It would seem that Britons are worried about their own sovereignty, though the powers-that-be seem to be less so. Their involvement with the EU does not only threaten the existence of their own currency, but their ability to decide most -if not eventually all -matters for themselves. I'm not certain how EU architects view British royalty, but their influence would probably be allowed only if beneficial to the EU. This is the first time I have considered the effects of these things on Australia, but will the EU assume the influence of Britain on Australia (and others), will Australia find themselves independent regardless of their own will -or will they reject EU influence? The very existence of Britain as we know it is in question, as their armed forces (and so also, it might be logical to assume, intelligence agencies and direction thereof) -are combined with EU forces in the same manner as politcal and economic control.

some info on the subject..

UK to Hand Sovereignty to EU without Referendum

National Sovereignty in the European Union

EU Army