If you look at the continued sanctions against Russia, it's definitely possible. Never underestimate political demonstrations of power regardless of money involved, just remember the Berlin Air Lift...
That's the whole point. Politicians send messages of their power rather than of their economy.
Well, the people have sent their message.
The North of England has seen their manufacturing base migrate to the cheaper countries of the EU while the SE reaps the rewards of the service economy.
yes, we already have the far right in france and the netherlands calling for their own referendum, the EU can't risk losing these countries and others as well, so they are willing to go to great lengths to not give these countries more reasons to leave