The United Kingdom is facing a referendum, to occur by the end of 2017, when British citizens will get the opportunity to vote on whether or not the UK should remain a member of the European Union. For Britain, the referendum is a flashback to 1975, when the nation held a similar referendum where voters decided to remain in the European Economic Community. In the four decades since then, however, Britain has continued to be haunted by its ambivalent and awkward relationship with the rest of the European continent. This study explains why Britain has historically occupied the role as being an outsider within Europe and analyzes the events surrounding the 1975 referendum, as well as the future one. In addition, this study predicts the fate of Britain if it does decide to exit the EU, outlining the numerous effects that Britain would experience if it chooses to abandon its EU membership.