LONDON — Millions of Britons voted yesterday in a bitterly fought, knife-edge referendum that could pull the island nation out of the European Union and spark the biggest crisis in the bloc’s 60-year history.

A record 46.5 million voters registered to decide Britain’s future in the 28-nation EU, which was born out of a determination to unite in lasting peace after the carnage of two World Wars.

Across London and south-east England, many voters braved torrential rain to have their say in a battle fought on two main fronts: Immigration and the economy.

After a deeply divisive campaign, experts predict a high turnout across the country, where polling stations were set up at locations including churches, schools and even a laundrette and a windmill.

The once-in-a-generation referendum asked: “Should the United Kingdom remain a member of the European Union or leave the European Union?”

Much will depend on turnout, with younger Britons seen as more supportive of the EU than their elders but less likely to vote.

Financial markets appeared to be banking on a “Remain” win, with stocks surging in London and the pound rising to its highest level against the dollar this year, reaching US$1.4947 at about 1035 GMT.

The rise came after an Ipsos Mori opinion poll for the Evening Standard newspaper released yesterday put “Remain” at 52 per cent and “Leave” at 48 per cent.

Other opinion polls suggested a narrow lead for “Remain”, but well within the margin of error.

“Leave” advocates say a Britain cut loose from the EU will be able to rein in high levels of immigration and take back power from Brussels, while the “Remain” camp warns of a huge economic shock if Britain abandons the bloc.

“It has boiled down to jobs versus foreigners,” said Mr Justin Fisher, professor of politics at Brunel University in north-west London to Bloomberg. The referendum will determine whether “the economy will win out over immigration”.

Stock markets in London, Paris and Frankfurt were also up.

Financial institutions are reinforcing their trading teams to cope with the prospect of frantic round the clock trading and the world’s leading central banks say they are ready to react to any eventuality.

Finance leaders from Group of Seven leading economies will issue a statement stressing their readiness to take all necessary steps to calm markets if Britain votes to leave, said government officials with direct knowledge of the matter.

The result is likely to begin emerging just before 0100 GMT today (9am Singapore time). Final results are expected around 0700 GMT today.

“Our polling station had a queue of people waiting to get in at 7am — first time anyone can remember that on polling day,” said voter Nick Turner in north-western Cumbria on Twitter.

In London, 57-year-old estate manager John Thompson said he was hoping for a “Leave” victory.

“I value autonomy,” he told AFP. “It is just life, freedom and autonomy and I don’t think I am going to get that under Europe — not the kind I want.”

The often acrimonious campaign has exposed a wide gulf between Britons on the country’s four-decade membership of the European club.

British newspapers captured the high stakes of voting day. “Independence day” was the headline of the pro-Brexit Sun, while The Times called it a “Day of reckoning”.

“It’s a British decision, but with potentially spectacular consequences for the rest of Europe,” said Mr Steven Fielding, a professor of political history at the University of Nottingham, to Bloomberg in a phone interview.

Prime Minister David Cameron, who faces calls to resign if there is a “Leave” victory, voted early without making any comments.

At his final rally on Wednesday, Mr Cameron implored people to stay in the bloc, invoking Britain’s cigar-chomping wartime prime minister.

“Winston Churchill didn’t give up on European democracy ... and we shouldn’t walk away,” he said.

Mr Nigel Farage, leader of the anti-EU UK Independence Party, said as he voted that “Leave” had “a really good, strong chance”.

“It’s all about turnout, it’s all about passion, it’s all about who cares enough to go out and vote.”

EU leaders have warned Britons that there would be no turning back from a vote to quit.

A British withdrawal from the EU would trigger a lengthy exit negotiation, leading to the loss of unfettered access to its partners in the EU’s single market and forcing the country to strike its own trade accords across the world.

The referendum battle had paused for three days after the brutal murder of Jo Cox, a pro-“Remain” lawmaker and mother of two who was stabbed, shot and left bleeding to death on the pavement a week before the vote.

EU leaders open a two-day summit on Tuesday to deal with the outcome and decide how to cope with the risk of similar referendums on the continent. AGENCIES