The U.K. is not renowned for its smooth relationship with its European partners and, like the end of a tempestuous love affair where both partners have tried their best to accommodate the others’ demands, the relationship could finally hit the rocks with Britain leaving the EU for good, according to a report by Nomura.

The bank says although the U.K. has always had an ambivalent relationship with its European neighbors, the euro zone crisis has fueled deeper skepticism over Europe with the British government looking to re-negotiate its ties and obligations to the EU.

To be sure, a British exit from the European Union would be nothing on the lines of a Greek exit or ‘Grexit’ from the euro zone. Britain doesn’t use the euro and has control over its monetary policy.

Still, its departure from the European Union would affect markets though Alistair Newton, senior political analyst at Nomura says it’s hard to quantify.

“We believe, increasing possibility of either a looser U.K. relationship with the EU or a U.K. exit is bound, in our view, to raise both economic and political concerns , including in financial markets,” Newton wrote.

The relationship between Britain and Europe has soured over the last year, especially on the issue of greater European regulation for the banking sector.

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