Italy and Austria both vote today - the outcomes will affect a great deal

In Austria the election is for their leader and a far right candidate is potentially going to win. This is significant but the Italian referendum on constitutional reform is very important to us in the U.K. For several reasons:

If Prime Minister Renzi loses then it is likely we will see Italian banking and finance issues. Such events always spill over to the uk. If he then has to resign then we potentially could see another Southern European country in trouble. And we suffer every time one of our neighbours economy struggles - not least because the Italians will not be buying our exports. 

The Bbc take on the story is here: http://www.bbc.co.uk/news/world-europe-38198177