The U.K. is set to hold a referendum on its membership of the European Union in June. The outcome has significant implications for Britain as well as the European political and economic scene. If more than half of the votes are in favor of the U.K. leaving the EU, then it can lead to Britain's exit from the EU.The referendum question is "Should the United Kingdom remain a member of the European Union or leave the European Union?". Source: www.gov.ukBritons including Irish and Commonwealth citizens, who are registered voters and are 18 or above, are set to cast their "yes" or "no" vote on June 23, Thursday.