The British referendum of 23 June 2016 and subsequent withdrawal from the European Union is often regarded as heralding a new democratic era for Britain as she is freed from the shackles of undemocratic EU institutions. After briefly analysing the validity of claims regarding the existence of a 'democratic deficit' in the EU, this paper examines whether national and popular sovereignty are likely to be reaffirmed by the experience of the referendum and its aftermath. It argues that, on the contrary, national sovereignty risks being further undermined as the UK, under the current conservative government, assumes a hyperglobalist position which prioritises free trade over other democratic freedoms. It also suggests that the referendum did little to revive popular sovereignty. Although the 'Leave' vote will be respected, the referendum debate itself was nothing more than a simulacrum of democracy. Far from solving the democratic deficit, the problem has only been exacerbated at a national level following the 'Remain' votes in Scotland and Northern Ireland. In the final analysis, this 'democratic moment', at least under a conservative government, was entirely illusory.