"Britain would be loosing influence in the world in case of Brexit. The UK is one of the most significant military and economic powers in the EU. We have heard from our allies that the usefullness of us as an ally would be diminished [in case of Brexit], and our standing in the world would be diminished," Scott Cato said.
The immediate post-effect of possible Brexit would be the devaluation of British pound, which will be followed by the decline in investments into the UK economy, Molly Scott Cato.
"Immediate repercussion would be devaluation of pound," she said.
"But longer-term consequence is that companies that are investing into the European markets will choose to invest into the countries that are still parts of the EU. So, over time we would lose a great deal of investments," she added.
While speaking about the upcoming referendum, Cato says that Britons are likely to show high turnout as they realize how serious the vote is.
"People are very interested in this vote, they realize how important it is. That suggests a high turnout. But there has been so much nastiness [in the campaigns] that some people may decide not to vote. But I hope they will do, because if you have a chance to make a decision about your future, you should really take it," the lawmaker stressed.
"There has been much of confusion in the media on the issues of refugees, migrants and freedom of movement within the European Union, which are all completely separate things," the lawmaker said.
"It has been done deliberately to confuse and to make them fearful. And I am afraid that because of that, some people will be making their decision not out of their own interest," she stressed.
On Thursday, the British voters will decide in a referendum on whether their country should stay in or leave the European Union.
Brexit supporters argue that EU membership has eroded the country’s independence to legislate, direct its economy and control its borders. Opponents warn that leaving the European Union could deeply harm UK economy.