In 1975, a pint of milk cost 7 p (Rs 7) in Britain , a loaf of bread 16 p (about Rs 15). Arthur Ashe became the first Black man to win Wimbledon and England hosted the first Cricket World Cup.But it was also the year people were asked to vote on whether Britain should stay a member of the European Economic Community (EEC), the Common Market.It seems after 41 years, Britain’s marriage with the European Union ( EU ) has hit a seriously rocky patch.Forty-one years apart, the two referenda have plenty of similarities. Britain, under Labour Prime Minister Harold Wilson held a referendum to give people the chance to decide whether the country should stay in the Common Market or leave it.Fast forward to 2015, and Conservative Prime Minister David Cameron promised to hold a referendum on the EU, if he won the general election. It seemed like good politics at the time, with the UK Independence Party (UKIP) taking votes from the Conservative Party and deep divisions within his own ranks on the issue of Europe.In the run-up to 1975, Wilson announced that the government had decided to recommend a ‘yes’ to Europe vote. But it emerged that the Cabinet had split, with seven of its 23 members seeking withdrawal. The ‘no’ faction included Michael Foot, Secretary of State of Employment (and later Labour Leader) and Tony Benn, Industry Secretary.Now in 2016 again, the leading party is split. Cameron is campaigning to ‘remain’, and members of his own party and cabinet — like former London Mayor Boris Johnson and the Justice Secretary Michael Gove – are urging voters to ‘leave’.In 1975, just over 67% of voters backed the Labour government’s campaign to stay in. Come around 4 am in the UK (8.30 am IST) on Friday (June 24), we should know the outcome of the same question.Every indication is that the gap will be much smaller. The polls seem to have narrowed and those that are still undecided may well hold the key.The economy and immigration are the key battle grounds. And not just in Britain as we’ve been reflecting on BBC World News. Most of my relatives in Mumbai have, at one stage or another in this campaign, texted me their views or challenged a particular line they’ve seen. This is a referendum that’s being argued about in many parts of the globe. India, too, is watching closely.BBC correspondent Justin Rowlatt noted that Prime Minister Modi has always been careful to avoid taking a clear stand on the referendum, although he has said that he sees Britain as India’s “entry point to the EU”. And with India as the fastest growing economy in the world, Britain will be keen to preserve those links whatever the result.A recent report from the State Bank of India suggested if Britain chooses to leave the EU the decision could open up wider opportunities for India. That it would become easier for India to negotiate outside of the rules of EU membership. Indeed the bank’s chief economic advisor SK Ghosh commented: “UK has an expertise in cyber security and its military technology is still competitive. This can become the point of convergence under Make in India...”It’s what the ‘leave’ campaigners point to — the hope that Britain can compensate for the loss of market in the EU, by the gains in India, China and America. ‘Remain’ campaigners, however, argue that the shock to the British economy, and the European economy would be so great, that the ripples would be felt around the globe. Both sides insist the other is wrong, in the middle the public are trying to make up their minds.Then there is immigration. It’s an issue that drills into the minutiae of what matters to people both at home and abroad. One of the most common questions on a local level is around who can come and who can stay. According the Office of National Statistics (ONS), India was the most common non-UK country of birth (a position it’s held since at least 2010).In 2014, an estimated 793,000 residents of Britain were born in India (9.6% of the total number of non-British born residents in Britain in 2014) up from 709,000. However, in the same five years the estimated population of Poland-born residents increased from 540,000 to 790,000.And this highlights concerns of the ‘leave’ campaigners — what is the impact for Britain if this level of EU migrants continues. How do services like housing, hospitals and schools cope with the pressure?The ‘remain’ campaign argues that it’s mitigated by the benefits migrants bring to the economy, with extra tax, skills and spending power.Calling this one is incredibly difficult. It has echoes of the Scottish Independence referendum, which also had polls appearing to narrow in the final weeks. Pollsters are already smarting after calling the 2015 General Election wrong. There are no constituencies or previous election results to use as any sort of yardstick, so to stick one’s neck out, is dangerous stuff.(The writer is presenter, Global, BBC World News)