial British term for nonsense.

&quot;If, as (Prime Minister) David Cameron suggested, they imposed a tariff of 10 per cent on us, we will do the same in return. ... Anyway, the EU would be committing commercial suicide to impose a tariff because we import 100 billion pounds ($143 billion) and we only send 10 billion there.&quot;

With upcoming polls on whether Britain should be a part of EU, British Citizen James Dyson supports the 'Leave' campaign

Billionaire entrepreneur James Dyson appeared in favour of Britain leaving the European Union, proving to be a significant endorsement for the "Leave" camp less than two weeks before a referendum. Britons vote on June 23 on whether to stay in the 28-member bloc, with polls suggesting a tight race. A British exit, or "Brexit", would have far-reaching implications for politics and the economy in Britain and far beyond. The "Remain" campaign has received the backing of many well-known business leaders, big companies and banks as well as institutions such as the International Monetary Fund. Its "Leave" rivals have attracted less support from the ranks of big business. Dyson, best known for inventing a bagless vacuum cleaner that made him a household name across Britain, told the Daily Telegraph newspaper that Britain has more to gain than to lose by quitting the European Union. "We will create more wealth and more jobs by being outside the EU than we will within it, and we will be in control of our destiny. And control, I think, is the most important thing in life and business," Dyson was quoted as saying. Dyson dismissed warnings about the possible impact of Brexit on trade. "When the 'Remain' campaign tells us no one will trade with us if we leave the EU, sorry, it's absolute cobblers," Dyson said, using a colloquial British term for nonsense. "If, as (Prime Minister) David Cameron suggested, they imposed a tariff of 10 per cent on us, we will do the same in return. ... Anyway, the EU would be committing commercial suicide to impose a tariff because we import 100 billion pounds ($143 billion) and we only send 10 billion there."

British entrepreneur Dyson backs exit from EU